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Apart from the fact that you need to set money aside to provide an income for you when you retire, saving for your pension makes good sense.

You get tax relief on your income, when you save for a pension.

The income of your pension fund is tax free.

You can take a tax free lump sum on your retirement. The amount varies depending on the type of pension plan you have invested in and whether or not you have taken lump sums from other pension plans.

Personal pension plans in Ireland are operated mainly by Life assurance providers and investment firms.

They manage your contributions by investing in pension funds.

They usually spread the funds over a number of areas such as bonds,shares, cash, and property.

They analyse the potential growth as well as the risk involved and try to balance the funds so as to provide a reliable income for your pension funds.

A pension fund should be considered as a long term investment.

The more time your contributions are given to grow, the more growth you will achieve.

That is the main reason why you should start investing in your pension as soon as possible.

It is important to regularly review your pension.

Examine every area to maximise the funds in your pension.

Join an employer pension plan, if you can.

Review investment funds available.

Set a retirement income goal.

Read the article on giving your pension savings a health check.

Get advice from an experienced and qualified financial adviser.

As an employee you may be able to avail of the following:

Employer pension plan

Additional Voluntary Contributions (AVCs)

If you are an employee and/or self employed you can avail of the following:

Personal Pension Plans and PRSA

If you are thinking of drawing down your pension, you should consider the following:

Annuities, Approved Retirement Funds (ARFs)

Many workers have lost track of pension funds which they contributed to while in former employment. The employer may have changed address, or trades under a different name or has merged with another company. You may have simply forgotten that you had a pension. The first thing you should do is make a list of your former employers and note any previous jobs where you and/or your employer contributed towards a pension fund. Then follow the advice in our article on tracing lost pension funds. We provide a professional tracing service if you wish to get help.

The term  annuity refers to a regular payment. It is a guaranteed lump sum payable for the rest of your life.

Many people use the proceeds of their pension to purchase an annuity.

This then provides their pension income.

If you have a mortgage, you need to protect yourself and your family from loosing your home in the event of your death. A mortgage protection policy clears the mortgage in the event of your death, if set up properly. It is a requirement by your lender when taking out the mortgage.

That depends on the amount outstanding on your mortgage and the type of mortgage you have.

Check with your mortgage provider what the current outstanding balance on your mortgage is. Then make sure you take out enough cover to clear this.If you have a caspital and interest mortgage, then a mortgage protection policy will suit you best.

If you have an interest only loan then you need a level term insurance policy.

The standard Mortgage Protection policy - (also known as decreasing term assurance), has a sum assured which reduces each year (or possibly each month) by a stated amount, decreasing to nil at the end of the term.

This is great where you have a standard annuity ( or cxapital and interest0 loan which reduces gradually in tandem with the amount covered by the mortgage protection policy.

If you have an interest only loan, then the amount due on the loan does not decrease, as you are paying only the interest, then you need a Level Term Life Insurance Policy, which will produce a sum sufficient to clear the mortgage at the end.

That depends on whether you have an existing mortgage or are applying for a new mortgage.

You can apply at any time, if you have an existing mortgage.

If you are applying for a loan, then you should apply 2 to 3 months prior to drawdown of the loan.

If you have health issues you should talk to us first for guidance, and apply sooner.

You should compare what is available on the market and make sure that you get the best rates.

Do not cancel your existing policy until your new one is in place.

Make sure that all your loan and financial needs are covered.

You may need to take out a seperate policy tpo cover arrears.

Contact our dedicated switcher team for free, independent help.

Talk to one of our qualified experts for advice and information on the best mortgage protection policy for you.

Call us on 1890 666 666

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