No private pension - 52 year old male

L

Laura

Registered User
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Posting on behalf of my brother who was made redundant last year. While helping him sort out his paperwork for the redundancy, he shared that he has not paid into a pension during his working life. He is 52. He obviously needs to make some provision for his retirement.
I'm looking for advice on where to start here for him.
Thanks in advance for any pointers
 
Start by finding out what his PRSI contribution record looks like to see what sort of contributory old age pension he might be in line for from age 66.

Applying for the State Pension (Contributory)

From 1 January 2025, if you apply for the State Pension (Contributory), there is a new way of calculating your rate of payment.
www.citizensinformation.ie

State Pension (Contributory)

State Pension (Contributory) is a payment which you may qualify for at 66 if you have enough social insurance contributions.
www.gov.ie
He can register for a myWelfare account and then request a contribution statement.

MyWelfare

MyWelfare.ie is the home of social welfare services. It gives you easy access to a range of services, including applying for certain benefits, updating your details, ordering statements.
www.gov.ie
Is he in employment and earning an income now?
Does the job offer any pension cover?
If it does it probably makes sense to avail of that especially if the employer matches employee contributions up to some level.
Alternatively he could start a PRSA with a low charges provider and contribute up to 30% of his gross and get full tax relief on the contributions.

Tax relief on pension contributions

This page outlines the tax relief available for pension contributions
www.revenue.ie
There are loads of existing threads on what sort of pension products, options and charges are on offer that would be worth searching/checking out.

It might be worth his while doing a Money Makeover post to get more targeted advice and feedback.

Key Post - Basic information required for the "Money Makeover" forum

It can be difficult, but please try to use a meaningful title in your thread For example "27 year old with mortgage arrears". You will get a much better and much more coherent answer if you give as much information as possible in your first post. For example, if you give your mortgage rate, it...
www.askaboutmoney.com
 
If he is currently unemployed, make sure he is signing on for Jobseekers credits.
For any periods of future unemployment he should fill the gaps in employment with Jobseekers credits.

He needs to reach 2080 Prsi contributions to get the full contributury state pension.
 
Does he own a house? Is he married? Does he have children? What future inheritance is potentially there? Has he any other investments? Does he have savings?

Money makeover thread is probably the best place to make a start.
 
Thanks everyone for the tips. I will try and get all those details together and go via money makeover thread with his details.
 
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