Employee Pensions

(Suitable products typically include PRSAs, PPPs, and EPPs)

Choosing the best pension - Solutions for employees whether you are in a scheme or not

If your employer does not have an occupational pension scheme, you are eligible to set up a Personal Pension Plan or a Personal Retirement Savings Account (PRSA) to save for retirement. You are solely responsible for this area of your financial future. Your employer may already have designated a preferred PRSA provider.

If you are in a company occupational pension scheme, then your employer is contributing towards building up your pension fund. However, you cannot assume that your company occupational pension scheme will provide sufficient income for you in retirement. The combined employee and employer contribution levels may be too low and the fund may be underperforming. 

Talk to the experts

If your employer does not have an occupational pension scheme in place, your AIB Financial Adviser can advise you on how you can put your own Personal Pension Plan or PRSA in place, taking into account your financial goals and what you can afford.

If you are already in an occupational pension scheme, you need to review it regularly with your pension provider and see if you should be making Additional Voluntary Contributions (AVCs), to top up your existing plan.

If you wish to make AVCs, your existing pension provider may be able to facilitate these additional payments or in some circumstances, your employer may allow you to pay AVCs into a pension of your choice, in which case we can help.

This information is based on AIB's understanding of current law, tax and Revenue pratice, September 2008.

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