We use cookies to collect and analyse information on site performance and usage to improve and customise your experience, where applicable. View our Cookies Policy. Click Accept and continue to use our website or Manage to review and update your preferences.


Save for retirement in flexible, tax-efficient way

25 Sep 2024 law society Print

Save for retirement in flexible, tax-efficient way

Solicitors are reminded during Pensions Awareness Week that this is the ideal time to update retirement planning by investing in the Law Society’s pension scheme.

The Law Society Retirement Trust Scheme was established in 1975 and designed for Law Society members who are under 75, self-employed, in partnership, or in non-pensionable employment, to save for their retirement in a flexible and tax-efficient way.

Members can benefit from tax relief on contributions to the scheme to reduce tax liability.

Benefits

Administered by Mercer, the scheme offers benefits including:

  • Regular once-off payments,
  • Flexibility to start, stop or resume anytime,
  • Income-tax relief on pension contributions (subject to Revenue limits),
  • Tax-free investment growth,
  • Online account access,
  • Strong governance by Irish Pensions Trust Limited, and
  • Oversight by Law Society members (the Solicitors Retirement Fund Committee).

It’s never too early to begin.

Sarah McNulty (solicitor and Younger Members Committee member) recommends starting early. 

“As a young solicitor, end-of-career considerations are not often to the forefront of the mind.

“My advice is to bite the bullet, sign up to a scheme, choose a contribution amount that you can manage and mentally write off / accept the deduction in your payslip bottom line. You’ll be glad of it in in a year’s time, and each year after that, when you see the balance growing.” 

How to join

To get started, contact the scheme administrator at Mercer at JustASK@mercer.com or call 01 411 8505.  

View more information on the Retirement Trust Scheme

Gazette Desk
Gazette.ie is the daily legal news site of the Law Society of Ireland

Copyright © 2024 Law Society Gazette. The Law Society is not responsible for the content of external sites – see our Privacy Policy.