One of the best things you can do is start a pension plan. It contributes to a better, more promising future. Each pension plan has many features to consider; therefore, having all the information possible is essential. You must be aware of the characteristics of each plan before you choose the best one for your retirement.
This blog will give you all the pointers needed in choosing the best pension plan for you to just sit back and enjoy your retirement!
The Pension Plans Available
Pension is a financial security that is built slowly over time for you when you retire. A pension plan is a type of financial arrangement that enables long-term investments and savings to provide a consistent income in retirement. Usually, contributions are made while you are still employed, and the money that is amassed is used to provide for you when you retire.
Let’s talk about the pension plans available for you:
PRSA Options
Personal Retirement Savings Accounts (PRSAs) are adaptable pension plans that are available for individuals and the self-employed, and that can be a useful option for individuals without an occupational pension scheme.
Personal Pensions
These individual pension plans are designed for self-employed individuals or employees who do not have employer pension plans that provide for retirement savings either on a regular basis or through a lump sum for a pension benefit.
Personal Retirement Bonds (PRBs)
PRBs allow individuals to transfer their pension benefits from a previous employer’s scheme to a personal policy, enabling them to manage their pension assets directly.
Company/Executive Pensions
These are employer-sponsored pension plans set up under trust, principally for company directors or other key employees, where contributions will be made – by both the employer and employee – to develop retirement benefits.
ARDs/Annuities
When you retire, you can either take Annuities, which will give you a guaranteed income until death, or take Approved Retirement Funds (ARF), which are designed to keep your pension funds invested and give you the freedom to choose how much you want to take from the funds subject to limits.
A financial advisor can help you cut through the noise, taking into account your income, lifestyle, retirement age, and even how comfortable you are with risk.
How to Get Started
Sorting your pension or protection plan doesn’t have to mean drowning in paperwork or sitting through hours of confusing advice. At Malahide Insurance Shop, everything is tailored to real people living real lives. No one-size-fits-all nonsense.
Here’s how to make it manageable:
1. Get a Pension Review
Already have a pension or retirement bond? It might be time for a check-up. We will put you into the best Investment that works best for you.
2. Compare Providers
We work with top names like New Ireland Assurance, Zürich Life Assurance, Royal London Insurance, Aviva Life and Pensions, and Irish Life Assurance. That means better rates, more flexible options, and plans that actually work for you.
3. Start Small If You Need To
You don’t need to invest a fortune from day one. Start with what’s comfortable and increase it when you’re ready. That’s how most of our clients do it.
Is it time to review your current or old pension?
How well is your pension performing? When was the last time you spoke with your financial broker about your pension?
Consider these important questions:
- Is your pension in a low, medium, or high-risk category?
- Is it an active fund or a passive fund?
- What are the annual management charges (AMC) on your pension?
- What is your allocation rate? Are 100% of your contributions actually being invested in your pension plan?
- Which life insurance company manages your pension, and how well is that company performing?
If you have a pension, regular reviews are essential. Factors like AMC, allocation rates, and overall performance can significantly impact your retirement savings.
If you’d like a free, no-obligation review of your current or previous pension, I’m happy to help. I work with Ireland’s top five life assurance companies, Zürich, Aviva, Royal London, New Ireland, and Irish Life, to find the best solution for you.
Feel free to reach out:
Email: richard@malahideinsuranceshop.ie
Contact number: 087-6845440
Website: malahideinsuranceshop.ie
Conclusion
Choosing the right pension plan is not difficult if you have the right team on your side. There’s no such thing as a perfect plan—only the right one for where you are right now. With expert guidance, flexible options, and a clear look at your future needs, you can choose a pension that grows with you. The earlier you start, the more your savings can grow.
So why wait? Let’s find a plan that sets you up for the kind of retirement you actually want. Malahide Insurance Shop is here to help every step of the way.
