Pensions

Pensions Overview

Retirement planning is one of the most important aspects of personal finances. Generally people are living longer and leading more active lives in retirement.
As a result, it is more important than ever to think about where your income will come from when you retire. 

FAQ

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With the current State pension at just *€277.30 per week for a single person (which is not guaranteed for everyone), it is essential that you start saving for retirement as early as possible as the longer you leave it the more you will have to save to secure an adequate retirement income. - *information correct at as June 2024.
At WP O’Reilly and Associates Ltd we can structure a retirement package that will suit your requirements. By  meeting with one of our retirement planning consultants, we will carry out a full review of your finances, taking into account any existing arrangements you may already have, and advise on the best retirement option for you.

Frequently asked questions

What is a pension?

A pension is a type of long-term savings plan and is a tax-efficient way to save during your working life. You save some of your income regularly during your working life. This gives you an income in later life, when you want to work less or retire.

When or why should I start a pension?

You should start a pension as soon as you start working so that you’ll have as long as possible to save for retirement and your pension fund will have lots of time to grow.
• Have you thought about the level of income you enjoy at present?
• Have you made provisions to have a level of income in retirement that will keep you accustomed to the lifestyle you currently enjoy?
If the answer is no, then we can help you change this. Simply get in touch with us and we would be delighted to discuss the various options available to you.

What is auto-enrolment?

Auto-enrolment is a new pension savings scheme in Ireland for certain employees who are not paying into a pension. They will be automatically included in the scheme but can opt out after 6 months. Auto-enrolment is expected to be introduced sometime in 2025. For more information on this, visit: Gov - Auto-enrolment (www.gov.ie)

I have an old pension with a previous employer, how do I go about finding it and what are my options?

By giving us authority to access your pension details we can locate your old pension and advise you on your options. To discuss things further, please get in touch and we would be delighted to help you.

When can I withdraw money from my pension?

Benefits can be taken from your pension between age 60 and 75, however you may be able to access benefits from age 50 if you meet the criteria to do so.

If this is something you need help with, simply contact us and we would be more than happy to review and discuss your options in more detail.

What happens to my pension on death?

If you die, your pension will be paid to your estate. However, the amount paid out will depend on the type of pension and your beneficiaries.

For further information, please contact us and we can look at your individual circumstances.

Can I buy a property through my pension?

Yes, it is possible to use your pension to buy property, however there are certain limitations in place. For example, you cannot purchase property through your pension if it is part of an occupational pension scheme.
If this is something you are interested in, please get in touch with us and we would be delighted to assist you.

Types of Pensions

Type of pension	How does each type of cover help you?
Type of pension Personal Pension	How does each type of cover help you? A personal pension is suitable for self-employed and employees whose employer does not offer an occupational pension.
Type of pension Personal Retirement Savings Account (PRSA)	How does each type of cover help you? A flexible and portable retirement savings account you can bring with you when you change job.
Type of pension Occupational Pension Scheme / Executive Pension	How does each type of cover help you? This type of plan is set up by employers who want to contribute into their employees’ pension fund. Your employer will choose the provider and what is the charging structure. You will decide the amount you wish to contribute and in what fund you want to invest your money into.
Type of pension Personal Retirement Bond (PRB)	How does each type of cover help you? With a PRB, when you leave a pension scheme, the value of your fund is invested in a bond which you can benefit from at retirement.

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