Tag Archives: pension

In Ireland, the pursuit of financial advice is not merely a prudent decision; it’s a transformative one. Recent studies indicate that individuals who seek professional financial guidance can potentially increase their pension savings by an impressive 50%. This substantial enhancement in retirement funds underscores the value of expert financial planning. With the complexities of investment options, tax implications, and retirement strategies, navigating the financial landscape can be daunting. However, those who engage with financial advisors benefit from tailored advice that aligns with their long-term retirement goals, leading to a more secure and prosperous future. In contrast, individuals who forego such counsel may find themselves at a significant disadvantage, often resulting in a less robust pension pot. Navigating the financial landscape, especially when planning for retirement, requires a strategic approach to avoid common pitfalls that can undermine one’s financial security. One of the most critical mistakes is not starting early enough, as time is a crucial factor in leveraging the power …

Most people’s eyes glaze over if the topic of pensions is raised! However, with Blue Monday this week many of us may have allowed our mind to drift to thoughts of early retirement and warm beaches! Saving for retirement is extremely important. People are living longer and leading more active lives in retirement. As a result, it is more important than ever for you to think about where your income will come from when you retire. Pension saving is one of the few areas where you can still get tax relief. Unfortunately, only about half of the people working in Ireland are members of pension arrangements. What is a defined benefit (DB) pension scheme? A DB pension, or sometimes known as final salary pension, is a special type of workplace pension. Instead of building up a pension pot over time, it provides you with a guaranteed annual income for life, based on your final or average salary (hence the name). DB …

By Tim Healy MORE than 100 members of the  pension scheme of industrial diamond manufacturers, Element Six have lost a Commercial Court action against their trustees over the winding up of the fund. Mr Justice Peter Charleton this week  ruled the trustees of the pension scheme of the Shannon comnpany had acted reasonably and in the interests of the scheme members as a whole when they agreed in November 20011 to accept an offer to wind up the fund on the basis of a contribution of €37.1m from the company. The members sued the six trustees claiming breach of trust and conflict of interest in accepting the offer and said they should instead have demanded the company make a €129.2m contribution to make up the deficit in the scheme.   The claims were denied. The trustees, comprising three management nominees and three worker nominees,  accepted the €37m offer in a 3-3 vote in which the management nominee exercised his casting vote. …