Lunchtime Live Ask the Expert: Pensions
Jul 22, 2025
Paul Kenny, Ireland’s former Pensions Ombudsman and Course Leader with the Retirement Planning Council, shares invaluable insights on pension planning. He emphasizes the critical need for early planning, especially for young adults facing financial hurdles. The conversation covers the nuances between auto-enrolment and private pension schemes, highlighting employer contributions and tax relief benefits. Kenny also tackles early retirement considerations and discusses strategies for those approaching retirement, including the importance of professional advice for navigating pension complexities.
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Start Your Pension Anytime
- Starting a pension is beneficial at any age, whether early or late.
- Early starts are challenging due to life pressures, but beneficial nonetheless.
Private Pension Vs Auto-Enrolment
- Auto-enrolment employer contributions start low and increase slowly over 10 years.
- If you're on a high tax rate, private pensions offer better tax relief than auto-enrolment at first.
Private Pension Exemption Insight
- Having a private pension exempts employees from mandatory auto-enrolment.
- Employers do not have to enrol employees in auto-enrolment if they already have a private pension.