Defined Benefit Pensions
A defined benefit pension is a pension which promises a pre-defined level of benefit in retirement (such as 50% of final salary), proportional to your length of service, payable until death. The benefit is defined and contributions to the pension (normally made primarily by the employer) are not defined.
If you have an entitlement to a Defined Benefit pension you may want to assess whether it is the best option for you, or whether you would be better served with a Defined Contribution pension.
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Taking a transfer value will give you greater flexibility regarding how you can take your benefits and it will mean that your capital is preserved for your dependents in the event of your death. It’s not for everyone however, the right choice for you will be specific to your circumstances and objectives.
If you have researched this, due to the way that the financial advice industry pays advisers, it is likely that you have been encouraged to take a transfer value. This may not be the best option for you. It is important that you obtain real advice on what is best for you given your situation. If you retain us to advise you we will;
- Inform you of what benefits your scheme will provide in retirement and what retirement options you have.
- Show you how this changes if you take a transfer value out of the scheme.
- Assess the adequacy of your transfer value and show you the return you would need to achieve from investing it in order to match the pension promised by the scheme.
- Explain the pros and cons of taking a transfer value.
For more information on the pros and cons of staying in or leaving a Defined Benefit Scheme please read this blog post.
Contact us today on 01 546 1100, by email to [email protected] or book a no-obligation Zoom call with us here.
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Book a Zoom call with us here.
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The material and information contained on this website is for general information purposes only. Neither the writer nor Highfield Financial Planning Ltd makes any warranty as to the completeness, accuracy or reliability of the information or the suitability or availability of products or services, referred to on the website, for any purpose. You should not rely on any information contained on this website as a basis for making any financial, legal, taxation or other decision. The information presented does not include all the considerations which are relevant to the topic discussed as to do so would render it un-readable. When considering any financial issue you should seek the advice of a suitably qualified adviser.
BOOK A FREE NO-OBLIGATION CHAT
By Telephone 01 546 1100
Use the Form on this Page
Email to [email protected]
Book a Zoom call with us here.
Happy to start the process? Click here to complete a factfind and tell us your objectives
The material and information contained on this website is for general information purposes only. Neither the writer nor Highfield Financial Planning Ltd makes any warranty as to the completeness, accuracy or reliability of the information or the suitability or availability of products or services, referred to on the website, for any purpose. You should not rely on any information contained on this website as a basis for making any financial, legal, taxation or other decision. The information presented does not include all the considerations which are relevant to the topic discussed as to do so would render it un-readable. When considering any financial issue you should seek the advice of a suitably qualified adviser.
Highfield Financial Planning in the Media
The Sunday Times
In the sport of target pistol shooting there is a saying, “slow is smooth, smooth is fast”, which refers to the way to approach drawing and firing a pistol quickly and accurately. The learner shooter who focuses on practising the correct technique slowly, only building in speed later, will win the day nine times out of ten.
The Sunday Independent
A pension is a term that can seem distant to many, especially if you’re at the beginning of your career. But it is a vital part of long-term financial planning, designed to provide you with a source of income in your retirement years. As the pension landscape continues to evolve, understanding the fundamentals and staying informed about the changes is crucial. So, what do you need to know?
The Sunday Times
I have been sitting on about €140,000 in my current account for the past year. It’s what was left over when I sold a property. I keep reading about inflation and how banks are paying no interest and might start paying negative interest, and so on.
The Sunday Times
Would-be investors have a difficult decision to make when considering their options. If they are going to increase their wealth, they will need, at a minimum, to beat inflation and whatever they are paying in charges.
Business Post
If you’re at the beginning of your working life or are simply new to pensions, we look at what you need to know
The Sunday Times
The phrase “Morton’s fork” can be traced back to the time of King Henry VII in the 15th century, when John Morton, then the Archbishop of Canterbury and lord chancellor, rationalised that a tax levied by the king was just.
Sunday Independent
Q I HAVE €150,000 which I want to invest for between 10 and 15 years — with a view to using it to fund my retirement in the future. I’m 50 years old. I am interested in property investment and had considered using the lump sum to buy a property outright.
The Sunday Times
If I asked 10 people on the street how long they thought pensions had existed, what do you think they would say? Since the 1960s, the formation of the state, or Victorian times?
Business Post
No matter how far away you are from retirement, it is always a good time to start a pension or to build up your contributions. And the tax benefits are considerable, writes Siobhán Maguire
Sunday Business Post
The area of pension guidance can be a minefield, but it’s one which Highfield Financial Planning is happy to negotiate for its clients
Sunday Business Post
Eoghan Gavigan, a specialist investment adviser and certified financial planner at Highfield Financial Planning, has advice for those looking to start a pension, writes Siobhán Maguire
About Highfield Financial Planning
We provide superior advice on Financial Planning services to business owners, professionals and their families. The principal of the firm Eoghan Gavigan has over 27 years’ experience in banking and finance across Treasury, Lending and Wealth Management and is a Qualified Financial Adviser (QFA) and a Certified Financial Planner (CFP). The CFP qualification is the world’s most respected industry designation, held by only a select number of advisers. As Specialist Investment Advisers we can provide you with detailed investment advice on your pensions and investments.
We want you to be comfortable in your dealings with us. We provide a number of suggestions here for ways that you may be able to obtain comfort that we are the right Financial Planner for you.
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