STEP 5
Build Your Pension
Start, review or improve your pension so your future income does not depend on guesswork.
What is Step 5?
Build your pension
Step 5 means creating or reviewing a pension plan that supports your future retirement income. This could include a workplace pension, PRSA, personal pension, company director pension or pension arrangements from previous employment.
Why it matters
Your pension can help provide income later in life, when you may no longer want or be able to rely on work, business income or savings alone.
What should you review?
Start by understanding what pensions you already have, how much is being contributed, how the pension is invested and whether it is likely to support your retirement goals.
The payoff
A clearer pension plan can give you more confidence about the future. It can help you make better decisions today while building towards the retirement lifestyle you want tomorrow.
How to protect your Pension
Understand What You Already Have
Many people have pensions from old jobs, previous employers or arrangements they have not reviewed in years. Start by gathering any useful details, such as provider names, recent statements, contribution amounts, employer contributions, pension values, retirement age assumptions and investment fund information.
Think About the Retirement You Want
Pension planning should start with the life you want later on. Consider when you would like to retire, what lifestyle you want, whether your mortgage will be cleared, whether you may still support family and what income you may need in retirement.
Consider Your Options if You Are Self-Employed
If you are self-employed, a sole trader or a business owner, you may need to create your own pension structure. This can be especially important when there is no automatic employer contribution supporting your future.
Review Pensions After Career Changes
Changing jobs can leave pensions behind. A pension review can help you understand what you have, whether old pensions still suit your needs and whether any action may be worth considering.
Check How Your Pension Is Invested
Your pension is usually invested for the long term. It is important to understand whether the investment approach still reflects your age, timeframe, attitude to risk and retirement goals.
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Strengthen your pension
Find old pensions
Track down pensions from previous jobs or old arrangements so they are not forgotten.
Review your current contribution
Check whether your contribution still reflects your income and retirement goals.
Increase gradually where possible
A small increase may feel more manageable than a large jump.
Use pay rises wisely
A pay increase can be a useful opportunity to review pension contributions before new spending habits settle in.
Understand employer contributions
Know what your employer contributes and whether extra contribution options are available.
Review your pension annually
A regular review helps keep your pension aligned with your life.
Consider pensions alongside tax planning
Pension contributions may form part of wider tax and financial planning, depending on your circumstances.
Get advice before transferring pensions
Transferring or consolidating pensions is not always the right decision. It is important to understand benefits, charges, guarantees and restrictions before making changes.
Not sure what financial step to take next?
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Do Covermore charge a fee for financial advice?
Covermore provides no-fee financial advice consultations. We will explain how the process works clearly before you make any decision.
Do I need to know what service I need before contacting you?
No. Many clients come to us because they are not sure what they need. We can help you understand whether your next step relates to your mortgage, protection, pension, savings, investments or wider financial planning.
Can Covermore help if I already have policies or pensions in place?
Yes. We can review what you already have and help you understand whether it still suits your life, goals and current circumstances.
Do you only work with clients in Dublin?
Covermore is based in Dublin, but we work with clients nationwide.
Can you help business owners and company directors?
Yes. We work with business owners, sole traders, partnerships and company directors on pensions, protection, savings, investment planning and broader financial advice.