Media Q&A: I'm 40 years old and have never had a pension. How can I choose the right pension for me?


Published  14 October 2023
   2 min read

Consumer Question:

I'm 40 years old and have never had a pension. My employer doesn’t offer a company pension, so I need to set up my own personal pension. I am earning €45,000 and have a €3,000 lump sum saved up to start a pension with, but I am worried that I might have left it too late.  How can I choose the right pension for me?

Answer from Mark Reilly, Pension Proposition Lead at Royal London Ireland

Firstly, it is never too late to start a pension. The tax relief on pension contributions makes it an exceptionally wise financial choice. Pensions may seem complicated at the outset so we recommend talking to a Financial Broker. They will help you set up your pension and guide you towards the most suitable products for your personal circumstances. To find a Broker in your area, check the full list available on

Contributing a lump sum is a good start, and your next step is to decide on the amount you intend to regularly contribute. It is beneficial to have a target retirement income in mind to help determine the level of regular pension contributions you’ll need to reach it. The Pensions Authority website offers an easy-to-use calculator to estimate the amount you need to save for a comfortable retirement.  

You should talk to your employer to see whether they will facilitate the payment of your pension contributions from your salary. This way any tax relief that you can claim can be deducted at source from your salary. It may also be an opportune time to talk to your employer to see if they would consider making a regular contribution to your pension in addition to what you’re contributing.

You may be interested to hear that the Government is planning to soon roll out auto enrolment pensions where eligible workers who are not currently contributing to a pension plan will be automatically enrolled into a pension scheme. The expertise of a Financial Broker can help navigate the best pension option available.




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.