Make time for pension planning

NOffLA advises members who haven't already to start thinking carefully about their pensions and to seek advice if unsure what steps to take next

As we approach a new tax year, NOffLA members may want to consider their taxation and pension arrangements. Too often we only consider our pension arrangements in the context of the annual October tax return when we are dealing with the result of a past year’s trading. It is important to put some time aside to consider the matter, in a planned way, to make arrangements for the longer term.

We get fixated with the tax relief and forget to look at the developing market and what options are available to you now and again at retirement. Options now include self-directed pensions which allow you to have a greater say in the investment strategy if you so wish, or can be used to finance property investments. Have you looked at these? Have you:

1. Reviewed your existing arrangement?
2. Do you know what you are investing in?
3. How has it performed?
4. How much can you invest in your pension against what are you actually investing?
5. Are you maximizing the tax-free lump sum available for you to take out from your company through your pension?

Avoid the tax relief fixation and make a point of reviewing your options. Don’t just make a pension contribution because your accountant or tax advisor told you. These pensions are now valuable assets which we need to take time and care over.

For more details please contact the NOffLA pension advisor Ross Cregan, GMC & Associates, 5, Lower Main Street, Dundrum, Dublin 14. Phone: 01 2051380 or 087 255 8241, fax 01 2960129, or email rcregangmc@eircom.net.

GMC & Associates is regulated by the Irish Financial Services Regulatory Authority as a Multi Agency Intermediary and Mortgage Intermediary