Your retirement journey
The changing face of retirement
Increased life expectancy, uncertainty around the state pension and a decrease in salary and service based pension schemes mean one thing – we all need to take responsibility for our own pension and retirement planning.
It's not just about paying money into your pension each month and forgetting about it - you need to be proactive. Starting early is key and can make a huge difference to your end pot.
Making the most of tax relief means more money in your pocket
- Boosting and increasing contributions as regularly as you can afford is important.
- The deadline for completing your tax return for 2015 is now approaching so consider just how tax efficient pension contributions are.
- Assuming you pay tax at 40% for every €100 invested it would currently cost you only €60.
Complete our Pension top up form PDF (83KB) with your adviser and boost your pension today.
Take stock of your pension policies
1. What’s the value of your pension policies? Contact your pension providers for statements so that you know what your pensions will be worth in retirement
2. Are your investments performing? Should you consider spreading your investments?
3. Are your pension policies with one company? Should you consider combining your pensions?
4. Has your risk appetite changed? Your attitude to risk investment can change over time, try our risk questionnaire for details on your risk profile
5. Increase contributions if you can and get the benefit of tax relief. Discuss with your financial adviser and complete our Pension top up form PDF (83KB)
Remember to contact your financial adviser before making any changes to your pension.
Time to review
1. If you haven’t already, register for MyStandard Life online so that you can keep an eye on your pension value between now and retirement
2. Check that you’re on track for retirement. Use our calculator to find out how much you’ll need in retirement and compare with your pension forecasts, is there a gap? If so, speak to your financial adviser
3. Keep boosting those contributions. Remember you get the benefit of tax relief on your contributions. Contact your financial adviser today to complete our Pension top up form PDF (83KB)
4. Consider how you’ll take your income. Use our tool to see if an Approved Retirement Fund (ARF) or Annuity is right for you
5. Get your affairs in order. Check that you’re saving in the most tax efficient way, review your will and minimise the impact of inheritance tax
1. Work out where you stand. Get up to date statements for all your finances including your savings and investments, these can be used to supplement your pension income. Meet your financial adviser to make a plan
2. Are you entitled to a state pension? If so, start processing the paperwork for this
3. Decide how you want your income in retirement. ARF, Annuity or a combination of both?
4. Plan for life after work. Think about how you want to spend the free time you’ll have. Have a plan in place for the first few months to help you set the tone for your retirement. Check out our New You Guide PDF (3.7MB) which gives you tips on planning your lifestyle in retirement as well as case studies of retirees who have been through it
Pensions Board calculator
This calculator allows you to estimate how much you should be paying into your pension.