Life & Pensions
Why do I need Life Cover?
- I have children/dependants
- I am married
- I have my own home
- I am hoping to buy my own house
- I have my own business
Why would I need cover and what type of cover do I need?
During our lives we experience many things. Some of these experiences change our lives for better or worse. Our products will help you to prepare for either eventuality.
- Mortgage Protection Cover is essential for anyone buying their home. This cover must be used to secure your mortgage with the bank. This provides a lump sum benefit if you die during the term of the contract.
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- Life Cover can also be used to ensure the financial survival of your business in the event of the death of a director or key employee.
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- Whole of life can provide family protection, protection of your estate and business protection planning.
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- Serious Illness Cover will give you peace of mind. It provides a lump sum payment on the diagnosis and certification of a prescribed serious illness.
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- Disablility Cover: Due to an accident or illness you may be disabled and unable to work. We can provide the cover to ease any financial burden you may experience due to your disability.
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Financial and Mortgage Repayment Protection Ireland
Most of us take our good health for granted and look forward to a long and healthy life. However with today's modern medicine, more people are surviving life-threatening illnesses.
But how would you cope financially if you were unable to work for a few months or even longer? Put your mind at ease with any of the following mortgage protection benefits available through Mortgage Centre Sligo.
Protection Benefits
- Life Cover
- Serious Illness Cover
- Total & Permanent Disability
- Hospital Cash
- Accident Benefit
- Mortgage Protection Repayment Options
Pensions FAQ
Why do I need a Pension?
People who retire from work (typically between 60 and 65) are now expected to live for a further period of approximately 20 years on average, due to better lifestyle and healthcare. If your only income was to be the State Old Age Pension this could result in a significant drop in your standard of living. Therefore planning for retirement is essential if you wish to maintain the lifestyle you enjoyed during your working life.
What other benefits are there?
- you get tax relief on any money put aside as a pension.
- the government does not tax the investment return earned on your pension contributions.
- a pension enables you to maintain a decent standard of living following retirement.
Starting a pension plan is one of the most important investment decisions you will ever make. Security in your retirement is an issue to think about and plan for now. Saving regularly for retirement and starting as soon as possible is perhaps the best investment advice you will ever get.
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When should I start contributing to a pension?
As soon as possible! The arguments for starting your pension as early as possible are overwhelming. The size of your pension income when you retire is affected by the length of time your money is invested for. Depending on the return earned by your pension fund, a euro put aside in your mid-twenties can be worth between two and a half and four and a half times a euro put aside in your mid-fifties.
What type of pension should I take out?
There a number of different types of pensions available. A personal pension plan is for self-employed individuals, workers whose employer does not offer a pension scheme, or for workers who do not wish to join their employers scheme, and is entirely funded by the individual. A group pension plan is one that is provided by your employer. If you are working for a company and no pension scheme is in place, your employer may agree to set up an individual pension for you.
What happens to my pension contributions should I die before retirement?
If you die before you retire, the current value of your Personal Pension fund will be paid to your estate. Under a Company Pension, the scheme will normally provide two benefits if you die in service before normal retirement age. A tax free lump sum of up to four times your remuneration at the date of death and the scheme may also provide a spouse's pension of two thirds of the maximum pension which you would have received if you had retired on grounds of ill health at the date of your death.
Am I entitled to the State Old Age Pension when I retire even if I take out my own pension?
If you have made the required number of PRSI contributions during your working life then you are entitled to the State Contributory Old Age Pension. As not all occupations pay full PRSI, you need to check whether or not you pay full PRSI.
How do I make payments to a pension?
Payments can be made on a monthly, quarterly, half-yearly or annual basis by cheque or direct debit.
I'm a temporary/contract based worker - should I take out a pension?
This depends on how regular your income is. If your income is regular, we would recommend a regular premium plan. You do have the option of a 'premium holiday' for periods when you maybe unable to contribute to the plan. However if you have a very irregular income we would not suggest a regular plan.
How do I claim tax relief?
If you are in a group pension scheme your pension contribution is taken directly from your gross salary (salary before tax) so it is never taxed. When you take out a Personal Pension you receive a tax certificate after you start. You send this to your tax inspector. If you are self employed, your tax bill will be reduced when you send in your tax certificate with your annual returns.
If I change employment can I take my pension with me?
If you have been employed by a company which included you in a pension scheme and you change employment, you can transfer the value of this fund to the new scheme with your new employer. However, if you were previously self employed with a personal pension and moved to a company with a pension scheme you can no longer keep contributing to your personal pension plan.
Your personal pension fund will continue to grow until retirement when you can claim your pension benefits. If you join a company without a pension scheme in place, you can continue making contributions to a personal pension.
How much can I / should I contribute to my pension?
One of the major benefits of contributing to a pension plan is the tax relief you receive but there are limits to the level of tax relief you can avail of.
| Age Pension contribution |
| Up to 29 |
15% |
| 30-39 |
20% |
| 40-49 |
25% |
| 50+ |
30% |
These are extremely generous limits, so you are encouraged to make the maximum contributions or as close to it as you can, to avail of the generous tax relief.
Even if you are a member of an employers' pensions scheme it makes sense to make additional voluntary contributions (AVC's) to top up your pension. You can make contributions to an AVC of up to 30% of your gross income (depending on your age) and claim tax relief on this contribution.
Useful sources of information:
We stay with you all the way!
Why not give John or David a call to see what we can do for you?
FREEPHONE 1800 44 28 28
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