Media Q&A: How to start a pension


Published  16 July 2022
   2 min read
Consumer Question:

I have no personal pension and am 43 years of age, I currently earn €40,000, and I have a €5,000 lump sum that I would like to use to kick start a pension. However, I’m at a loss as to how to go about setting one up! There are so many options available, how do I decide which is right for me? I am based in Galway, can you recommend how I can find a financial advisor in the area? Any help appreciated.

Answer from Daragh Feely, Head of Sales, Royal London Ireland

Well done for deciding to start a pension – because it is never too late, and the tax relief you’ll receive on your contributions will make this one of the most financially prudent decisions you’ll ever make. Pensions, by their nature, can appear complex, so it’s best to take advice from an authorised Financial Broker. Setting you up will be relatively straight forward and your broker can talk to you about the pension products most suitable for you. You can contribute your €5,000, and the next step is to decide how much you will make in regular contributions. Once you’ve set up your pension, you can then pass on the details to your employer so they can make the necessary amendments to payroll and your contributions can be taken at source from your salary. The Pensions Authority website has an easy-to-use calculator, to give you some sense of what you need to save to get a decent pension at retirement age. You can also access a list of local Financial Brokers at



This question was submitted to and first published by The Irish Independent.

About Royal London Ireland

Royal London Ireland has a history of protecting its policyholders and their families in Ireland, and recently launched a new Pensions business in Ireland. Our business heritage in Ireland is nearly 200 years. The Caledonian Insurance Company's first office outside Edinburgh opened on Dame Street, Dublin 2 in 1824.

Today, Royal London Ireland is owned by The Royal London Mutual Insurance Society Limited – the largest mutual life insurance, pensions, and investment company in the UK, and in the top 25 mutuals globally, with assets under management of €178 billion, 8.6 million policies in force, and 4,100 employees. Figures quoted are as at 30 June 2023.

Royal London Ireland’s office is based at 47-49 St Stephen’s Green, Dublin 2.