Pensions and Retirement

Financial Planning Services

Clients often come to us, who are unhappy with the products/services they received through their brokers. Often the problem is that the services are not tailored to the clients’ needs, or more simply the client feels that they were sold a one off product without any further guidance.

We help clients plan for their retirement. Through our Know Your Client “KYC” procedures we will look at their income streams and the assets they currently have and establish a plan to get their retirement savings to a level where they can afford a comfortable retirement.

Most importantly we will give clients a “roadmap” to and through retirement, which we will review annually.

For products or services provided we will prepare a written statement - a Statement of suitability, also known as a "Reasons Why Letter" setting out the reasons why the choices made are suitable/most suitable for that consumer. (as per the Consumer Protection Code, section 5.19)

Our Financial Planning process is based our core “PRISM” principles, which prioritize Protection (mortgage protection, life insurance, critical illness cover, income protection), Retirement, Investment, Saving and Mortgages.

Pension Transfers

Consolidating or Moving your Savings

Older generations had 'normally' only one job. However in the 21st century many people have more than one retirement savings scheme. They may be interested to know that it is possible to amalgamate them by transferring pensions.
As the Irish economy improves we will see many emigrants return again. Those returning need to think about the pension rights they have accumulated over their working lives and may need advice on transferring pension funds.
Clients in their late 40s and 50s are also often interested in consolidating scattered pension schemes as they become more conscious of their approaching retirement.

Or clients may simply wish to transfer their individual DC pension scheme to their employer’s Occupational Pension Scheme where they save costs due to scale.

Market Trends - Why retirement planning matters

Demographic changes

CSO figures show people are living longer, but less than 50% of the working population have a private pension in Ireland

Economic

Irish Public sector pensions are unfunded and since the National Pension Fund balances were used during the banking crisis, future governments may be less able to maintain the levels of the State Pension

Legislation

It is expected that pension auto-enrolment will come into effect in Ireland, following the UK’s rolling out its auto-enrolment scheme in October 2012

When auto-enrolment becomes compulsory the market will double in terms of individuals needing advice. We intend to be ahead of the market and ready for auto-enrolment

Deficits in Irish Pension Schemes

The funding crisis in DB-Schemes and the migration towards a DC based Pension model

Where previously the employers/trustees looked after the interests of the employees in DB schemes, the switch into the DC-Model implies a more active role for the individual and a greater need for suitable individual advice.

All the market drivers above indicate the need for retirement savings advice and related services.