The Do’s and Don’ts of Building Your Retirement Fund

Securing enough money for your retirement is a daunting task. Many don’t know where to start or feel it’s something they can put off until later in life. So, we have created some simple do’s and don’ts for the diligent saver.


1. Start a pension. It may seem obvious, but many people rely on their State Pension to fund their retirement. Currently set at €248.30 per week, the State Pension may not satisfy your retirement needs. Funding a private pension can provide a secondary income to meet these needs.

2. Appoint a Financial Advisor. It is important to seek independent financial advice when building your retirement income. The advisor will help you calculate how much you need to end up with to have a sufficient pension pot, while also providing information on the type of investments available.

3. Ask questions. There is a lot of financial jargon that can often feel intimidating to pension savers but as with everything, knowledge is power. It is important to focus and be aware of the charges: pension administration costs, fund charges and broker commissions as they are all relevant in your decision.

4. Ensure you know how much tax relief you are entitled to on your pension contributions. Your tax relief will depend on your age and salary. For example, if you are aged 42 and earn €40,000 you can get tax relief on annual pension contributions up to €10,000. Your Financial Advisor can talk you through these tax relief bands.


1. Wait until later in life to start a pension. The earlier you start the less you will need to contribute monthly in order to build a fund sufficient enough meet your retirement needs.

2. Be afraid to explore alternative investments. With the current level of uncertainty in world markets we receive many enquiries about (Social) Housing, Gold, and Renewable Energy investments in particular. Speak to your Financial Advisor to explore the different investments out there and the risks that may be involved

3. Over save: From a long-term perspective it’s important to keep in mind the Revenue Standard Fund Threshold. The threshold is currently set at €2 million, but once you breach this threshold you will be taxed at 40%. If you feel this is currently your situation or may be in the future, there are several options available to help mitigate this risk. Consult your Financial Advisor.  


Overall, saving for retirement is an important part of planning for you and your family’s future. The sooner you start saving, the more prepared you will be for your retirement – and the more benefit you can gain from the pension tax reliefs that are available. In ITC, we offer high-quality professional pension trustee services and can facilitate extensive tax efficient investment options.

For further information, please speak to your Financial Advisor or contact our team at









*Please note this content is the view of the author and not of Independent Trustee Company