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.