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Financial Wellbeing - Consider Retirement Savings

08/06/2019

It is widely accepted that financial planning is a key component of an individual’s overall wellbeing.  Saving for retirement is very important as people are living longer and more active lives in retirement.  From 2028 the state pension age will be 68 and the current state pension is €12,912. You will need to decide on whether this is enough to live on and if not where will the extra income come from.  Fastnet offer PAYE contractors the opportunity to contribute through payroll to a Personal Retirement Savings Account (PRSA).

Zurich Life is the Pension Manager for the Fastnet PRSA plan.  They are a part of the Zurich Financial Services group, which is a global leader in the financial services industry.  Zurich has over 30 years in business in Ireland. Invesco Ltd is the appointed Independent Benefit Consultancy to Fastnet. 

The table below shows the % of salary that you may contribute and receive tax relief in respect of.   

Age

% of Salary

<30

15%

30-39

20%

40-49

25%

50-54

30%

55-60

35%

>60

40%

• You decide the level of contribution you wish to pay (subject to max. levels noted above)

• Your contribution receives income tax relief at payroll

• All investment returns are completely tax free

• On retirement you can receive part of your fund as a  tax-free lump sum

If you have any queries regarding the plan, please contact Siobhán Whyte at 021 4808041 / 086 8368537 or e-mail: swhyte@invesco.ie  

Please note that Invesco Ltd can provide personal financial planning advice to employees of Fastnet.  If you require personal financial planning advice, Invesco Ltd will facilitate this but such advice would be outside the scope of the corporate arrangements between Invesco Ltd and Fastnet.



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