Benefits Of A Personal Pension

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A Personal Pension is a private retirement savings product designed for self-employed individuals, business owners, or those not in an occupational pension scheme. It is a flexible, tax-efficient way to build up retirement savings.

Contact us today and book your consultation and see how Quigley Financial Brokers can help you choose the best options available or contact richard@quigley.ie for further information.

Here is a breakdown of the main benefits of starting a Personal Pension in Ireland:

Generous Tax Relief on Contributions

Contributions qualify for income tax relief at your marginal rate (e.g. 20% or 40%).

Limits are based on age and earnings, e.g.:

• Age 30: Up to 20% of net relevant earnings

• Age 50+: Up to 30–40%

• Overall earnings cap: €115,000 per year.

Tax-Free Investment Growth

Investments grow free from income tax, dividend tax, and capital gains tax while inside the pension.

This gross roll-up significantly boosts long-term compounding returns.

Tax-Free Lump Sum at Retirement

You can accept to 25% of the fund tax-free at retirement, subject to a lifetime limit of €200,000.

Additional lump sums (up to €300,000) are taxed at a favourable 20% rate.

Flexible Contributions

No obligation to make regular contributions.

You can contribute monthly, annually, or make one-off lump sum payments (e.g. before tax year end).

Retirement Flexibility

Retirement can happen anytime between age 60 and 75.

At retirement, the remaining fund (after tax-free lump sum) can be:

• Transferred to an Approved Retirement Fund (ARF)

• Used to buy an annuity

• Taken as taxable cash (not usually tax-efficient)

Full Ownership & Portability

The pension is entirely in your name, unlike company pensions.

You can move providers, change investments, or switch to a Personal Retirement Bond if needed.

Wide Range of Investment Options Choose from:

• Passive/active funds

• Multi-asset portfolios

• ESG and ethical funds

• Self-directed options (in some cases)

Legacy & Death Benefits

On death before retirement, the full value of the fund is payable to your estate, usually tax-free.

On death after retirement, the ARF can be passed to your spouse, children, or estate (with certain tax rules).

Contact us today and book your consultation and see how Quigley Financial Brokers can help you choose the best options available.