A pension is simply a saving fund with your name on it, used to pay for your retirement. Usually, you can’t access your fund until at least the age of 60.
Your money is invested on your behalf by a pension provider. Typically a pension provider will invest your pension into company shares, bonds and property through an investment fund, in order to generate long-term growth.
To learn more, watch Moneycube’s interview with Bonkers.ie on what you need to know about pensions.
More than four in ten Irish workers have no pension savings.
What’s more, many people’s current pension savings are not enough to seriously improve their retirement. By taking action now, you can improve your pension position, and avoid relying on the State pension in later years.
The good news is there is lots you can do to take action.
There are many ways you can increase your pension provision – and save tax at the same time.