Pension & Retirement Planning
Planning your pension doesn't have to feel overwhelming.
Whether you're a busy professional setting up your first Personal Retirement Savings Account (PRSA), a business owner exploring pension schemes, or approaching retirement with questions about Approved Retirement Funds (ARFs), we're here to help you navigate it all.
You're in safe hands. Our CERTIFIED FINANCIAL PLANNER™ professionals take the time to understand what matters most to you.
From tax-efficient savings to retirement income planning, we've helped many people like you build confidence in their financial future.
Let's make sense of it together. When it comes to your pension, getting it right is essential, and studies show those who work with CERTIFIED FINANCIAL PLANNER™ professionals achieve significantly better financial outcomes and enjoy greater personal well-being than others.
Pension & Retirement Planning in Ireland
The State Pension doesn't provide a sufficient retirement income for the vast majority of people.
Most people are surprised when they discover what their State Pension will cover. It's a good foundation, but is it suitable for the lifestyle you're planning? You'll likely need to have further provisions in place.
Retirement planning is about a lot more than simply building up the biggest possible pot of money for the future. We want to help you to live a rich and fulfilled life.
We start with questions like:
- What does your chosen life in retirement look like, and how much will it cost?
- When do you want to stop working?
- Do you want to leave a legacy?
- How much risk are you comfortable taking with your finances?
- What other passions do you want to pursue?
Whether you're a professional just starting to think about pensions, running your own business, or a company director exploring executive schemes, the earlier you start, the better positioned you'll be.
Already have a pension, but not sure if you're on track? We can review what you've got and show you how to make the most of it.
Everything should be reviewed collectively to ensure structures and investment strategies are appropriate for you overall plan.
How do Pensions Work in Ireland
How Much Will You Need in Retirement?
This is very much a case by case basis.
Many people are often surprised by how much their State Pension actually provides. While it serves as a solid starting point, it’s unlikely to sustain the lifestyle you’re used to.
Regardless of your stage in life, establishing a retirement plan is crucial. There is always time to begin
We've helped many people like you navigate this. From choosing between PRSAs and occupational schemes to understanding Revenue limits and tax relief. We look at all options and structures to find what suits you best.
We’ll help you understand your options clearly and simply, without complicated jargon—just straightforward guidance tailored to your situation.
We would also incorporate any current pensions you hold to ensure that these are working as hard as they can for you, ensuring everything is focused towards your goals and retirement timelines.
Getting Your Pension Contributions Right Matters
It's not just about putting away as much as possible. It's about finding that sweet spot where you're building a solid retirement fund without squeezing your lifestyle today.
Here's what we typically see: People tend to put modest contributions into their pension in their earlier years, and then gradually increase as their income grows or bonuses are received. Business owners often have more flexibility, using company contributions to maximise tax efficiency.
The key is making sure you can still save for a house, cover your mortgage, family expenses, and have a bit left over for life. Your pension is brilliant for long-term growth and tax relief, but once it's in, it's locked away until you're at least 50.
We’ve helped many people like you strike the right balance. Using cash flow forecasts, we can spot the years when pension contributions are manageable and the years when finances might be tighter. For example, during periods with higher education costs for children, we can plan ahead—perhaps increasing contributions now while those expenses aren’t on the horizon
There's no one-size-fits-all answer. It depends on your age, income, other savings, and your goals.
We’ll figure out what works best for you—because the right pension contribution is the one you can realistically maintain
Choosing the Right Pension Fund
Your workplace pension likely offers a range of options, including a cautious fund, a balanced one, and something a bit more adventurous. That's fine for many people, but it's not exactly tailored to you and your stage of life.
A 35-year-old tech professional in Dublin has very different needs from someone approaching 60 years old. The younger professional might be more comfortable with growth-focused funds, knowing they've decades to smooth out any bumps. Someone closer to retirement? They're probably thinking more about protecting what they've built.
With personal pensions like PRSAs, you get access to a much wider range of funds, such as global equity funds, property funds, ethical investment options, whatever fits your values and risk appetite.
We’ve guided many people through this decision. Choosing funds isn’t just about your age or how much risk you’re comfortable with—it’s about your whole financial picture: your other savings, when you’d like to retire, and whether you have a company pension too.
Some clients prefer to keep things simple with a single balanced fund. Others prefer a mix, perhaps including some growth funds for the long term and something steadier as they age.
