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Pensions

At MyWealthManagement, we provide expert advice, making pension and retirement planning simple and tailored to your unique needs. We go beyond, by regularly engaging with you to ensure your plan adapts to life changes and to verify ongoing suitability. We aim to provide flexibility to our clients to ensure they can save and fund for retirement at their own pace. All of our plans allow clients the facility to increase, decrease, pause or restart contributions as required.  Early engagement with a financial planner in this area is key – it’s not just about choosing a pension plan; it’s about building a robust income for your future to ensure that you are financially secure throughout retirement. 

By starting early, you benefit from the power of compounding, ensuring your retirement pot grows steadily over time. Our team navigates the options from leading providers, helping you define and structure the best plan for a financially secure tomorrow.
 
When you retire, your goal may be to enjoy a similar lifestyle to the one you have at present. Unfortunately, unless you put a pension in place now, your income when you stop working could fall by more than 65%. For the majority of adults in employment, the contributory State pension is currently €14,470 a year from age 66 onwards (or €277 per week), but the median full-time salary in Ireland is much larger at €41,824. That could mean a potential fall in income of €27,354 a year, from the day you retire, if you are earning at least the median full-time salary today.
 

How will you bridge that drop in income? We would recommend that you should start saving for your retirement as soon as possible to help reduce the impact this drop in earnings may have on your standard of living in retirement.

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Did You Know…

1 in 3

Irish workers set to rely on State pension, with no other income plans for retirement

€400m

is the estimated value of unclaimed pension benefits in Ireland

70%

is the potential drop in income for those solely reliant on State pension

Personal Pension

It’s never too early to start a pension. There are many tax efficient reasons to do so. You can start small at the outset of your career and increase your contributions over time. We help you choose what’s right for you from all of the options available. The Irish government is currently offering generous tax relief to pension savers. As a higher rate tax payer (i.e. earning more than €42,000) for every €100 contributed you will get 40% tax relief meaning this contribution will only cost you €60 in real terms.

If you are currently earning less than €42,000, you will still qualify for very generous tax relief of 20% on each contribution meaning with every €100 contributed it will only cost you €80 in real terms.
 
In addition to the tax relief on each contribution, pensions also qualify for tax free investment growth until retirement – the power of this cannot be overstated. Furthermore, at retirement you can access a large portion of the funds as a completely tax free lump sum. See some of the options below which we can assist you with:

– Personal Pension
– PRSA Pension
– Retirement Bond

To get started on your Personal Financial Review, please click here.

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Master Trust Pensions

Are you a Small Business owner or working in a leadership role within a Small Business? Then a Master Trust pension plan should be an important part of your employment benefits. A Master Trust is simply a defined contribution company pension scheme set up under trust. We work to optimise the pension contributions made by the company on your behalf and we also work with you, independent of the SMEs performance, to provide for and structure your pension fund into the future.

Master trust and executive pension arrangements are an excellent tool to extract wealth tax efficiently from a business and company contributions to the scheme can be used to reduce your corporation tax.

To get started on your Business Financial Review, please click here.

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Self-administered Pension

An increasingly popular pension type for those that wish to be hands-on in direct management and investment market speculation.

Often clients who are interested in purchasing property through their pension will consider this approach.

You control your investments across your portfolio and the arrangement can be used to facilitate the purchase of properties which may not be possible through a standard pension scheme.

To get started on your Personal Financial Review, please click here.

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Retirement

As you come closer to your retirement, it’s important to plan for your new phase of life, whether that includes travel and adventure or spending more precious time with family at home.

Your pension fund should be maximised to support your lifestyle of choice and designed to last for at least 20 years or more so, when it comes to the time, you also need to consider the different options for the release of your funds to suit your needs. You can choose to take a tax-free lump sum and may have the option to use the balance for a:

– Pension income for life (Annuity)
– ARF – Approved Retirement Fund
– Taxable lump sum

Our experienced advisors will help you navigate the complexities of retirement planning, ensuring you have a solid roadmap to achieve your desired lifestyle after you stop working and that you are availing of all the valuable tax benefits while still at work.

To get started on your Personal Financial Review, please click here.

