Retirement solutions for independent workers

When you work for yourself, no one is quietly building for your retirement in the background. If you don’t plan it, it doesn’t happen. Pensions help you turn strong earning years into long-term security, while reducing tax along the way. Done properly, they give you options later. Done late, they limit them.

Talk to our friendly experts today.

Pensions

PRSA

Master Trust

Pension Consolidation

Retirement Planning

What are Pensions?

A pension is a long-term savings plan for life after work that combines investing with powerful tax incentives. You and, where relevant, your company contribute regularly. The money is invested and grows in a tax-efficient environment to help fund your retirement. For many independent professionals, pensions are one of the most effective ways to turn income into long-term wealth.

Why it matters for independent professionals

Contributions may qualify for income tax relief, subject to Revenue limits
Every €1 invested can cost significantly less after tax relief
Investments grow without annual income tax or capital gains tax
Up to 25% may be available as a tax-free lump sum at retirement, subject to limits
Consolidating older pensions reduces fees and improves oversight

💡

Pro Tip: If you’re paying higher-rate tax and not using your pension fully, you’re likely overpaying Revenue. Review this every year.

What is a PRSA?

A PRSA (Personal Retirement Savings Account) is a flexible, portable pension that adapts as your work structure changes. It works whether you are contracting, self-employed, or running your own company.

Why it matters for independent professionals

You can contribute personally or through your company
Personal contributions may qualify for income tax relief, subject to Revenue limits
From 1 January 2025, employer contributions above 100% of salary may create a Benefit-in-Kind charge
Contributions can be increased, reduced, paused, or restarted as income changes
Savings grow in a tax-efficient environment

💡

Pro Tip: If you operate through a company, review your salary and pension mix each year. Small adjustments can significantly improve long-term outcomes.

What is a master trust?

A master trust is a shared pension scheme run by professional trustees. It gives company directors and small business owners a structured way to build retirement savings through their company, without the cost and complexity of running their own scheme. For many PSC directors, it provides access to features that are not available through standard personal pensions.

Why it matters for independent professionals

Allows company funding for “past service”, helping you catch up on years when you didn’t contribute to a pension
Can support larger, structured company contributions, subject to Revenue rules
May improve overall tax efficiency for profitable businesses
Professional trustees manage governance, compliance and reporting
Reduces administrative burden for directors

💡

Pro Tip: If you started pension funding later in your career or had years of strong profits without contributions, ask whether “past service” funding through a master trust could accelerate your retirement planning.

What is pension consolidation?

Pension consolidation is the process of reviewing and, where appropriate, merging your existing private and workplace pension plans into one more manageable arrangement.

Why it matters for independent professionals

Clarity: see your total retirement savings in one place, with fewer logins and less paperwork
Control: review whether older “default” funds still suit your current risk appetite
Efficiency: assess whether consolidation may reduce duplicated fees and unnecessary administration
Retirement planning: simplify the transition to an annuity or Approved Retirement Fund (ARF) when you retire

💡

Pro Tip: Not all pensions should be moved. Check for guarantees, exit penalties and legacy pricing before transferring.

What is retirement preparation?

Retirement preparation is about turning your pension savings into a reliable income that fits how you want to live. For most independent professionals, this means choosing between guaranteed income for life (an annuity), keeping money invested for flexibility through an Approved Retirement Fund (ARF), or using a mix of both.

Why it matters for independent professionals

Annuities provide certainty and remove the risk of outliving your savings
ARFs give you control and flexibility over how and when you draw income
ARFs remain invested, so performance affects how long your fund lasts
On death, remaining ARF funds may pass to your spouse or estate (tax rules apply)
Revenue requires minimum annual withdrawals from ARFs, which are taxable

💡

Pro Tip: Your retirement income has a “burn rate”. Ignore it and it will quietly decide your future for you.

Important Information: ARFs are investments. Values can fall as well as rise and funds may be exhausted. Annuity rates and tax treatment depend on individual circumstances and may change.

Warning: The value of your investment may go down as well as up. Past performance is not a reliable guide to future performance. Tax relief is subject to limits and Revenue legislation. Employer contributions exceeding 100% of your salary will result in a Benefit-in-Kind (BIK) tax charge.