Pensions

“Improve your financial security after retirement”

Saving for retirement has become very important as people are living longer and leading more active lives in retirement. Its is now more important than ever to secure a retirement income. Investing in a pension saving is one of the few areas where you can still get tax relief.

About 50% of workers in Ireland are members of pension arrangements. However there is still a large group of the workforce, particularly among the self-employed, who have yet to make plans for their retirement.

Pension Longford

At JJ Flood and Sons we provide a range of pension investment plans. Our experienced staff will advise you on an affordable plan to improve your financial security after retirement. By examining your personal circumstances and work situation we will help you choose a product that will maximise the return on your contributions.

Pension Options explained


Occupational Pensions

Occupational pension schemes, or company pensions as they are sometimes known, are set up by employers to provide retirement and death benefits for their employees.

There are two main types of occupational pensions:-

Defined Benefit
DB schemes provide a set level of pension at retirement, the amount of which normally depends on your length of service and your final earnings or salary during your career.

Defined Contributions
DC schemes are where your own contributions and your employer’s contributions are both invested and the proceeds used to buy a pension or other benefits at retirement. The level of your pension will depend on the amount invested, the return on your investments and the cost of your pension at retirement.


Retirement Annuity Contracts

A RAC is effectively a personal pension. An RAC is a particular type of insurance contract approved by the Revenue Commissioners. An RAC is a defined contribution pension plan. The value of the ultimate benefits payable from the contract depends on the level of contributions paid, the investment return achieved and the cost of buying the benefits.

Personal Retirement Savings Accounts

A PRSA is a contract between an individual and an authorised PRSA provider. There are two types of PRSA contract:

Standard PRSA
This is a contract that has a maximum charge of 5% on the contributions paid and 1% per annum on the PRSA funds under management. Investments are only allowed in pooled funds which include unit trusts and life company unit funds

Non standard PRSA
A non-Standard PRSA is a contract that does not have maximum limits on charges and/or allows investments in funds other than pooled funds.


Paul Flood, t/a J.J.Flood & Sons, is regulated by The Central Bank of Ireland