Reviewing your pension at least every year is essential to ensure that it remains on track. Remember, a pension is likely to be your main source of income in retirement and you will possibly need it to last for 20 years or more. A good rule of thumb is to review your pension every time you service your car - at least once a year.
Available through 365 online, Life online will give you a real sense of your investment, retirement and protection plans and how they are doing.
Here you can find:
- Details of all your Bank of Ireland Life policies
- Up to date information on how they are performing
- Tools to help you compare fund performance
- Details of how and where your money is invested
- Lots of information, videos and articles to help you keep on top of you financial plans.
Investing time and money in your future is a big decision, but being able to stay in control of that money makes it easier. With Life online staying on top of your financial plans is as easy as checking your current account, and you know how easy that is.
To register your Bank of Ireland Life policies all you have to do is log into your 365 online account and click into the “Manage Accounts” section where you can add all your existing policies.
Alternatively, just call our phone team who will register them for you on 01 523 9701.
Goals and priorities change over time so it is important to review your pension on a regular basis to ensure it matches the retirement lifestyle you want.
Since you last reviewed your pension you may have:
- changed your mind about when you want to retire
- changed your view on how much money you might want to retire on
- changed salary
- changed jobs
- got married
- reached an age where you can avail of increased tax breaks*
- the State pension age may have changed
If any of the above have changed since your last review, it’s crucial to check that your pension is aligned to your current circumstances.
For more information, view our Pensions FAQs or contact us today.
Close monitoring of your pension plan is now essential.
As your retirement gets closer, you and your Advisor will look at your pension plan and your own plans for your retirement in more detail so that you will be properly informed and prepared to make key decisions.
Key areas you need to focus on:
Is your pension plan on track?
Your Advisor can check if your pension plan is on track to provide the retirement income that you are expecting, and can advise ways in which you can maximise your pension savings before you retire.
How will you draw down your savings?
You will need to decide how you are going to take your pension savings. A number of options will be available to you and it’s important to understand what these are.
Your Advisor can explain the pros and cons of each option and help you decide on the best option based on your circumstances.
Are your invested in the right fund(s)?
You will need to review the fund(s) your pension savings are currently invested in to ensure it remains suitable in the years running up to retirement. Your Advisor can advise if you should switch into a different fund(s) and if so can talk you through a range of investment funds for you to consider.
Terms and conditions apply to 365 online. Terms and conditions apply to Life online.