Pensions Checklist

Does your employer have a company pension scheme?

Can you join the scheme?

Do you know what benefits the scheme provides?

Have you heard about Personal Retirement Savings Accounts (PRSAs)?

If you are an employee, do you know that your employer must provide you, by law with access to at least one Standard PRSA , if

· you have no company pension scheme, or

· you are only included in the scheme for death in service benefits, or

· you are not eligible to join the scheme within 6 months from the date you commenced employment, or

· you do not have access to Additional Voluntary Contributions (AVCs) through your scheme.

If you are unemployed or are a homemaker or carer, do you know you can provide for your pension by using a PRSA?

If you are in a self-employed trade or profession or have earnings from non-pensionable employment, do you know you can provide for your pension by using a PRSA or a Retirement Annuity Contract (RAC)?

Do you know that contributions paid to a pension scheme, PRSA or RAC will benefit from income tax relief at your highest rate of tax,
as outlined below:

Highest age at any time during the tax year	Limit
Under 30	15%
30-39	20%
40-49	25%
50-54	30%
55-59	35%
60 and over	40%

Note: Subject to certain conditions, in most cases contributions will also be relieved from PRSI and the Health Levy, if you pay these charges.

Have you decided what level of income you will need in retirement?

10.

If you have a pension scheme, PRSA or RAC, are you contributing enough to it in order to provide a realistic replacement income in retirement?

John Lowe: The Money Doctor

Pensions Checklist