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Generally, 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 yourpensions income will come from when you retire. Your State pension will provide you with a basic level of retirement income, provided you qualify. When planning for retirement you will need to decide whether this is enough to live on in retirement and if not where your additional income will come from. It is important for you to take control of your retirement planning and make decisions regarding your pension.

Broadly speaking, most peoples’ pensions come from one or more of the following:

  1. An occupational pension scheme (also known as a company pension plan)
  2. A PRSA (Personal Retirement Savings Account)
  3. A personal pension plan (RAC – Retirement Annuity Contract)
  4. The State pension

Inform yourself about your pension – it’s YOUR responsibility!

Who will look after you in your retirement?
The current State social welfare pension is €230.30 per week or €11,976. per year (as of Jan 2010)…….will this be enough for you to live on ?


Living Longer

The average person retiring tomorrow aged 65 years has a life expectancy of between 20 – 23 years, that’s a significant amount of time to enjoy in retirement. It takes a long time to save for retirement and the earlier a person starts to contribute to a pension, the better. For those who switch off at the first mention of pensions, it’s time to get informed.


Employment and Pensions

By law your employer must provide you with access to a PRSA, where there is no company pension scheme in place or where you can not fully access the company pension scheme, regardless of whether you are in full-time, part-time, temporary, contract or casual employment. You are legally entitled to information about your employer’s pension scheme or your PRSA, thanks to the Pensions Act. You can save for retirement even if you are not working through a PRSA.
Pensions/PRSA’s can be a minefield of information and can be difficult to choose. The consultants here at Vision Financial Solutions Limited can walk you through this process ensuring that you get the best possible pension for your needs.


Contact us at Vision Financial Solutions Limited to find out how you can save for your future retirement.