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To see how much you need to be financially secure in retirement, try this Pension & Retirement Calculator

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What Our Clients Say

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With little to no knowledge of the options available for managing or maximising the potential of my old company pension schemes, Wealth Manager Stephen O’Driscoll walked me through my options, provided a generous amount of reading material to gain a better understanding, and discussed the pros and cons in detail. With his help we were able to identify suitable funds for my risk appetite, and for my long term financial planning objectives. By transferring my old schemes to a Personal Retirement Bond I now can avail of earlier access to my pension from age 50 instead of 65. Stephen also helped me in setting up a regular monthly savings plan to assist with my long term goals, and help my funds keep pace with inflation. I would be delighted to refer any friend or colleague to MyWealthManagement, or to anyone looking for financial planning advice or Wealth Management advice.
Eimear O'Neill
Revenue Deals - Google
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We met Stephen O’Driscoll in MyWealthManagement to set up a pension scheme for our management team ahead of auto-enrolment coming into force and we had a great experience. No jargon, simple English and he explained our options very well. I would recommend any business owners who are unsure of their options to get in touch if you want honest, straightforward advice.

Team Serve Limited
Event Management Cork
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I met Stephen O’Driscoll to complete a financial planning consultation in 2023. I had several different pension arrangements with a few different providers. Stephen walked me through the options for my old pensions and helped draw down my tax free lump sum as soon as I passed my 60th birthday. He helped reduce my annual management charges and get access to funds with a suitable risk level for me and my goals. I was happy with the service and would recommend Stephen and MyWealthManagement to anyone approaching retirement to do an independent review of their pensions.

Kevin O'Neill
Accounting and Tax Advisor
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Myself and my husband met Stephen O’Driscoll in 2023 to do a full financial planning consultation. After doing a full financial review Stephen was able to advise us on the best options for some property we owned and identified that my old occupational pension scheme charges and performance were not where they should be. Stephen highlighted the different options for my existing scheme, he helped me to find a new more suitable provider at great charges and told me that in this new arrangement I can access my pension money from age 50 if I wanted to. Stephen also set us up with a regular monthly savings plan to fund for the future in an account that will help my funds work harder for me and hopefully earn a great return over time. I would happily recommend Stephen and the team in the South Mall to anyone looking to review their finances.

Niamh Sammon
Operations Manager - Urban Green Private
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I met Stephen in the MyWealthManagement office on the South Mall in Cork in July 2023 to review my old pension schemes. He did a full review of fund choice, performance and scheme charges. By doing a review of all the providers on the market Stephen was able to find me an option which had better performance over time and significantly lower charges than my previous supplier. Stephen was also able to assist me with the setup of a regular monthly savings plan to save for the future and for children’s future education costs. I would be happy to recommend MyWealthManagement to a friend or colleague who wants financial planning or Wealth Management advice.

Pat Fitzpatrick
Author and Comedian
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Having left my old employment in 2023 I was unsure of what my options for my occupational pension scheme were and was concerned about leaving it in the hands of my previous employer. Stephen O’Driscoll, one of the Wealth Managers, was able to explain to me the different options in a simple way and was able to place my funds in a scheme where I could take a large lump sum tax free from the age of 50. He also set up a regular monthly savings plan for me that will help me earn a return over time better than what I could get in the banks in order to protect my funds from inflation. I have recommended Stephen and MyWealthManagement to a few friends and family members as its well worth doing

Karen Lehane
R&D Technician - Pepsi
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Stephen O’Driscoll guided me through the options for my old occupational pension scheme, helped me to identify suitable funds for my risk profile and investment objectives and also enabled me to avail of access to my pension pot from as early as age 50! In addition Stephen assisted me with the setup of a regular monthly savings plan that helps add structure to my finances and helps my funds keep pace with inflation by targeting a modest return over time. I would be happy to recommend Stephen and MyWealthManagement to anyone looking for professional and trustworthy financial planning advice.

Ben Leacock
Leading Mid-Market - Deel
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A sincere thank you to Sinead, Siobhan and Joey. You have all made this process so easy for us. Thanks to you and the team, we will be moving in to our new home a lot sooner than we ever thought. You all took all the stress out of the process, keeping us informed every step of the way. It was evident from the very beginning that the team at MyLifeCover.ie was working with our best interests in mind, and delivered exceptional service from start to finish. I honestly do not think we would be at this stage without the help you have all given us along the way. It’s greatly appreciated

Alison Walsh
Wedding Planner
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Unhappy with the premium I was paying on my life policies, I had read about people switching their policies to a new provider and making significant savings, so I made enquiries at MyLifeCover.ie and was so impressed with the team who answered all my questions. I now have a much lower premium rate and the whole process was so organised and efficient. The team are highly skilled at determining the client’s position and makes the appropriate recommendations.

Ernest Cantillon
Entrepreneur
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Joey and the team were very helpful throughout the process for our life policy.   We felt very comfortable with the decisions made and knew from the first conversation that we were in safe hand this time round. We have recommended MyLifeCover.ie to numerous colleagues & friends.

Dr Billy Waters
Dental Implant & Restorative Dentistry