Kennedy Financial Advisors has agencies with the leading pension providers in Ireland.
Kennedy Financial Advisors has agencies with the leading pension providers in Ireland. There are currently many pension products available and the product offerings are constantly evolving and changing. We keep up to date with the different products so you don’t have to! We provide impartial advice on the different pension providers and products to suit your own individual needs.
You are never too young to start saving for retirement. The simple reality is that the state pension will not be enough. Currently pensioners receive a state pension that is equal to only one third of the national average wage. It is therefore inevitable that you will experience a significant reduction in your monthly income unless you start saving for your retirement now.
Making contributions into a pension fund is hugely beneficial for tax purposes as well.
- Firstly, you will receive tax relief on all your contributions. If you pay tax at 40%, you effectively get 40% of your contributions back from Revenue. For every €100 contributed to the pension fund you will therefore get €40 back.
- The growth of the pension fund is completely tax free.
- Lastly, on retirement you will be able to get one quarter of the pension value as a tax free lump-sum.
A pension plan can be tailored for your individual needs. You decide how much you want to invest, whether you want to invest a lump-sum or contribute monthly. You also decide which funds you want to invest in, depending on your attitude to risk. Kennedy Financial Advisors can provide independent and impartial advice to guide you through these decisions. We will also advise you of the cost involved in setting up and managing each pension plan, as this varies from each pension provider to the next.
Self-Employed / Paye Employee
Personal Pension Plans
We will help you set up a personal pension plan best suited to your personal circumstances. Some of the key benefits of personal pension plans:
• Tax relief on pension plan contributions
• Investment growth is also tax-free
• Flexibility – you decide how much to contribute to your pension plan
• Stop and restart pension contributions at no extra cost
PRSAs – Personal Retirement Savings Accounts have been introduced by the government to provide a more flexible, tax efficient way of saving for your retirement. It works much in the same way as a personal pension plan, but anyone can take out a PRSA. In addition, your employer can also make contributions directly into your PRSA.
PRSA pension benefits
• Tax relief on PRSA contributions
• Any investment growth on your PRSA is also tax-free
• Flexibility – you decide how much to contribute to your PRSA
• Take your PRSA with you when you move jobs
• Stop and restart PRSA contributions at no extra cost
Pension Schemes for Employers
Group Pension Scheme
As an employer, you can set up a group pension scheme for your employees. Some of the key benefits are:
- Employers can attract and retain good staff
- Great tax advantages for employers and employees
- Reward loyal employees in a tax-efficient way
- Tailor the pension scheme to provide cost effective life assurance and disability benefits
Group PRSA Scheme
A PRSA lets an employee take their retirement account with them when changing job.
We have now developed Group PRSA pension scheme, a platform where PRSAs are administered on a group basis.
Group PRSA pension scheme benefits
- Fewer employer obligations
- No trusteeship burden
- No pension board fines
- No audit fees
- ARF option after retirement
Kennedy Financial Advisors
7 Fitzwilliam Street Lower
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