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Testimonials:
I was paying large sums of money for my previous insurance premiums. I had no idea that it would be a worth getting these reviewed until I spoke to Barry Walsh. I'm glad I did! Not only did I save lots of money on insurance premiums but Barry helped me liaise with my previous insurers to effect a smooth transition to my new arrangements so there was minimal effort from my side. I would happily recommend Barry Walsh Financial Services to anyone wishing to review their fiancial siuation or acquire financial products and services. Thank you, Barry.

Sanjay Hirekodi
Dental Surgeon,
Absolute Dental Care

Web: www.absolutedental.ie
Reducing costs is the name of the game now. I got Barry to look at my policies and he got me better cover for less money. He also made a donation to Down Syndrome Ireland on my behalf just because I became a customer. Professional, courteous, helpful all come to mind.

Tony Elliott,
Shopkeeper,
Tony & Annís, Griffith Place Waterford.

I had a number of policies that cost me a lot of money but it turns out my cover was not adequate. Barry looked at my policies, pointed out in simple English what adjustments I should make and saved me over Ä600 per year. I also got the first two months premia free as Zurich Life had an offer on saving me over Ä300 straight off. Nearly Ä900 now available this year for a holiday. I would strongly recommend Barry Walsh Financial.

John Signorelli
Carpet / Floor Contractor,
Williamstown, Waterford.

Barry saved me money on my Life & Income Protection costs. As a broker he has ten different agencies and I understand he got them all to compete for my business. Bottom line is I got my cover for less. Very easy to do business with him, he took care of it all very professionally. Good experience!

Barry Buckley
Dental Surgeon,
Dental Options, Clane, Co Kildare.

Web: www.dentaloptions.ie
I was very upset over the losses that I had suffered with my pension. Barry came in and looked at the situation and gave me a fund that is 100% guaranteed and gives me a guaranteed return of 4.75% per annum. I donít worry anymore .I have recommended Barry Walsh Financial to my employees.

Maurice Hennessy
Managing Director,
Maurice Hennessy Contract Cleaners specialists in Industrial Cleaning.

Link: www.mhlcleaning.com
I know Barry for a good number of years and I find him very professional & helpful. He gives a very personal service. He has huge contacts in the Financial Services Industry and he used those contacts to get me an excellent deal on my pension fund.

Donal Daly
Managing Director,
The Sweep Garage Kilmeaden, Main Fiat Dealer for Waterford County.

Barry has only recently taken over the role of advising me on my pension. No jargon just simple sound advice is what Barry has given me. Barry Walsh Financial is a definite recommend for me.

Lydia Phelan
Principal,
Lydia Phelan Associates, Williamstown Road, Waterford.

Barry has been looking after my Life cover and savings since the mid-nineties when he was working in AIB Bank. Since he set up his own brokerage the choice & calibre of the products that he has available has certainly increased a lot. Solid & trustworthy I would have no hesitation in recommending him.

Liz Dowling
Solicitor,
MM Halley & Co Solrs, Slievekeale Road, Waterford.

Web: www.mmhalley.com
I have dealt with Barry for the last three years having met him first in National Irish Bank in his role as a Wealth Manager. I followed him when he set up his own firm because he always makes the time to deal with my needs personally. I have benefited hugely from my association with Barry as he always gets me the best deal available.

Michael O Neill
Director,
Gurtins Construction Ltd & Part-Time Farmer, Gurtins, Duncormick, Co Wexford.

Barry was recommended to me by a friend when I sought out someone reliable and trustworthy to give me advice on my pension planning. I like the fact that he is not tied to one company so the choice of products is wide. Professional, honest, straight- talking are the words I would use to describe him. A breath of fresh air in an industry where the right advisor is essential.

Cian Foley
Principal,
UTD Web Design, Shangan, Butlerstown, Waterford.

Link: www.waterfordwebdesign.ie
I know Barry for many years and I have found him to be top class at his job. He has always given me sound advice. I recently took my retirement benefits as I reached 65 years of age. Barry guided me through the various choices explaining to me in a simple fashion the benefits of each option. A complex decision was made so easy with his help and it gave me great peace of mind. Highly recommended.

Richard Power
Accounts Manager,
Clintons of Clonmel Ladies & Mensware, 25/27 Parnell Street, Clonmel.


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Retirement and Pensions

How are you planning to fund your retirement years?

We may spend up to one quarter of our lives in retirement so it is important that we have the means to fund our retirement years.

Did you know that the current State pension (contributory) is only €230.30* per week or €11,976 per year?

A recent survey reported that 80% of the Irish population consider that the State pension will not be enough to meet their needs in retirement (Pensions Board consumer research survey, 2010).

Barry Walsh Financial Services can provide a full range of retirement plans covering everything from large group schemes to individual personal pension plans and PRSAs. Our pension plans are designed to meet your changing needs, providing a wide range of features and options.

Tax-efficient saving for your future

A pension is an extremely tax-efficient way of saving money for your retirement. Whatever type of pension you have, you are entitled to three generous tax breaks**:

Tax relief on money paid into your pension

Contributions paid into a pension plan benefit from tax relief at your highest rate of tax, subject to certain limits. If you are a PAYE employee your contributions will also be relieved from PRSI and the health levy.

