Blog – McCarthy & Associates – Galway Talks, 05/03/2015

RetireQuestion: I am moving jobs and need to make a decision about the pension scheme I have with my previous employer. I have been advised to move my funds into a retirement bond and I am unsure as to what this is?
Answer: A Retirement Bond is a means of moving a fund you have built up with a previous employer, and removing your involvement in that scheme. Revenue rules, with regard to how you can drawdown these benefits, stay the same, for example if your retirement age is 65, this will not change.
A Retirement Bond gives you greater control over how the monies are invested. With so many people moving jobs it is not unusual for somebody to have maybe 4 or 5 bonds from previous employments.

Question: I have some money that has matured with An Post recently but they are offering me extremely low returns to reinvesting the money with them. What other options do I have?
Answer: Whilst, in the past An Post returns would have been attractive, people seem to forget that the returns on their savings Certs and bonds are reflective of the general level of interest rates.
Utilizing bank deposits will not solve your problem and we would recommend that you opt for a Term Investment Bond, of which there is quite a variety available with different levels of risk attached.

Question: I am a PAYE worker and need to make a tax return, which I have not needed to do previously. Do I need an accountant or can I do it myself?
Answer: If your situation is fairly straight forward you can make the return yourself. Alternatively you can get an accountant to do the return for you, on a once off basis and look after it yourself in future years.