I want to start a Pension/PRSA
Saving for retirement is important. People are living longer and leading more active lives in retirement. As a result, it is more important than ever for you to think about where your income will come from when you retire.
It is important for you to take control of your retirement planning and make decisions regarding your pension irrespective of your age. It is often not understood that being a member of a pension scheme can be an extremely valuable asset.
The Pensions Authority has an online calculator which allows you to estimate the pension contributions you would need to pay in the future to target the level of pension you hope to receive when you retire. The calculator shows you the contributions you’d need to pay if you start now, and if you wait until closer to retirement to start. The calculator can be accessed on this page.
If you don’t have access to a company pension scheme to pay into, you can pay into a personal retirement savings account (PRSA). For a guide to this type of savings account, please click on ‘PRSAs’.
For further information about the various types of pension arrangements that are out there, click on the ‘Understanding your pension’ link.