PUMP UP YOUR PEN­SION POT

The Irish Mail on Sunday - - PERSONAL FINANCE -

The av­er­age pri­vate sec­tor worker is salt­ing away enough to get a pen­sion of just €3,000 a year. Af­ter 50, you should have some cash to spare and you re­ally need to pump as much of it as you can into your pen­sion.

The good news is that the thresh­olds for tax relief are quite high af­ter 50 and it saves you tax at the top rate of 40%.

If you’re in a com­pany pen­sion, you can make Ad­di­tional Vol­un­tary Con­tri­bu­tions and if you are self-em­ployed just put more money in your per­sonal pen­sion.

Talk to your ac­coun­tant and fi­nan­cial ad­viser.

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