I'm in my 20s/30s

What is a pension? 

A pension is a long-term savings plan for your future self. Having a pension means you'll pay into it while you're working so when you retire you can use this money (plus any interest gained) to support your lifestyle. In Ireland, pension payments can come with significant income tax relief and any growth on the pension is tax-free.

Thinking about a pension in your 20s or 30s is important

Your retirement might feel far away at this age, but the earlier you start, the more freedom you might have later in life. Starting young will give your money more time to grow and you could set yourself up for a stronger financial future. 

Benefits of starting a pension in your 20s or 30s 

• More growth potential: The earlier you start, the more time your money has to grow. Even contributing small amounts now can grow into larger sums by the time you plan to retire, saving you money compared to making larger contributions and "playing catch-up" later. 
• Flexibility: The amount you save is up to you. You can start with a small amount - our advisors can help you decide what’s right for you. Not only that, but you can pause or adjust your payments and  start them again at any time. 
• You'll thank yourself later: Relying solely on the State Pension may not be enough to maintain a comfortable lifestyle during your retirement. A private pension could give you more control and security in the future.
• Income tax relief: You can get tax relief on your pension contributions if your income is taxed under Schedule E or Schedule D (case I or II). On top of that, pensions are the only investment vehicle in Ireland where your returns are completely tax-free. Learn more about income tax relief.