How to protect your pension and retirement income

Oct 26, 2022

A financial plan is made up of several different elements. It starts with looking at your goals and objectives and your budget, then assesses the products that suit to meet these. A robust plan includes pension and retirement plans, regular and lump sum savings and protection for you and your family. It should take into account many different eventualities, be tailored to your individual needs, and take a holistic view on your financial circumstances.

Pension planning and protection

Now, with the approaching self-employed tax deadline, many people are focussing on their pension planning. This is very important and a core part of a financial plan. But it shouldn’t be looked at just at one point in time or as a standalone product. Many people don’t consider what might happen if they couldn’t continue to pay contributions to their pension plan.

If you reduce or stop your contributions for any period, it means your pension pot stops growing during that time. Less money put into the pot means you’ll have less to use as an income.

But should something unexpected happen, there is a way you can be prepared for the situation. This will make sure that your financial future is safeguarded.

Safeguarding your pension

How do you protect your pension? It’s something that we often don’t think about. But by taking out an Income Protection plan it can be easily done. In fact, this will go far beyond just protecting your pension contributions. Income Protection pays you an income if you’re unable to work due to any illness, accident, or disability. If you think about it, your income pays for everything else so without it you could be faced with a huge shortfall to cover your cost of living. An income protection plan gives you financial security when you need it most. And with tax relief available on the premiums you pay, this is a very cost-efficient way of protecting what matters most.


Joe is paying €500 p.m. to his pension. Joe decides to take out an income protection policy costing €80 p.m. He then starts paying €420 p.m. into his pension so his total outgoings remain the same as does his tax relief. However, Joe has the comfort of knowing that he is not only building his pension pot but protecting both it and his current income and lifestyle.

If you would like to have a chat about your financial planning needs and how you can protect your pension, please just get in touch.