The State Pension age should not rise beyond the age of 66, an Oireachtas committee examining the recommendations of the Pensions Commission has said in a report published today. 

It is also seeking flexibility for those with 40 years of contributions to access their State Pension at 65. 

The committee believed that many people aged 66 and over could not be expected to continue working due to the physical and mental stress related to their job. 

The Pensions Commission has proposed to increase the State Pension age by three months every year from 2028. 

This would see the pension age reach 67 in 2031 and it would increase again by three months every two years from 2033 onwards. 

Under this plan the pension age would be set at 68 years from 2039. 

The committee report confirms it was informed by the ESRI that without other policy changes the pension age across Europe would have to rise by five years by 2030 to ensure that State pensions remain...

Pension Terminology

Risk Level – Each fund has a risk level attached to it which is a guide on how risky the fund is. A higher number means a higher risk fund and a lower number means a lower risk fund. A higher risk fund will give you more potential for investment growth. The scale is generally 1 to 7.

Approved Retirement Fund – A type of post-retirement product also known as an ARF.

Approved Minimum Retirement Fund – A type of post-retirement product also known as an AMRF. The requirement to have an AMRF was recently abolished in the 2022 Finance Bill. Existing AMRF policies will automatically become ARF policies with effect from 01/01/2022.

What is a ARF?

An ARF gives you more control over how your retirement fund is managed. An ARF allows you to remain invested in the market with the ability to control your investment and take a flexible income in retirement.

Who can get an ARF?

The only people able to avail of this type of fund are those who have retired or...

The retirement/pensions industry is guilty of technical jargon that baffles anybody not working in Pensions!

This is particularly prevalent in group pension schemes. If you are that person who recalls being told of a guaranteed pension many moons ago, you may well remember terms like defined benefit, 50% salary etc.

This promise of a guaranteed monthly pension has rapidly evaporated in Ireland, high profile and particularly negative stories like Waterford Crystal pension scheme is a case in point. Thankfully most are not like this, however, they are under financial strain. Group DB schemes are now asking members to consider taking a set amount from these schemes and exiting.

The simple reason is cost, it is a promise that for many they can no longer be kept. However, like anything related to money, it is rarely straightforward! There are a few key questions one needs to ask of their scheme/trustee/themselves or a financial adviser:

• Am I being asked or pressured to take a...

Premier Financial have recently joined a new nationwide group of pension experts that have been set up to improve access to expert pension advice across Ireland.

The Expert Pension's belief is you need "money to retire not age". Whether you have, had or need a pension, you should get the retirement plan that gives you the lifestyle that you want in retirement.

Being part of the group we provide Pension Retirement Plans by using cashflow modelling. Our financial plan is called Premier Financial Plan.

Premier Financial Plan helps you get a deep understanding of your current financial situation, identifies your future cashflow requirements and gives you a clear plan how to achieve this.

We have an 8 step process that is designed to make preparing a financial plan for your future simple. If you want to learn more you can read more about the Premier Financial Plan on our website at this link Premier Financial Plan .

A pension is the most tax efficient asset that you...