3750DD9C-4A12-4531-B97D-1DFFEE2C4F4D

Pensions

Create or review your pension plan for the retirement lifestyle you want.

Begin your pension journey


Are pensions a mystery to you? You’re not alone – only 42% of people truly understand how they work. Retirement planning is on the minds of 39% of the population, but just 37% understand the tax breaks associated with pensions and only 22% seek professional advice about starting one1. Join us as we explore the compelling reasons to start a pension plan.

Why should I save into a pension?

1. You may need an income for up to 30 years after you retire

People we are living longer these days, which means you could be retired for a long time. You may need an income for 30 years or more after you retire. That’s why it’s a great idea to begin saving for your retirement by putting money into a pension now.

2. Your income could drop by over 70% when you retire

The maximum amount of State Pension (Contributory) payments you can receive in a year totals just under €13,800*. However, the average wage is €48,021** a year. That means, if you rely solely on a State Pension, your annual income could drop by over 70% when you retire. Saving into your own pension will help reduce that drop.

*Annual State Pension Contributory www.welfare.ie
**Source: CSO, Average earnings in Q1 2024, Earnings and Labour Costs May 2024

3. The earlier you start, the better

Starting a pension early can have a BIG impact on your retirement fund. If you start paying €250 a month from age 25, your projected pension pot would be over €327,965 when you hit 65. If you wait until you’re 45 to start, it could be just *€93,585.

*Figures are based on level monthly contributions of €250. This illustration assumes a gross investment return of 5.75% per annum, a 5% premium charge and 1% annual fund management charge. This rate is for illustration purposes only and is not guaranteed. Actual investment growth will depend on the performance of the underlying investments and may be more or less than illustrated.

The Company may hold units in any funds mentioned on its own account

4. It’s a great way to save tax

If you save into a pension as a higher rate taxpayer, you can get up to 40%* in tax relief on every €1 you pay into your pension. This means paying €100 into your pension monhly only ‘costs’ you €60 a month. And even if you pay tax at the standard rate, you can get still 20% tax relief.

*Assumes higher rate tax payer. Source: Revenue.ie. It is important to note that tax relief is not automatically guaranteed; you must apply to and satisfy Revenue requirements. Revenue limits, terms and conditions apply.



What to expect in your Financial Meeting

In Bank of Ireland we have highly experience qualified financial consultants ready to help you take control of your finances through:

  • Reviewing your current financial position, understanding your income and outgoings, assets and liabilities and most importantly, what your goals and ambitions are for your longer term finances.
  • Creating a personalised plan tailored to your specific circumstances and stage in life

    • We can meet with you at a time and place that best suits you either face to face or digitally.

What to expect in your Financial Meeting

In Bank of Ireland we have highly experience qualified financial consultants ready to help you take control of your finances through:

  • Reviewing your current financial position, understanding your income and outgoings, assets and liabilities and most importantly, what your goals and ambitions are for your longer term finances.
  • Creating a personalised plan tailored to your specific circumstances and stage in life

    • We can meet with you at a time and place that best suits you either face to face or digitally.




How much could I earn when I retire?

Just tell us your date of birth, the amount you save each month and the value of any current pensions you have and we’ll calculate what your monthly income will be in retirement.

Try our pension calculator


 


Listen to our Pension Pot podcast series

Our Pension Pot podcast series is hosted by industry experts who simplify pensions and help you understand your options. Learn about the great tax advantages, discover the importance of knowing where your pension money goes, and get tips on planning for a fantastic retirement and improving your long-term financial wellbeing.

Watch now





Where can I learn more about pensions?

The world of pensions can seem complex but it needn’t be. We have a host of supports for you to learn more about pensions from demystifying unknowns with our Two Truths, One Lie series to identifying what’s your type of pension.

Find out more



 

Bank of Ireland Insurance & Investments is a tied agent of Bank of Ireland Life and receives commissions for the work they carry out in relation to the sale of life assurance products (i.e. life and/or serious illness policies, investment policies or pensions). Further details are available in the Commission Summary Document.

Commission Summary

Warning: The value of your investment may go down as well as up.

Warning: This product may be affected by changes in currency exchange rates.

Warning: If you invest in this product, you may lose some, or all, of the money you invest.

Warning: If you invest in the product you will not have any access to your money until you retire.

Revenue limits, terms and conditions apply. Tax relief is not automatically granted, you must apply to and satisfy Revenue requirements.

Begin your Pension Journey

1 Bank of Ireland National Pensions research survey with RedC Research, December 2024.