Tax-free growth on your money

Any growth in contributions invested through your pension fund is exempt from Irish income tax and capital gains tax.

Tax-free lump sum when you retire

With many pension plans, you can take part of your fund as a tax-free lump sum when you retire.

Types of Pensions

Personal Pension Plan

Personal Pensions are a type of private pension that are managed for you by a life insurance or investment company. If you are earning an income but are unable or not entitled to join a Group Pension plan, or if you are self-employed, then you can start either a Personal Pension or a PRSA.

Personal Pensions give you the freedom to decide how much you want to contribute, and where your contributions are invested. However, bear in mind that the older you are when you start, then the more money you will need to contribute to reach your target.

Personal Pensions come with very attractive retirement and tax benefits:

  • You enjoy tax relief on the contributions you make
  • The growth of your investment is tax free
  • You can take a tax-free lump sum upon retirement

Executive Pension Plan

An Executive Pension is a pension plan that is specially designed for Company Directors and Owners, typically those with at least a 5% shareholding in the company. Executive Pensions are set up by the company who then usually make contributions to the plan.

Executive Pensions offer a full range of very attractive retirement benefits and tax reliefs:

  • Any contributions made by the company can be fully offset against corporation tax and do not attract personal income tax as a Benefit-in-Kind.
  • Any contributions you make to an Executive Pension are subject to tax relief at your marginal rate, up to a generous maximum limit.

A company can also offer a full Group Pension to other employees, subject to different retirement and tax benefits.

Personal Retirement Savings Accounts (PRSAs)

Personal Retirement Savings Accounts or PRSAs are another type of private pension that are managed for you by a life insurance or investment company. If you are earning an income but are unable or not entitled to join a Group Pension plan, or if you are self-employed, then you can start either a PRSA or a Personal Pension. PRSAs give you the freedom to decide how much you want to contribute, and where your contributions are invested. However, bear in mind that the older you are when you start, then the more money you will need to contribute to reach your target.

PRSAs come with very attractive retirement and tax benefits:

  • You enjoy tax relief on the contributions you make
  • The growth of your investment is tax free
  • You can take a tax-free lump sum upon retirement.

Subject to conditions, a PRSA can also be used alongside a company pension to make Additional Voluntary Contributions.

Pension Transfer Bond

When people move from job to job many of them leave their pension behind them in their old company’s pension scheme.

Keeping track of different company pension schemes can be hard, and you might have very little say in how a scheme is managed once you have moved to new employment.

A Pension Transfer Bond (or Buy Out Bond) is a personal pension bond into which you can place the pension fund you built up with former employers. The advantages of moving your fund to a Pension Transfer Bond is that you can keep a closer eye on how it is doing and also decide for yourself where and how it is invested.

Group Pensions

A Group Pension or Occupational Pension Scheme is a savings account designed to accept contributions from both you and your employer. These contributions then grow into a lump sum (pension fund) that will provide you with pension benefits when you retire.

All employers are legally obliged to provide employees with access to some form of pension provision. A Group Pension is an efficient way of doing this, providing excellent benefits to both employer and employee alike.

A Group Pension will normally offer the following key benefits:

  • A Defined Contribution Pension Scheme where employer and employee agree on the amount that is put into the scheme
  • Allows Additional Voluntary Contributions as well as transfers from other schemes
  • Provides a Tailored Default Investment Strategy for your scheme
  • Offers a Lifestyle Strategy approaching retirement
  • Members have direct online access to up-to-date policy information

Your Post-Retirement Options

These days, the average person retiring at age 65 can expect to live for at least another 20 years or more. Making the most of these retirement years involves careful financial planning. The first part of this is choosing the right pension plan. The second part is choosing the right post-retirement options for your needs.

These are your post-retirement options:

Approved Retirement Funds (ARF)

An ARF allows you to invest some or all of your maturing retirement fund into one or more of our funds. With an ARF you get to invest in funds which fit your investor profile and you get access to your capital.

Approved Minimum Retirement Fund (AMRF)

An AMRF is similar to an ARF but has some compulsory requirements that are intended to safeguard a portion of your retirement fund. These requirements are removed on your 75th birthday when your AMRF automatically becomes an ARF.

Approved Retirement Fund with lifelong income benefit

How can you convert your hard-earned retirement savings into an income that will last your lifetime? Do you choose to purchase a secure income but give up control of and access to your retirement funds or do you keep control of your funds without the security of a guaranteed income?

Now, for the first time in Ireland, an Approved Retirement Fund (ARF) is available which allows you to keep control over your investment by providing access to your retirement fund while at the same time allowing you to enjoy the security of a guaranteed income for life.

By providing both security and flexibility, the Canada Life Approved Retirement Fund with lifelong income benefit provides a creative and innovative new retirement option, offering you:

  • A secure, predictable, guaranteed income for life in retirement;
  • Access to your retirement fund when you need it;
  • A choice of investment options;
  • The potential for your income to be increased through income ‘lock-ins’;
  • A minimum payment on death.

You should note that if you do make a discretionary withdrawal, your guaranteed income will reduce.
The minimum payment on death is equal to the higher of the current fund value and the premium paid less all withdrawals made (including any surrender penalties, administration charges and tax).