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Financial Planning
Retirement Planning
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Retirement Planning.

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Rediscover life.

Some call it your second life. That’s because retirement should be the time in your life to kick back, relax and tick off that wish list that hasn’t yet materialised for one reason or another.

We encourage you to share your retirement goals with us. Then, armed with your insight, we maximise opportunities to grow your wealth and ensure that in retirement you’ll live your very best life yet.

When should I start planning my retirement?

No matter what stage you’re at, and whether you do or do not currently have a pension, today is the best time to take action on your retirement.

Your vision of the future is exactly what we want for you so it’s important to be sensible, recognise the confines of your circumstances and plan now.

To gain clarity on all options available to you and to start planning your second life, chat to one of our senior financial advisors.

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The importance of Retirement Planning.

Join Andrew as he shares what’s involved in planning for your retirement and what you might consider in order to achieve your “second life” goals.

A pension scheme for you.

The goal of retirement planning is to ensure you maintain your desired standard of living throughout your life. While we look at all areas of your wealth, a key component to achieving this goal is having a good pension. And, depending on your situation, we can provide and advise on the benefits of the following pension schemes:

PRSAs – Personal Retirement Savings Account

Introduced in 2002, a PRSA offers a straightforward pension solution for various individuals, including those without access to company pension schemes. It provides tax relief on premiums, benefits at retirement based on contributions and investment returns, and employers must grant access to a standard PRSA if restrictions exist on entering an occupational pension scheme.

ARFs – Approved Retirement Funds (Following Retirement)

An Approved Retirement Fund (ARF) is a tax-efficient investment option available to pension scheme members, PRSA holders, or personal pension policy holders post-retirement. It allows control over assets, ensuring family and dependents benefit in the event of death. Flexible income withdrawal is permitted, with a minimum annual requirement depending on age and investment amount, subject to tax. Upon death, the fund value transfers to the estate, and transitioning to an annuity is an option for lifelong income, though this decision is irreversible.

PRBs – Personal Retirement Bond

A Retirement Bond, also called a Buy Out Bond, is a pension policy accepting transfer payments from Occupational Pension Schemes due to various reasons like leaving the scheme or its winding-up. It allows greater control over retirement benefits, independence from the former employer's pension scheme, and trustee(s).

Self-Administered Pensions

Self-administered pensions offer individuals greater control over their investment decisions compared to traditional pension schemes. They can choose from various investment options such as stocks, bonds, property, and other assets, either independently or with professional guidance. These pensions are ideal for those seeking more responsibility in managing their retirement savings and desiring increased flexibility and control over their investments.

Property Purchase*

Buying property with your pension is a tax efficient investment:

  1. You choose the property you wish to purchase. It can be residential or commercial, or both.
  2. There is NO income tax, PRSI or USC on the rental income.
  3. There is NO Capital Gains Tax (CGT) on the eventual sale of the property.
  4. Upon retirement, you can take 25% of the value of the pension fund as a lump sum, of which €200,000 is tax free. The property can transfer in specie to a self-administered ARF and the rental income can be a good long-term retirement income. (Drawdowns are subject to PAYE).
  5. No need to worry about income tax returns on the property.
  6. You can borrow up to 50% loan to value to buy the property.
  7. You have control over every aspect of your pension.
  8. If you are purchasing a commercial property, the fund can be registered for VAT if necessary.

*Please note that investing in property is not an activity regulated by the Central Bank of Ireland and Mamcol Limited (t/a Trust Matters) does not advise on investing in property. Mamcol Limited is not a tax advisor and references to tax treatment here are not specific to individual circumstances; you should seek personal tax advice if the information on this page is of interest. This page is for information purposes only. It is not investment advice or a recommendation to pursue a specific course of action.

Executive/Director’s Pensions

A pension product designed for directors and employees in limited companies, managed independently by trustees. Each member has a separate retirement fund, with benefits based on its value (Defined Contribution). It offers tax advantages, including income tax relief on contributions for employees and corporation tax relief for employers.

Personal Pensions

A personal pension is a personally owned pension, held in your name. Unlike a company pension plan, where your employer may make contributions to your pension, only you can make contributions to a personal pension.

Additional Voluntary Contributions (AVC’s)

AVCs are additional pension contributions made by individuals to their employer pension scheme, aimed at supplementing employer pension benefits, especially if they don't meet the maximum pension allowance at retirement. They offer flexibility in contribution amounts and timing, allowing individuals to save according to their affordability. Tax relief is available on contributions within annual revenue limits.

Annuities – Guaranteed Pension (Following Retirement)

An annuity, provided by a life insurance company, offers a guaranteed lifelong income in retirement, determined by your pension fund, annuity rate, age, health, and optional add-ons. Income received is subject to income tax and Universal Social Charge. When considering an annuity, it's essential to involve your spouse and family and seek financial advice. While it eliminates investment risks, annuity income ceases upon your death, with no provision for dependents.

Start your retirement journey.

If you would like to learn more about how Trust Matters can work with you to plan your Retirement, contact us today.

Financial Planning Services

Explore more of our Financial Planning services.

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Sometimes the unexpected happens. Incorporating protection into financial plans is not only sensible, it is crucial to safeguard against the unpredictability of life. We have the right cover to protect you and those you care about most in the event of a serious illness or death.

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Savings and Investments

We help grow your wealth steadily over time in a manner that is bespoke and specific to you. To do this we assess your appetite for risk, along with your capacity for it by looking at a range of variables such as your age and stage, goals and objectives, current financial position and view on investing.

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Business Advisory

We love problem solving and have a full suite of business advisory services available to support you as they grow your company. These range from asset protection and entrepreneurial relief to tax compliance and formulating exit strategies and succession planning.