Self-Employed

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Self-Employed

There are c. 350,000 individuals working for themselves in Ireland today. If you are one of them, being self-employed means you probably lead a busy life and putting in place plans for a pension may not be at the top of your priority list.

However, the benefits of a pension plan with regular contributions, reviews and amendments should not be overlooked. Let’s be honest, if you don’t take up the mantle of setting up a pension for yourself, no-one else will on your behalf.

Can you afford to rely on the state pension alone?

Currently the state pension is €243.30 per week in Ireland. Is that enough for you & any dependents to get by on?

Assuming you would like to have more income in place than the state pension when you retire, what are the main points to consider when you are looking to set up a pension for yourself?

You have two main choices of pension when self-employed – a Personal Retirement Savings Account (PRSA) or a personal pension plan.

Opting for a PRSA, gives you a further choice – do you want to opt for a standard PRSA or a non-standard PRSA:

  • With a standard PRSA, you won’t be charged more than a 1pc annual fund management charge (charged by the pension company for the management of your pension fund) and the contribution charge (charged as a percentage of every contribution you make) cannot be any higher than 5pc.
  • With a personal pension plan or a non-standard PRSA, the charges can be higher or lower (depending on the management company) but you have a greater choice of investment funds in which to put your money

Which one should you choose? Well it very much depends on how certain you are of your contribution regularity. A non-standard PRSA would probably suit a self-employed individual who is likely to make regular pension contributions, whereas a standard PRSA is a better fit for people who want to pay into a pension but are not certain about the regularity of their income stream.

With nearly 350,000 self-employed individuals working for themselves, make sure you are one of those who puts in place appropriate security for your future and the future of your family.

Contact one of our pensions specialists today on 0818 297 600 and let them talk you through the options appropriate to you.

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