Irish Pension Information

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Saving for your pension can be a great way to pay less tax. It can be difficult to understand but it shouldn’t be. Lets look at the basics first and then go into more detail. 

 

So the Irish Government want you to save for your retirement. They don’t want you claiming social welfare which will make you a burden on the public purse. To encourage you to save for your retirement the government had to make it attractive to save.

 

AND so…Tax Relief was introduced.

The easiest way to explain pension tax relief is that when you put money into your pension pot from your income… you don’t pay tax on it.

So now you know what Pension Tax Relief is. It’s the Government not charging you tax now (Tax Relief) so in return you save for your retirement. this helps the Government as  you will not claim social welfare in retirement.

There are two tax rates in Ireland. The standard rate and the higher rate. Everyone pays the standard rate up to an amount specified by the government each year. For the sake of simplicity lets say

YES. Unfortunately there is a limit to the amount of money you can put into your pension tax free. Go to Tax Relief Limits

Pension Health Check Under 50You can easily reduce the amount of money you have to pay in tax by setting up a pension. If you would like more information on setting up a pension then please request a call back here.

A member of our team will contact you to discuss your needs and will then connect you to the financial advisor best suited to you. There is no charge for this service. All of our advisors are regulated by the Central Bank of Ireland.

If you already have a pension and want to see how it is performing and if adding more/less would make sense for you click Pension Health Check.

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