Starting your pension

A pension (also called a pension scheme) is a long-term investment plan to help you build a pension fund to meet your financial needs when you retire.

Most people will qualify for a State Pension from the Government, which will help them to pay for their basic needs. However, to ensure a decent standard of living, it is a good idea to save extra money in a pension.

Who you work for will determine what kind of pension you will have (in addition to the State pension). The table below sets out what type of pension you are likely to have depending on your employment.

Private pensions (PRSA or PPP) Public Service Pension Scheme Occupation Pension Scheme
Self employed x
Civil or Public Servant x
Work in a company x* x

*If your company does not provide an occupation pension scheme, they have to offer you the facility to pay into a PRSA through your salary.

Last updated on 12 September 2023