Include Valuable “Previous” Pension Plans with Current Planning.
We can help you calculate the income in retirement you should have from a combination of all your existing and “previous” pension plans and this includes ensuring that any pension plan that you may have paid into in the past and have now stopped paying are part your current calculations and retirement income planning.
The Likely Situations for”Previous” Pension Plans.
During your working life you may have paid into a pension plan in one of the following situations.
If you were an employee and a Member of Company Pension Scheme, you may have a Preserved Benefit.
If you worked with a number of companies you could have a number of preserved benefits.
The first steps are to identify the type of scheme/s, the total fund value, the likely income in retirement,understand what is the best place for your pension fund in the future and how to make sure it is part of your income in retirement plans going forward.
You and your employer/s may have contributed to a PRSA that can be used to accumulate a personal pension fund.
Personal Pension Plans
You would contribute to a personal pension plan when you are self -employed or working in a company that does not have a company pension scheme.
If either of these situations apply and you have stopped payments, you may have what is called a Paid Up Pension that has accumulated a fund that you own and can use towards planning your income in retirement.
If you have paid into more than one personal pension, you could have a number of paid up pensions.
We can help you review these and make the best decision to ensure that these pension funds deliver the best return on your investment to support your income in retirement.
Pensions & Working Abroad
Under EU Social Security agreements it is possible to enhance your pension entitlements in Ireland by including what you may have paid into pension plans when working outside of Ireland.
Likewise, if you are moving from Ireland and have an existing pension benefit, there are a number of options worth considering, depending on what country you are moving to and the nature of the new employment.
Advice & Recommendations
We are qualified and have experience of organising any or all of the above into an understandable income in retirement plan that ensures you get the best pension fund and income in retirement possible.