2021 Pension Campaign

What is a pension scheme?

A pension scheme or pension is a long-term savings plan that helps you save for the future. A pension plan allows you to make regular payments and/or transfer one-off lump sums into a fund for retirement. The amounts saved into your pension are called ‘contributions’. Find out why now is a great time to get started with your pension.



Why is taking out a pension so important?

These days we are living longer than previous generations. In fact, most of us can now look forward to 20 or even 30 years of retirement. A pension can help you prepare for these years, whether you want to retire to the country, travel or spend time with your grandchildren.



When is the right time to start a pension?

The money you save into your pension plan is invested so that your fund can grow over time; this is why the earlier you start a pension plan, the more time your fund will have to grow and the bigger your pension pot will be.



What tax reliefs am I entitled to on my pension contributions?

Unlike a regular savings account, money invested in your pension can earn important tax breaks. And when you retire and look for access to your fund, the benefits of your pension can be available in a tax efficient way.

The government encourages us to save for our future by offering valuable tax relief on retirement funds.

Your monthly pension contribution Less tax relief Actual cost to you
€200 40% tax relief* €120
€200 20% tax relief* €160

*Based on income tax rates as at January 2021. Source; Revenue.ie. These rates may change in the future.



What is the right pension for me?

There are a few factors to consider when choosing your pension plan, such as your employment status, whether you’re an investor or a novice and your attitude to investment risk. Whatever your personal circumstances are, we can help you choose the type of pension that works for you.



What will my pension be worth?

The value of your pension at retirement depends on how much you can afford to put away each month, the length of time you are making contributions, the type of plan you select and the investment return. one thing we know is that the sooner you start a pension, the bigger it should grow.



How much should I put into my pension?

How much you should contribute to your pension will depend on your specific circumstances. When deciding how much to save into your pension, it is important to think about how much you can afford, but also take into account how long you’ve got until retirement and what kind of income you think you’ll need during your retirement, based on the lifestyle you would like to have and how long you would expect to be in retirement.

At Campion Insurance, our Financial Advisors can help you decide how much you can afford to save and can help you through these important decisions.




State Pension FAQs



Key Benefits/Did you know?



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