Increasing your pension pot and financial planning

Pensions provide for an income in retirement. Depending on the scheme you are in and the contributions you have made, this will determine how much you receive as a pension from the Department of Education. The State contributory pension will also be paid when you reach the age of 66. The payment of the state pension is based on your PRSI contributions. The standard of living and the type of lifestyle you will have or want to have in retirement is contingent on increasing your pension pot and planning financially for your retirement.