The Pensions Board

Pensions are a way of providing people with an income in their retirement. People are now living longer and leading more active lives in retirement. The State provides a pension for people from the age of 66 who have enough Irish social insurance contributions. However, for many people the State Pension would not provide adequate funds to meet all their needs in retirement. Instead they look at contributing to a company or personal plan so that they can top-up this income when they retire.

Once you start working, it’s time to start thinking about a pension. The earlier you start saving for your pension the better the return on the investment should be i.e. the longer you are paying into your pension, the more you should have in your pension when you retire. If you start later, say at age 40, you will have to contribute more each month to have the same amount in your pension on retirement as someone who started investing at age 25.

To read more about the Pensions Board why not look at the available case studies and/or click to the Pensions Board web site at www.pensionsboard.ie