Kildare 045 888007 | Galway 091 759555

A personal pension plan is a personally owned pension, held in your name and is suitable for anyone saving for their retirement. It is mainly suited to those who are self-employed, or whose employer does not offer a pension scheme.

One of the most common questions people ask is, how much should I contribute?  While there’s no minimum amount as such, the maximum amount you can contribute depends on your age.

29 or younger15% of net relevant earnings *
30 – 39 years20%
40 – 49 years25%
50 – 54 years30%
55 – 59 years35%
60 +40%

* These are percentages of your earnings up to €115,000. If you’re a professional athlete, your limit will be 30% of your earnings, regardless of your age.

On retirement, you can take a tax-free lump sum of 25% of your fund, up to a maximum of €200,000. The remainder of your fund can then be invested in an Annuity or Retirement Fund, which will be used to pay you an income in retirement.

The information contained herein is based on our understanding of current Revenue practice as of July 2020 and may change in the future.

Starting a pension will give you more ownership of your future. Your pension fund will grow over time, which is why the earlier you start a pension plan, the more time you will have to grow your retirement fund.

At Murray & Spelman Financial Services, we know how daunting the process of starting a pension can seem at first. Our job is to make seemingly complex financial matters become easily comprehendable for clients and to help them achieve their goals.

Murray & Spelman have all the experience and skills to ensure that your pension process will be comfortable and secure. Our wealth of experience and expertise has helped clients across various professions to achieve their financial goals.

You can start your journey by getting in touch with us today and we will explain to you more about why pensions are important and how we can best start the process.

What to learn more about pensions?

You should check out our 2-part blog; Pensions Explained without the Jargon!

-Part 1

-Part 2

Murray & Spelman (Financial Services) Ltd help you plan for your future, while you live for today!

Contact Murray & Spelman

If you would like to learn more or ask specific questions, please contact us below.  Contact Murray & Spelman Financial Services Ltd over the phone or by email, to find out more and receive a complimentary consultation.

Phone: Kildare 045 888 007 Galway 091 759 555


Murray & Spelman Financial Services Ltd is Regulated by the Central Bank of Ireland. All details and views contained within this article are for informational purposes only and does not constitute advice. Murray & Spelman makes no representations as to the accuracy, completeness or suitability of any information and will not be liable for any errors, omissions or any losses arising from its use.