FORSYTHE FINANCIAL PLANNING 

PENSIONS

Whether you need a pension or have a pension it makes sense to talk to a pension advisor. 

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Start a pension plan. It's never too late to do the right thing.

Starting a Pension Plan is likely to be one of the smartest moves you'll ever make. In many ways it's a no brainer. Take a moment or two to imagine a life after retirement where your only source of income is the State Pension.

 

 The average industrial wage was €40,283* in 2019. The State Pension in 2020 for an individual was €12,956*. 

 

A pension is a tax efficient savings plan to help close the gap between earned and retirement income. Contributions attract tax relief at your marginal rate, currently 40% and the underlying investment funds are allowed to grow tax free. No DIRT or Capital Gains Tax. Company or Executive Pension schemes are even more tax efficient and are routinely used to extract wealth from companies. 

 

It's better to start a pension when you're young but it's never too late to do the right thing. * Central Statistics Office 2019/2020

Arrange a Pension Review

A pension review will help you identify the amount of income you will require in retirement and measure the effectiveness of your current provisions. Retirement income is not exclusively dependant upon pension planning. There are many different ways to provide a retirement income other than pensions such as personal investments, liquid assets and the proceeds of a business sale. However your pension review will focus on what are known as the four pillars of pension planning.
State Pension

Contributory & Non-Contributory

Preserved Benefits

These may be preserved occupational scheme benefits with a former employer or paid up/lapsed personal pensions or PRSA's.

Overseas Pensions

If you have contributed to a pension plan whilst working overseas, it may be possible to transfer these funds into an Irish pension plan. In any event, these funds should be included in any pension review as they will remain as pension asset even if you are unable to transfer the funds until you reach the schemes normal retirement age.

Your Current Provisions

Such as personal, executive and occupational pensions. 

No matter what stage of life you're at, a pension review makes sense.

Contractors
Umbrella Company or Private Limited Company
Self Employed
Sole Traders & Business Partnerships
Company Directors

Executive Pensions, Wealth Extraction, Inheritance Tax Planning

Employees

Tax-free Cash, Pension Transfers, Redundancy & Pension Waivers, AVC's

Retirement Planning | Make the Right Choices in Retirement

bearded older man

A Retirement Planning Review will help you fully understand all the options available to you once you retire.


The choices you make at retirement will determine the type of lifestyle you will enjoy. Everyone's personal circumstances differ and pension legislation can be quite complicated, so it's easy to make a costly mistake. 


Set aside some time to review your options with a professional Retirement Planning Advisor and you more likely to make the right choices.

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Picking the right pension.

Planning for the retirement you want doesn’t have to be complicated. This guide will provide you with the basic facts about the range of solutions we advise on. Once you have had time to consider your options you should give us a call to arrange a meeting.
Personal Pension (RAC)

A personal pension plan is suitable if you are self-employed or have not joined a company pension scheme. You keep control over how much you contribute. Choose if: 

◗ You are self-employed or have not joined a company pension scheme.

◗ You change jobs regularly.

◗ You want more investment fund options than a PRSA offers. 

The benefits: 

◗ Tax relief on your contributions. 

◗  Any investment growth is also tax-free. 

◗ Flexibility - you decide how much to contribute to your pension and you can stop and restart making contributions at any time without penalty

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Executive Pension Plan (EPP)

This is a pension plan designed especially for company owners and directors. Choose if: 

◗ You and your employer want to make tax-free contributions. 

◗ You want to take a tax-free cash lump sum depending on length of service, salary and fund size. 

The benefits: 

◗ Tax relief on a your contributions. 

◗ Your employer can make very generous contributions. 

◗ Any investment growth is tax free. 

◗ Flexibility - you decide how much to contribute to your pension. You can stop and restart at any time without penalty

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PRSA

A Personal Retirement Savings Account (PRSA) is different to a Personal Pension because your employer can also make contributions. 

Choose if: 

◗ You want your employer to be able to make contributions. 

◗ You want a simple pension product. 

◗ You change jobs regularly. 

The benefits: 

◗ Tax relief on your contributions. 

◗ Any investment growth is also tax free. 

◗ Your employer can also make contributions. 

◗ Flexibility - you decide how much to contribute to your PRSA and you can stop and restart making contributions at any time without penalty

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Personal Retirement Bond (PRB)

A Personal Retirement Bond consolidates your pension into a lump sum. You can use it to take your entitlement with you when changing jobs without having to transfer to your new employer’s pension scheme. 

Choose if: 

◗ You are happy to take full responsibility for stock selection and investment of your money within your own portfolio. 

 The benefits: 

◗ There’s no need to transfer to your new employer’s scheme. 

◗ You choose the investment fund(s) that your money is invested in. 

◗ You choose when to take your benefits, subject to Revenue rules. 

◗ Any investment growth is tax free.

One of the main attractions of a PRB is that you may access the funds from age 50.

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Additional Voluntary Contributions (AVC)

Additional Voluntary Contributions (AVCs) are extra contributions you can make alongside your existing pension plan to increase your pension fund. 

Before you decide on an AVC you should first find out what you will be entitled to when you retire. 

Choose if: 

◗ You would like a better lifestyle when you retire. 

◗ You would like to catch up on contributions due to a pause or reduction in payments during your working life. 

◗ You are getting close to retiring and want to maximise the funds available at retirement. The benefits: 

◗ Tax relief - maximise the income tax relief on contributions. 

◗ Any investment growth is tax free. 

◗ Choose from a wide range of investment funds. 

◗ Increase your projected pension benefits.

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Company Pension Scheme

This is a pension plan designed especially for company owners, directors and employees. 

Choose if: 

◗ You want both yourself and your employer to make contributions. 

◗ You want to take a tax-free cash lump sum, depending on length of service, salary and fund size. 

 The benefits: 

◗ Tax relief on your contributions. 

◗ Tax-free investment growth. 

◗ Your employer can make very generous contributions. 

◗ Contributions are deducted straight from your salary. 

◗ Flexibility - you decide how much to contribute to your pension and you can stop and restart making contributions at any time without penalty.

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Request a Call Back
To discuss any area of financial planning schedule a call back to arrange a quick chat

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Phone
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The Rock Carrigaline Co Cork