If your circumstances have changed since you took out your pension plan or last reviewed it then you should review your plan in light of those changes.
- Have you changed jobs?
- Has your income increased?
- Do you have dependants?
- Did you start your pension with a low contribution with the aim of increasing it?
- Have you stopped paying into your pension plan?
Do you know the impact of changes outside of your control?
The age of eligibility for the State Pension (Contributory) has changed meaning State Pension payments are no longer paid from age 65. If you were born on or after 1 January 1961 and are eligible to claim the State Pension (Contributory), you will be 68 before you receive it.
That’s potentially a three year gap in retirement income which could mean a shortfall of over €70,000 for a married couple. Does your retirement plan take the delay in this payment into account?