Expert advice from the CEO of IAPF (Irish Association of Pension Funds), Jerry Moriarty

“From the moment they start their first full-time job, everyone should plan how they will fund their retirement. That may sound radical, as people typically begin full-time work between the ages of 18 and 24 but, unfortunately, while we will work for 40 to 45 years or so, we’ll be retired for 20 to 25 years, therefore not earning but still spending.”

https://www.thetimes.co.uk/article/question-of-money-choose-a-job-with-a-pension-d6kk59dkh

According to the Chief Executive of the Irish Association of Pension Funds Jerry Moriarty, the most savvy move would be to make some additional voluntary contributions (AVCs) to your pension. However, the only way around this is to set up your own personal retirement savings account (PRSA) AVC. The upsides are privacy and greater investment options, and flexibility. But the downside is that you will likely be paying higher charges than those in your group scheme.

https://www.independent.ie/business/personal-finance/your-questions-i-am-going-on-a-long-holiday-so-how-do-i-secure-my-home-38286911.html

While we should be financially independent, even in long-term, committed relationships, Jerry Moriarty, Chief Executive of the Irish Association of Pension Funds says there are many factors – some within our control, some not –  that mean we are financially dependent on others in one way or another.

https://www.independent.ie/business/personal-finance/your-questions-why-are-we-not-being-allowed-to-combine-our-pension-savings-plans-38220107.html

According to the Irish Association of Pension Funds, the minister risks taking a one-size-fits-all approach with an EU directive that was drafted primarily for large schemes.

“There are pension schemes in other European countries that have more assets than the entire Irish system, or more members than our population,” said the association. “It is appropriate that the levels of oversight and risk management that apply to those will be very different from those that apply to the average Irish scheme.”

https://www.thetimes.co.uk/edition/ireland/clouds-gather-over-minister-regina-doherty-as-pensions-industry-rages-vk2qr5h6f

What to save for – a home or retirement? Ideally both, says CEO of the Irish Association of Pension Funds (IAPF). “The concern is if you don’t start putting something into your pension savings now, you won’t ever start & like thousands of others, it will be too late” says CEO Jerry Moriarty.

https://www.thetimes.co.uk/article/question-of-money-should-we-save-for-a-deposit-or-for-our-pensions-9cg9f826f

“IORP is one of the bigger things because it’s going to be a big fundamental change in how schemes are governed and regulated,” said Jerry Moriarty, Chief Executive of the IAPF. “But again, it’s one of those other areas where we’ve missed the deadline. It was due to be transposed into law in January and that deadline was missed and then we were told it would be the first quarter and that deadline has been missed, so we don’t know when it is going to happen.

https://www.businesspost.ie/focus-on/pensions-roadmap-taking-scenic-route-towards-change-441416

According to the Chief Executive of the Irish Association of Pension Funds Jerry Moriarty, a basic rule of thumb when calculating what you will need is to try and work out how much of your current salary you could live on if you were not getting that salary.

https://www.independent.ie/business/personal-finance/your-questions-is-there-any-tax-relief-available-if-i-rent-a-room-to-a-student-37869771.html

The Irish Association of Pension Funds (IAPF) is of the view that it might be wiser to set maximum employee contributions at 4 per cent or 5 per cent of net salary, when it comes to auto-enrolement contributions.

https://www.irishtimes.com/business/personal-finance/fiona-reddan-will-auto-enrolment-pensions-ever-actually-be-introduced-1.3802912

According to the Irish Association of Pension Funds defined benefit survey, the maximum employer contribution rate exceeds 10% in half of the new defined contribution (DC) schemes established. Eight per cent of employers are contributing more than 15 per cent of salary, and in close to half of the new DC schemes, the employer is matching the employee’s contribution.

https://www.irishtimes.com/business/financial-services/employers-becoming-more-generous-with-pension-schemes-survey-finds-1.3743127

“After 24 years of marriage, I decided to separate from my husband and we are now trying to come to an agreement on the equitable division of assets.” According to CEO of the Irish Association of Pension Funds Jerry Moriarty, due to various reasons (fragmented career path, time out of work due to family considerations, lower pay in many cases), many women tend to have inadequate pension participation and contribution rates.

https://www.independent.ie/business/personal-finance/your-questions-would-it-be-wise-to-give-up-my-divorce-claim-on-my-husbands-pension-37606077.html