Tag: ConstructionPension
CERS – Boost Your Retirement Savings
CWPS – Additional Voluntary Contributions
CPAS Unveils Exciting New Brand Identity: A Look into the Future of Construction Pension Services
In a transformative move, CPAS has revealed its fresh, dynamic look, marking the beginning of a new era in serving the construction pension sector. Susan O’Mara, manager of Business Development Unit at CPAS explains that this rebrand goes beyond a new logo and updated colours; it’s a strategic step towards future growth and adaptability in a rapidly changing business landscape.
New look
The unveiling of the new brand reflects CPAS’s commitment to evolution and staying ahead of industry trends. The construction sector is dynamic, and as a key player, CPAS recognizes the importance of aligning its brand with the evolving needs of its market and audience.
“Our heritage is strong, and the future is even brighter,” says Susan. The rebranding initiative is a testament to CPAS’s ability to navigate change successfully, showcasing its dedication to trustees, members, clients, and employees. It’s not merely about keeping up with trends; CPAS aims to set the trend in the construction pension sector.
Embracing Change
The construction professional, at the heart of CPAS’s audience, is encouraged to see this rebranding as a reminder of the value in staying current and being adaptable. In an industry where staying ahead is paramount, CPAS sets an example by embracing change and continuously committing to excellence.
The rebrand prompts construction professionals to consider their own brand’s position and the role of brand evolution in their business strategy. It emphasizes the idea that, like CPAS, businesses need to evolve to meet the expectations of a changing market and ensure long-term success.
Join us!
CPAS invites the construction community to embark on this exciting journey with them, where innovation, adaptability, and excellence are at the forefront. The rebrand isn’t just a visual change; it’s a symbol of CPAS’s ongoing commitment to providing top-notch services to its members and being a leader in the construction pension sector. As CPAS steps into this new chapter, they invite everyone in the industry to reflect on their brand’s journey and consider how evolution can contribute to their own success.
For further information, visit https://cpas.ie or please contact us at (01) 407 1400 or by email at info@cpas.ie. For the latest updates, subscribe to our newsletter here.
Retirement, the beginning of a new life journey
Our staff writer at CPAS explores one of the avenues. Retirees often see retirement as a destination when it is in fact a turning point to the beginning of a new life journey. In today’s world, where people are living longer, there are more opportunities than ever for retirees to enjoy life, pursue their interests, make meaningful contributions and nurture relationships.
As you prepare for retirement, it is crucial to map these key lifestyle factors:
What legacy are you building?
Planning for retirement provides an excellent means to create a legacy that lasts. It offers financial security for loved ones and is tax-efficient. Legacy building is not necessarily about leaving behind monetary assets. It can consist of passing down a family’s history, values, or heirlooms to the next generation, or it could involve drafting a will, selecting beneficiaries, or contributing to charitable causes. The important part is understanding the type of legacy the individual wishes to leave.
Do you have goals, dreams, and aspirations?
Driven retirees who set specific goals experience a renewed sense of purpose and direction. By establishing long-term objectives, individuals are encouraged to take decisive actions over an extended period. It is about developing a plan that motivates retirees to make choices, track their progress, and have something to look forward to. Reflection on the transition and envisioning the next phase of life, encompassing both financial and non-financial goals, is essential.
What is your relationship with money?
Your relationship with money profoundly affects your ability to build up wealth and savings for retirement. Unlike when they were working, retirees no longer have the luxury of time. It is therefore important to explore financial habits and attitudes that may subconsciously influence decision-making. Recognising this connection with money and addressing any barriers is critical.
Are you ready to navigate the lifestyle transition?
Retirement is a significant life journey transition. It requires retirees to find purpose in the next phase of life. This transition is often a solo journey. Financial advisors play a crucial role in helping retirees set new goals, manage their emotions, and redefine their identities. Together, they plan for a joyful and exciting transition into the post-work years.
Pit stop
If you take these factors into consideration and incorporate Additional Voluntary Contributions (AVCs), you will top up your pension savings and benefit from valuable tax relief. AVCs are a smart, tax-efficient way of saving for retirement. Relief from income tax on AVCs is allowed at a marginal rate. If you’re taxed at 40%, an AVC contribution of €100 will only cost you €60 net and €100 will be credited to your pension account. Should you be taxed at 20%, a €100 contribution will only cost you €80 net and €100 goes into your pension arrangement. Ensure a financially secure and fulfilling retirement journey; our team at CPAS will be delighted to guide you. For further information, visit https://cpas.ie/avc, or please contact us at (01) 407 1400 or by email at info@cpas.ie. For the latest updates, subscribe to our newsletter here.
Budget 2022 and the State Pension
Budget 2022 contained few surprises. There was a lot of talk in the run up to the 12th of October and the Government gave clear signals in advance. The Government is confident that there is something for everyone in the audience, with many pundits likening it to the Late Late Show giveaway.
It has now been announced that individuals in receipt of the State Pension will receive a €5 weekly increase. This will see pensioners receive a weekly payment of €253.30 from January 2022*, instead of the lower, €248.30 per week which they currently receive. Around a third of all workers rely solely on the State pension for their retirement income.
While generous, consider how much your weekly income will drop if you are reliant on the State Pension. Can you afford to reduce your income to that extent? You might have paid off your home and your current dependants may no longer need your financial support – but is €253.30 enough for you to live on for the rest of your life? With a retirement age of 66 currently, people can expect to live (and draw down a State pension), for close to 20 years in retirement, half as long as their full working lives.
Are you looking to work until you are 68 years old?
There was little talk of the pension age in the budget this week, but it is worth a mention. While the Commission on Pensions recommended the State Pension age to remain at 66 until 2028, the 2011 Pension Act put Ireland on course to have the highest pension age in the OECD in 2028, despite the youth of our nation*. Under new recommendations discussed in Cabinet recently, the State reviewed the possibility of increasing the pension age by three months every year from 2028. Under these recommendations, the pension age would reach 67 in 2031 and 68 from 2039. It might seem like a lifetime away, but as a professional working in the construction or related industry, can you imagine working until the age of 68?
Consider this – those looking to retire in 2051 are people in their mid-thirties now and will be looking to retire around then.
If you are not sure whether the State Pension provides a sustainable life for you and your family – the best thing to do is reach out and get proper guidance. While the best time to start a pension has come and gone, the second best time is now.
The best time to start planning for your future…
Planning for the Future
As in life, there are many variables and changes. Planning for retirement and protecting your financial future involves forming expectations about income and expenses over the rest of your life, based on present assumptions. As the pension administrator for pension schemes in the construction industry, we have a range of solutions to help you prepare and protect your future investments. Whether you are self-employed, running a large company with multiple staff requirements, looking for life and income protection, we can help.
For more information and to find the right solution for you, contact our team for a no obligation discussion. Our team of financial specialists will put you in touch with the right team member. No obligations, no hidden fees, no jargon – just a straight forward chat to help you secure your present and your future.
Contact us via email (info@cpas.ie) or by phone (01) 223 4949
