Pensions
Start today for a future you control. Our Pension Specialists compare Ireland’s leading providers to craft a retirement plan that suits your lifestyle and budget.
Pension basics
A pension is still the most powerful way to turn today’s income into tomorrow’s freedom. Thanks to tax relief, employer top-ups and long-term investment growth, every euro you contribute works harder than money left in an ordinary savings account.
Here’s how it works:
- Tax relief — Your pension contributions qualify for relief at your rate of income tax (20% or 40%). For example, if you pay in €100 and you’re on the higher rate, it only costs you €60. It’s one of the most generous tax breaks available in Ireland.
- Employer contributions — If you belong to a workplace scheme, your employer may match or add to your contributions. It’s essentially free money that boosts your retirement fund every month.
- Compounding growth — Unlike regular savings, your pension is invested, and over time your returns are reinvested. Those reinvested returns generate more growth. This compounding effect can turn steady contributions into a substantial fund.
The earlier you start, the more powerful these benefits become. But even if retirement feels a long way off, or uncomfortably close, it’s never too late to take action. A well-structured pension puts you in control, giving you more choice and independence when you need it most.
At €277.30 per week (as of 2024), the State Pension is valuable, but it may not be enough to fund the lifestyle you want in retirement. That’s why building your own pension matters - it gives you financial security, flexibility, and the reassurance that you can enjoy life on your terms.
At Sherry FitzGerald Mortgages, we know pensions can feel complex, but they don’t have to be. We’ll guide you through your options, compare Ireland’s top providers, and help you build a plan that fits your life and your future. Whether you’re just starting out or reviewing your progress, you’re in safe hands.
Why start (or restart) now?
- You get generous tax relief on every euro you contribute - up to 40 % if you’re a higher-rate taxpayer.
- Compound growth means even small, regular payments can snowball into a much larger fund over time.
- The sooner you start, the more time your pension has to grow - but even starting now can make a real difference.
Building your pot, at any age
- The earlier you begin, the less you’ll need to set aside later to reach the same goal.
- Got a pay rise or bonus? Putting a portion into your pension helps your fund grow without affecting your day-to-day budget.
- Over 40? Revenue lets you save a bigger share of your income - up to 40% by age 60+ - with full tax relief.
What types of pensions are there?
You have 3 options for cover:
- State pension - A weekly contribution-based payment from the government (or means-tested support if you don’t qualify fully). It gives you a base level of income in retirement, but usually won’t cover all your needs on its own.
- Workplace pension - Set up by your employer. They’ll contribute to your pension, and you may be invited to add your own contributions too.
- Personal pension/PRSA - A private plan you arrange yourself, typically through a provider or financial adviser. It’s flexible, portable and especially useful if you're self-employed, changing jobs, or want to save more than your workplace scheme allows.
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Pension FAQs
What is a pension and how does it work?
A pension is a long-term savings plan designed to provide for you financially when you retire. You (and sometimes your employer) contribute regularly, and those contributions are invested to grow over time. Thanks to tax relief and compound growth, it’s one of the most effective ways to turn today’s income into future security.
What is the State Pension, and will it be enough?
The State Pension (Contributory) is a weekly payment from the Irish Government, currently €277.30 per week (as of 2024) for those who qualify under PRSI rules. It provides a valuable base income, but for most people it won’t fully replace their working income. That’s where personal and workplace pensions come in- they top up your retirement income, giving you the flexibility and lifestyle you want later in life.
If you’re unsure how much you might get or how to build on it, our team can help you map out your full retirement picture.
How much should I contribute right now?
There’s no “perfect” number - it depends on your income, age, and retirement goals. A good rule of thumb is to aim to replace at least half to two-thirds of your pre-retirement income when combined with the State Pension. Remember, tax relief magnifies every euro you pay in: if you’re on the higher rate, €100 in contributions can effectively cost €60. Over 40? Revenue allows a higher percentage of your income to qualify for relief, so increasing contributions in these years can make a big difference.
Need a steer? Our Pension Specialists can run a personalised projection and help you set a realistic contribution level.
What tax relief do I get on contributions?
You’ll receive income tax relief at your highest rate (20% or 40%), up to Revenue’s age-based limits. For instance, if you contribute €100 and pay tax at 40%, it effectively costs just €60. You can also top up near year-end to maximise your relief - a particularly smart move for the self-employed.
I’m self-employed, what’s the best way to save for retirement?
Most self-employed people use a PRSA or Personal Pension. Both are flexible, portable, and eligible for tax relief. A PRSA is often the simplest route, especially if your income varies, and you can pause or adjust contributions any time. You can also make top-ups near year-end to maximise relief. If you take on staff later, a PRSA can sit neatly alongside any workplace arrangement you introduce.
We’ll compare leading Irish providers, explain charges in plain English, and help you find an option that fits your cash flow.
When can I access my pension and how does it pay out?
Most personal pensions and PRSAs can be accessed from age 60 (earlier in some cases). You can usually take up to 25% as a tax-free lump sum, and use the rest to provide an income -either through an ARF (Approved Retirement Fund) or an annuity. The State Pension (currently €277.30 per week as of 2024) then adds a base layer of income for extra stability.
What’s the difference between a PRSA and a personal pension?
Both are personal retirement savings plans. A PRSA is highly portable and suits people who change jobs or have variable income. A personal pension can offer more fund choices but may be less flexible.
If you’re unsure which fits your situation best, we can explain the pros and cons, and help you decide confidently.
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