Pensions
Planning your Retirement
It is vitally important that a properly designed pension plan is established in order to provide financial security over and above what might be provided by the state. This will have a major impact on how you and your partner live in retirement. Mortgage & Investment Brokers advises on retirement planning for companies and individuals whether they are employees, self-employed, company directors or employers.
Mortgage & Investment Brokers can:
1. Access up to 10 pension companies.
2. Talk you through setting up a retirement plan
3. Provide impartial advice.
4. Help you review your pension plan
5. Advise on maximizing tax relief.
6. Help you avail of Pr-Retirement Planning.
7. Help you to claim your pension. This is very important especially if your health is impaired.
8. Advise you through Post retirement Planning. Help you select the type of pension option that matches your future needs and explain the impact both at retirement and beyond retirement.
We provide the best advice service.
Individual or Work Place Pension
Mortgage & Investment Brokers will:
Group / Corporate Pension
Mortgage & Investment Brokers will:
Self-Employed Pension
Mortgage & Investment Brokers will:
Pension Warnings
As a Broker
Auto enrolment
Auto enrolment (A.E.) has been passed into law after 20 + years of various government considering this issue of the inadequacy of the state contributory pension (OAP) A.E. will not solve this dilemma but it is designed to help supplement the state contributory pension (OAP).
According to a survey by Zurich Life June 2024 Auto enrolment will not suit 25% of of qualified staff from a tax point of view.
Auto enrolment requires that the employer contributes initially 1.5% of salary and eventually after 10 years service the employer will contribute 6% of salary. 6% may apply to new staff with A.E. service
There is no tax relief for employees on their contributions so the amounts quoted above are deducted from their net pay.
The amount of deduction will not provide anything near a two thirds salary including the OAP and yet neither the employer nor the employee cannot contribute more than the scheduled contribution.
Employees who set up their own personal or prsa pension arrangement will lose their tax relief and be forced to join the auto enrolment scheme.
Employees can opt out after two years but must be joined again immediately.
As of today, 800,000 of private sector workers have no additional pension (other than the State pension) – and 200,000 of these are higher rate taxpayers. There is certainly a strong argument to say that a majority of this audience would be better off starting their pension journey today, rather than waiting for AE – and it is Financial Brokers that are best placed to help them.
There are many good aspects to the concept of A.E. but most employers prefer to have some control on their scheme. Very recently Life companies have improved their offerings hugely in terms of cost and access to information for the employer and employee for both small and large employers. Give me a call if you wish to discuss your options if you do not want to wait for the arrival of the compulsory scheme to dictate the T’s and C’s in early 2025