Pensions

Why save for retirement?

It is important to put some time into planning your pension. The choices you make will have an impact on the income you will get when you retire and the lifestyle you will be able to afford. Planning your pension might seem …

How pensions work

Find out more information about how pensions work, pension fees and charges and when you should start your pension.

Getting the most from your pension

To get the best out of your pension, read our questions to ask and dos and don’ts. You should also keep tabs on your pension so you know how it is performing.

Employer pension schemes

An employer or occupational pension scheme is one that is set up by an employer to provide pension and other benefits for employees. The main advantage of this type of scheme is that your employer must make a contribution to it even …

Adding more to your pension (AVCs)

Additional Voluntary Contributions (AVCs) are contributions you make to your employer pension scheme to build up an additional retirement fund.

Notional Service Purchase

If you are a member of the civil service or a public sector pension scheme and are likely to have less than 40 years’ service by your minimum retirement age, you can top up your benefits through NSP. This means …

Personal pension plans and PRSAs

Personal pension plans A personal pension plan is a private pension plan that is managed for you by a life insurance or investment company. Anyone who is self-employed or who earns an income but cannot join an employer pension scheme can start …

Small self-administered pension schemes

A SSAPS is a corporate pension scheme with less than 12 members. It can be used where family members work and own a business together or for groups of company directors. The scheme is self-administered, which means that you decide …

Annuities

An annuity is a contract with a life insurance company that will pay you a guaranteed, regular pension income for life in return for a capital sum. The capital sum comes from your retirement fund. You will pay income tax …

Approved Retirement Funds

An Approved Retirement Fund (ARF) is a personal retirement fund where you can keep your money invested after retirement, as a lump sum. You can withdraw from it regularly to give yourself an income, on which you pay income tax, …

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