r/irishpersonalfinance Sep 21 '21

What age are you, and how much is in your pension(s)? Retirement

With pensions in the news, I thought this would be an interesting discussion.

I am 30, and have 1 pension that currently contains €62,399.

I currently contribute 15% and my employer contributes 6%. Come January, I will up my contribution to 20%. I would have 2 pensions, but I merged them as my current one has much lower fees. My pension is 100% in Indexed Global Equity.


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u/Bland_Skittles_ Sep 22 '21

I’m 27 and have €0. I’m afraid to start mainly because I’m poor and also because it seems if I was jus to save by myself there’s no chance of it being taken off of me. Also I’m pretty sure my employer should be paying 5% of a pension for me but is that only if I am paying into a pension ?


u/0mad Sep 22 '21

Your employer will most likely require you to contribute a certain amount in order to receive their 5% match. You may have to contribute 5%. This is most definitely worth doing as it is extra "free money" for you (even if you cannot access until you retire).

As for it being taken off you, I think this is highly unlikely. The tax allowances could change by time you retire (can take up to €200k tax free currently), but I very much doubt it will be taken off you.

Is there a reason you think this? Currently, in the news, they are discussing the state pension - not a PRSA or DC Pension like the type employees pay into. The state pension is ~€12,000/year


u/Bland_Skittles_ Sep 22 '21

Perhaps that’s what I am thinking of is the state one. It’s something I would like to do and have planned so I should definitely look into it.