We’ll figure out what works best for you—because choosing the right fund can have a big impact on your retirement income
Accessing Your Retirement Fund in Ireland
So You're Ready to Access Your Pension
You have control regarding the timeline of when you access your pensions.
In most cases, there is a 25% tax-free lump sum available. When you take this will really depend on your individual circumstances, future incomes and expenses on the horizon.
It is important you don't trigger this just for the sake of it, as it can be beneficial leaving a pension in its "pre-retirement" state for as long as possible.
Then you need to decide what to do with the rest.
An Approved Retirement Fund (ARF) lets you keep your money invested and withdraw income as you need it. It offers flexibility, but your income can fluctuate with the markets, so it’s important to consider the risks involved.
An annuity provides a guaranteed monthly payment for life, which may be a good fit for some people.
The right choice depends on your other sources of retirement income and your overall cash flow needs.
We've helped many people like you weigh this choice up. Someone with other income sources might love the flexibility of an ARF. Others want that certainty of knowing exactly what's coming in each month, especially if their State Pension won't cover much.
Your health matters too. Expecting a long retirement? An annuity might make sense. Want to leave something to the kids? ARFs are usually better for that.
You don’t have to navigate this on your own. Let’s have an honest conversation about what suits your situation best—because this decision will impact your entire retirement income.
ARFs Keep Your Pension Working for You
Approved Retirement Fund is sort of a continuation of your current pension. Instead of stopping when you retire, your money keeps growing while you draw income from it.
Here's how it works: You choose from funds designed specifically for people in retirement, usually a bit more cautious than what you might have picked in your earlier years, but still with growth potential.
Irish Revenue rules mean you must take at least 4% each year as income, which is taxable. It is important to take this into account as this will shape the investment strategy, depending on what the remit of the ARF is.
For example, some people will want to just ensure the original capital is protected as much as possible, whereas others want to wind down the ARF to zero over their lifetime.
We've helped many people like you see the appeal. A client with €400,000 in their ARF takes out €16,000 annually (that's the 4% minimum). If the fund grows well, they're living off the profits while the pot stays roughly the same size.
And unlike annuities, ARFs don't disappear when you do. in the case of a spouse the ARF will change in name. In the case of children, they will inherit the value however, they will need to pay tax at 30% or 33%, depending on their age.
The flexibility is what most people love, as they can increase and decrease withdrawals depending on cash flow requirements and also economic conditions at the time.
Let's chat about whether an ARF fits your retirement picture.
Annuities Give You that Guaranteed Monthly Cheque
Some people love the certainty of knowing exactly what's coming in each month for the rest of their lives. No worrying about market crashes or bad investment years, your income stays the same whether the markets are flying or falling.
Here's what you're getting: Your pension provider calculates how much they can pay you annually based on your age, health, and current interest rates. That's your guaranteed amount until you die.
But you've got choices to make it work better for you. Want your income to increase each year to help with inflation? You can build that in, though your starting amount will be lower. Worried about dying early and leaving nothing for your spouse? You can guarantee payments for a minimum number of years, or arrange for your partner to keep receiving a percentage after you're gone.
We've helped many people like you weigh this up. A client who's nervous about market volatility and just wants to know their bills are covered? An annuity gives them that peace of mind. Someone with other investments who can handle a bit of uncertainty? They might prefer the flexibility of an ARF.
The downside? Once you're in, you're committed. And when you die, that's usually it—no inheritance for the kids unless you've specifically arranged otherwise.
Let's talk through whether this certainty fits your retirement plans.
SIGN UP
CONTACT INFO
Opes Financial Planning Ltd
12, Parklands Office Park
Southern Cross Road
Bray, County Wicklow
Ireland, A98 WF95
We are conveniently located on the Southern Cross Road between Bray and Greystones which can be accessed via junction 7 of the N11.
This is ideal for servicing clients from the surrounding South Dublin, Wicklow and greater Leinster areas.
Directions:
Our office is situated 20kms south of Dublin, just beyond Bray in Co. Wicklow. Take the M50 southbound onto the N11 then take Exit 7, the Bray/Greystones exit and follow signs to Greystones. We are on the right near the end of the Southern Cross road leading from the N11 to the Greystones Rd.
Opes Financial Planning Ltd. - Company Number 456044- VAT Number 6556916J
OPES FINANCIAL PLANNING LIMITED
OPES FINANCIAL PLANNING LIMITED is regulated by the Central Bank of Ireland.
OPES FINANCIAL PLANNING LIMITED (Company No 456044)
Opes Financial Planning is a trademark used under licence.
