Looking to start a pension?

Get expert tips and clued in on everything you need to know about starting a pension. This article was first published on thejournal.ie.

Saving for retirement is something we should all be thinking about. Starting, as well as topping up a pension, can ensure comfort in your later life and give you the retirement you’ve always dreamed of.

We spend thirty plus years of our life working but we can easily spend the same amount of time in retirement – with that in mind we need to ask ourselves, are we prepared for that part of our lives?

If your answer is no, don’t worry, we’ve got expert advice throughout this article to help you get set up with a pension that matches your lifestyle.

How much do you know?

It’s important to read up and inform yourself as much as possible about pensions from an early age, Senior Financial Planner with Zurich, Marie Kirwan, explains why:

“We work hard enough, and we need to make sure that we have a pension in place so we can live comfortably in retirement and be able to treat ourselves. On average we are all living longer and leading more active lives in retirement. Irrespective of age, it is important to plan for retirement and in doing so we need to make our pension one of your priorities throughout our working life.”

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Financial security

You may be wondering, can I afford a pension in the first place? Financial security is something many people are worrying about now, let alone in the years to come. The good news is, it’s never too late to start planning for the future. 

Another questions we need to ask ourselves is, “can we survive on the state pension?” At just €277.30 per week* currently your state pension may not be sufficient.  Starting a pension can give you greater ownership of your retirement. Marie explained the benefits and financial security that can come from a pension over a normal savings plan:

A pension is the most tax efficient means of saving for your retirement. Any money you pay into your pension you will receive tax relief on, no other form of savings qualifies for this tax relief. For example, for every €100 you pay into your pension, the revenue will currently give you 20% back, so the net cost to you €80. If you are a higher rate taxpayer, you will currently get 40% relief, so every €100 you pay into your pension will only cost you €60.  


If you’re thinking of starting a pension, Zurich has practical and informative advice that can help you start saving today. Zurich understand that pensions can seem overwhelming, but did you know that from as little as €30 a month you could be saving into your pension and investing in your future? There’s expert advice on hand whenever you need it, and you can track your pension 24/7. 

A common misconception is that you’ve missed the boat when it comes to starting a pension, and that you could be ‘too old’, this is a myth as Marie pointed out.” 

“You are never too old or too young to start a pension and you can start a pension at any time. It is a good idea to start a pension as soon as you can so that you have as long as possible to save for your retirement and your pension will have lots of time to grow over time.

The best approach is certainly to start at the beginning of your working life, which for many is in their twenties, but you’ll be happy to hear that there’s no need to panic if you start in your thirties or forties as you still have loads of time to save.

Source: *Gov.ie

The information contained herein is based on Zurich Life’s understanding of current Revenue practice as at 1st December 2023 and may change in the future. 


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About: Pensions

Taking a small action today and speaking to Zurich or a financial broker could have a great impact on your future. With a wide range of options, control and flexibility, you can choose a pension plan that's right for you. If you’re wondering where to start, you can find a local financial advisor near you with the Zurich Advisor Finder.

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