Irish Pension Information

Facebook
Twitter
LinkedIn

Under 50? Check out Pension Health Check Under 50

Before making any decisions regarding your pension it is important for you to be informed. A Pension Health Check will do just that for you. You need to know the following 

The performance of many Pension Funds are down at the minute meaning your pension is more than likely losing money each month instead of growing.

 

This means now is an ideal time to carry out a Pension Health Check. 

 

During a Pension Health Check your Financial Advisor will review your pension and let you know how the fund is performing i.e how much it has grown or reduced by.

 

They will be able to compare this to other funds in the market and advise you if your pension is performing above or below average.

Most Employer Pension Schemes are invested for the entire company and with this in mind are tailored to everyone and not just to you. This means your pension is likely invested in a fund where there is a little bit of everything. This is called a multi asset fund.

 

 

As the fund is invested in many assets you will normally see investments across different risk categories from high to low. When you start saving for a pension this is of little consequence to you because if the markets go down you have many years left before you access it and so have time for your pension fund to recover.

 

 

From your 50’s onwards you become more exposed as if your pension fund goes down then you have less time to wait for the markets to bounce back. At this age it is wise to reduce the risk levels of your fund to keep your existing fund safe.

 

Yes this does mean that your pension grows at a slower rate but it protects you from riskier investments which could see your fund reduced dramatically. 

 

The reduction of risk in your fund is a recommended practice as you approach retirement age. Unfortunately you can only manage this if you are in control of your own fund.

 

When you access your fund over 50 you can decide to take all of it now or you can take a lower amount and reinvest the rest on your terms. We will look at this in more detail shortly.

 

More to Explore

Early Pension Access Calculator

Impact of Early Pension Access If you are considering accessing your pension early you are probably wondering what impact taking funds from

Cookie Policy

Cookie Policy Effective Date: 05-Jan-2023 Last Updated: 05-Jan-2023   What are cookies? This Cookie Policy explains what cookies are and how we

Privacy Policy

Here at Irish Pension Information we are all about putting the power into your hands. Your privacy is important to us, and