How can you get the most out of planning for your future?

ITSYOURFUTURE believes that in the same way you know what charges you pay for every day-to-day bills and services including car, electricity, gas,health insurance, mortgage and postal services – you should know what you are paying for when it comes to providing for your future. At the end of the day, the ultimate planning is down to you!

In particular, you should know the features associated with State benefits as well as your retirement, death and disability plans or policies. You should ensure you are up to date with these especially given the contributions you make towards Social Welfare benefits as well as your company and/or personal pension scheme.

Some State Benefit questions are:-

• How much is the state pension currently?

• How much do I pay towards this?

• When am I eligible to claim the state pension?

• What does the State pay my dependants on death and how much do I pay towards this?

• What disability benefit am I entitled to and how much do I pay towards this?

Some Employee/Executive questions are:-

• If you are a PAYE worker, are you entitled to join your employers pension plan (sometimes referred to as an Occupational Pension Scheme) or perhaps you are already a member of such a scheme as per your Contract of Employment. If yes, then:

o What is the normal retirement age for the company scheme?

o When can I avail of my retirement fund?

o Am I a member of a Defined Benefit (DB) or Defined Contribution (DC) scheme?

o Do I have a copy of all available and up to date disclosures (as applicable), for example, Benefit Statement, Explanatory Booklet, Investment Booklet/Report, Statement of Reasonable Projection, Trustee Annual Report

o Do complete a Letter of Wishes (which is your written indication to the Trustees of the pension scheme as to whom and how much monies should be paid to your Estate upon your untimely death-in-service)

o Am I required to pay a fixed amount?, a percentage of salary?, is this inclusive or exclusive of bonuses? Exactly in “euro” terms how much is this?

o Is there is any age-related rule to that amount contributed by my employer?

o Is there a facility for my employer to “match” any contributions I make?

o Who are the Trustees to the company pension scheme? How can I contact them (if necessary)?

o Who are the product providers and/or advisors to the pension scheme, for example, who is the Administrator? Actuary? Auditor? Investment Manager? Legal Advisor? Pension Consultant? Tax Advisor?



The following article may be useful resource to assit you and your loved ones in developing your retirement plan and creating a secure and safe future for you and your family.

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Dictionary of Terms

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