It’s never too early (or too late) to start saving for retirement. This week - 26 to 29 September - marks ‘Pensions Awareness Week’, a perfect time to take charge of your retirement planning and invest in your long-term savings.
The earlier you join, the greater the benefits
Sarah McNulty, Solicitor and Younger Members Committee member recommends starting early. “As a young solicitor, end of career considerations are not often at 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.”
Scheme designed for Law Society members
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. Administered by Mercer, the benefits include:
Income tax relief on your pension contributions (subject to Revenue limits).
The ability to make regular or once-off payments and to start, stop or resume saving at any time.
Simple and transparent charges.
A “Lifestyle Investment Strategy” that gradually reduces the level of investment risk in your retirement fund the closer you get to your chosen retirement age.
Tax-free investment growth.
Online account access to view and make changes to your investments.
Complimentary meeting with a Mercer Pension Advisor for those over 50.
Tax Relief for 2022
Your pension contributions to the Law Society Retirement Trust Scheme are eligible for tax relief and can reduce your tax liability. The deadline for making a pension contribution and claiming tax relief in respect of the 2022 tax year is 31 October 2023 (16 November 2023 if you submit your return online).
How to join
Contact the scheme administrator at Mercer at JustASK@mercer.com or call 01 411 8505.
For more information visit www.lawsociety.ie/retirement or contact firstname.lastname@example.org.