www.engineersireland.ie
As part of our service for Engineers Ireland, we provide advice on the following:
Frequently Asked Questions
Do I have to invest my money in managed funds ?
No, the flexibility of this product means that you can pick assets that you would like to invest in directly.
Am I able to buy property with this pension?
Yes you may. You can purchase property in either Ireland for the UK and take a mortgage on it of up to 75% of its value.
Can I move my existing pension savings into this fund?
Yes, you may have had pension savings from previous employment her or in the UK which you can transfer for free into this product.
Can my company make contributions into this fund for me?
Yes it may, subject to the revenue limits your company can put money into this fund for you to invest as you see fit.
How much do I need in my fund to retire?
The maximum you can have is €5.3m but a more realistic target to have may be €1,000,000 at retirement. This will give me you a tax free lump sum of €250,000 and a pension of €45,000 (assuming a 6% ARF).
Is it worthwhile investing in Pension at all?
One of the great benefits of pension investing is the tax relief you receive on monies invested. Considering you get up to 25% of the fund paid to you tax free at retirement it is very attractive.
Is my pension fund the only thing that I should invest in?
No, you should have pension investments and non pension investment portfolios. Your pension fund is not accessible until you are age 60 so you should have an investment portfolio as well that you can access at times prior to retirement. The two portfolios outlined below show how a person can be developing portfolios of both.
Can I choose the shares I want to buy with this product?
Yes, using stocktrade as an execution only broker you can buy shares in the different stock markets that you would like.
Can I invest in commodities?
Yes you may, Exchange traded Funds are also available through stocktrade and you can use these to invest in commodities such as gold, timber etc.
If I am already in Company or state pension can I avail of this?
If you are moving employment you may be able to transfer your funds from an existing company scheme to this scheme but if you are staying with your current employer you won’t be able to.
I would like to invest in foreign stockmarkets can I do that?
Yes using Exchange traded funds or managed funds you can choose to invest in most of the worlds stock markets
Dont choose a pension without talking to Omega Financial Management
Call us today on 1850 260 261
There are 3 key areas that Engineers need to make sure they are covered for:
Income Protection - Permanent Health insurance
An income protection policy is a simple and tax efficient plan that provides you with an alternate source of income until retirement if you are unfortunate enough to be out of work because of an illness or suffer a loss of earnings as a result of disability, injury or accident.
It can give you peace of mind to know that in the face of these events, your financial situation and lifestyle, and that of your dependants, won’t have to suffer.
The current limit you can be covered for is 75% of your current annual salary (less state disability) subject to a maximum of €175,000 per annum. The cost of your premium is tax deductible making it very attractive for professionals and high earners to avail of.
A key point to note also in assessing this cover is that Engineering is specifically covered so that there is no confusion in the event of a claim. Your consultant can give you more details on 1850 260 261 or email to : john@omegafinancial.ie
Mortgage Protection
When you get a mortgage from a bank or building society, there is a requirement that you take out a mortgage protection policy to ensure that the mortgage is fully repaid even if you (or your partner) die during the term of the loan. The amount of cover reduces each year, in line with your decreasing mortgage as you pay it off. On an interest only mortgage the cover must stay the same. When your mortgage is fully paid off your cover will be reduced to zero.
Mortgage Protection is both the cheapest and most popular type of life insurance on the market. It is the minimum life cover that you are required to take out.
It is generally not a requirement for investment properties although as the premiums generally are allowable against rental income it is an excellent way of having good life Insurance cover.
If you have any queries or need an independent quote one of our mortgage consultants will assist you.
Call us now on 1850 260 261 or email to: daragh@omegafinancial.ie
Life Insurance & Serious Illness
Life cover, as the name implies, is an insurance which pays out a predetermined lump sum of money to your loved ones if you die within a specified time period
Serious illnesses such as cancer and heart disease can unfortunately occur all too frequently. As health care has improved over recent years most people usually survive these life-threatening diseases however it can be extremely difficult to cope with the financial difficulties that follow. Everybody needs some form of financial protection in case the worst happens.
The requirements for Serious illness cover vary according to each life stage. It is influenced by number of children and of course their ages etc. The minimum the main earner in a household should have is 4 times their salary ( apart from mortgage protection etc.) The ideal way to assess how much cover is required is for your partner to decide how much they would need in the event of your death. Oftentimes this discussion can highlight the reality of how much cover will be required.
It is also the case that many times the main earner of the house neglects to cover his or her partner. This can prove to be a very costly omission as the outlay for care of children and home can be substantial.
If you have any queries about any of the above or need an independent quote one of our mortgage consultants will assist you.
Call us now on 1850 260 261 or email to: daragh@omegafinancial.ie
What other Engineers have said about Omega
"Some time ago my company purchased a death in service and PHI product from Omega Financial with Friends First. Unfortunately, we had a claim under this policy in late 2006, when a young member of our staff died in tragic circumstances. Despite the nature of the circumstance and the fact the staff member was only days under cover with the policy, Friends First paid out on the policy expediently. Throughout our dealings with them on this matter they dealt with our HR department in a sensitive, informative and courteous manner at all times.
The team at Interaction are very grateful to Omega and Friends First for enabling to provide comfort to the family of our lost colleague."
Karl Llewellyn
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As part of our Mortgage service we provide:
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Mortgages from PTSB, Bank of Scotland (Ireland) ltd, Irish Nationwide Building Society, KBC Homeloans ltd, Haven, AIB plc, ICS Building Society, Union de Credit Pour le Batiment SA (UCB)
What other Engineers have said about Omega
"I used Omega financial Management to purchase my first home. I returned recently to arrange finance for an investment property and found their service to be as high a standard and efficient as before. Everything took place on time and overall the service was excellent "
Vincent Brady
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A dedicated mortgage consultant who will guide you through the process until you receive the keys of your new home or Investment Property
