Review Your Pension

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Review Your Pension

If you are an employee or self-employed, then you have a once-off opportunity to maximise your tax savings and increase your pension contributions.

You may be able to make a once-off, lump-sum payment into your pension before the tax deadline of October 31st and off-set it against last year’s tax bill. This will allow you to increase your retirement savings and save tax!

Save Tax and Increase Your Pension Contributions in 3 Easy Steps

  • Check out the Revenue limits table below or contact your local tax office, to ensure you are entitled to claim tax relief on the extra amount you now wish to save for the XXXX tax year.
  • Pay the amount you wish to save to New Ireland Assurance by October 31st, who will then issue you with proof of payment. New Ireland must receive your payment by the October 31st.
  • Contact your local Revenue office with proof of payment by October 31st, stating that this contribution has been paid against your XXXX income.

Save Tax

If you paid tax at 41% in XXXX, then a €1,000 investment into your pension now could only cost €590, as you could claim a refund of €410*  from Revenue.

Revenue Limits

The maximum percentage of your salary/earnings that you can normally save into your pension each year and claim tax relief on, is shown in the table opposite.

For example, if you are 35 years of age and already contributing 5% of gross earnings to your pension plan, you could be able to pay up to 15% extra as a lump sum now!

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Important Assumptions

For the purpose of determining the term over which pension contributions are made, we have assumed your birthday was exactly six months ago.

If your target retirement age is lower than the age at which the Social Welfare pension commences (age 68 if you are born on/after 01/01/1961, age 67 if born before this date but on/after 01/01/1955 and age 66 if born before 01/01/1955) the calculations allow for funding for this gap, in addition to the cost of the annuity.

You are entitled to a full Social Welfare pension of €248.30 per week as at March 2019 which is assumed to increase by 2.5% per year.

You are saving for the difference between the Social Welfare pension and your target monthly income in retirement.

We have allowed for inflation of your target monthly income of 2.5% per annum between now and your retirement date.

Any other private pension provision you may have in place has not been taken into account.

Your monthly pension contribution increases by 2.5% each year up until your retirement age and is invested in a pension plan with an annual management charge of 1% and a 5% charge on each contribution, in line with the Standard PRSA fees and charges maximum limit.

A Gross Investment Return of 4.2% per annum on your savings. This is not a forecast because the value of your investment may grow at a faster or slower rate than assumed and the value of your investment may be expected to fall from time to time as well as rise.

On retirement you purchase an annuity which escalates at 1.5% each year, has a 5-year guarantee and is payable monthly in advance. The annuity rate assumes a post retirement interest rate of 2% per annum and no spouse’s pension. The actual annuity rate will depend on the selection of dependant’s pension, guaranteed period and the escalation rate, as well as interest rates prevailing when the annuity is purchased.


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