16th January 2019 GDPR & Privacy Section

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Financial Advice for AGSI Members

Irish Pensions & Finance provide Full Financial Reviews for AGSI Members, aswell as facilitating the AGSI Group AVC Scheme.

Our team of Financial Advisors are experts in the An Garda Siochana Pension Scheme and the options available in retirement.

To arrange your review, simply complete the form below and we wil lbe back to you to arrange a time and date that suits.

Alternatively, you can call us on 01 8298500 or email sarah.connolly@ipf.ie

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Financial Advice for Gardai in their 20’s

Build a budget:  Set up a budget with three sections: essentials, savings, and social. Start allocating money to your essentials first, like rent, utilities, food, transport and loan repayments.

Next, allocate something — no matter how small — to savings. Your first priority should be an emergency fund, and you should think about your own situation (job security, health benefits at work, your personal support system) to determine a comfortable amount.

With the essentials and some savings covered, you can spend the rest however you please. Remember to update your budget periodically, since your financial picture will inevitably change.


Start an AVC: Retirement may seem like a long way away yet, but the earlier you start contributing to your pension, the more options you will create for yourself in the future.

The An Garda Siochana Additional Voluntary Contribution Scheme* offers the following benefits:

  • Full tax relief on contributions at your top rate
  • Tax-free growth on your savings
  • A wide range of investment options

 It might make sense for you to save some tax now and begin to build a supplementary pot of money for your retirement.

A meeting with a Financial Advisor can help you identify your priorities and build a Financial Plan. To arrange an appointment, you can call 01 8298500 or email sarah.connolly@ipf.ie.

Financial Advice for Gardai in their 30’s

Protecting your family: Members of An Garda Siochana automatically have up to €350k Life Cover as part of their contract, payable weekly through their wages, at a cost of €5.10 after tax relief.

However, this doesn’t cover your mortgage. Under the Consumer Credit Act, Mortgage Protection cover is obligatory for the mortgage on your principal home.

Many people don’t realise that there can be significant savings made by shopping around for these policies. As an Independent Broker, Irish Pensions & Finance can guarantee the best price available on the market.


Review your pension regularly: As with those in their 20s, contributing to your pension earlier in life can open up more options for yourself in the future.

It might make sense to save some tax now and build up a supplementary pot of money for your retirement.

For example, an extra €50 per week (€30 from take home pay) in to your AVC can increase your fund at retirement by over €100,000 over 30 years.


If your income has increased due to increments or promotion, it is important to make sure your AVC contributions also reflect this.

A regular review with a Financial Advisor can help keep you on track financially. To arrange an appointment, you can call 01 8298500 or email sarah.connolly@ipf.ie.

Financial Advice for Gardai in their 40’s

Get serious about saving: A solid financial plan can help you focus on paying off debt, building your retirement assets, and saving for any other goals you may have.

If you have children, this may be a good time to consider how you might pay for things like 3rd level education. It may be worth looking into a Savings Plan to cover college expenses.


Get realistic about retirement: Make sure you know what your retirement income will look like, between your Superannuation benefits, State Pension and potential AVC fund.

IPF can help you become familiar with the various options that will be available to you at retirement. For example, you may decide to start building an ARF (Approved Retirement Fund), a tax-efficient post retirement fund from which you can withdraw money as needed.

A meeting with a Financial Advisor can help you build a financial plan for your future. To arrange an appointment, you can call 01 8298500 or email sarah.connolly@ipf.ie.

Financial Advice for Gardai in their 50’s

Face retirement head on: It’s time to get realistic about whether you are on track to retire at the age you’ve been planning on. Depending on when you joined, a Garda may retire from 50 years of age subject to having completed 30 years of service. However, without planning ahead, this may not be financially viable.

IPF can give you an of estimate what kind of pension income you can expect and help you decide whether you are on track for the retirement you had in mind. If you find yourself behind, you may be able to take advantage of the tax relief available on lump sum pension contributions to boost your pension pot.

It may be a good time to start considering how you will manage your money in retirement, for example, an ARF (Approved Retirement Fund) can allow you to take control of your money in retirement.

Review the level of cover you have in place: The level of Life Cover for Gardai reduces significantly as you get older. However, this can be replaced.

IPF work with all major providers in the market to offer you the best possible value for money and a policy that is built to suit your needs.

Contact IPF to arrange a meeting with a Financial Advisor to review your own current situation. Call 01 8298500 or email sarah.connolly@ipf.ie.

Financial Advice for Retiring / Retired Gardai

Make the most of tax reliefs: Before you retire, you can request a breakdown of your retirement benefits and last ten years income from Killarney. Your Financial Advisor can use this information to see if you have scope to make a ‘Last Minute’ AVC* contribution.

Revenue will allow you use the average of your highest three years in the last ten to retirement plus any non-pensionable earned income you may have had (e.g. overtime from a previous rank), indexed with inflation to calculate your maximum Tax-Free Lump Sum. Therefore, you may be able to increase you Gratuity through your AVC, while earning tax relief at your higher rate.

Last Minute AVC Example Garda Retiring 2018
Retiring pensionable Salary €101,169
Lump Sum with Full Service €151,754
Average highest earnings (incl. overtime)

(Highest 36 mths in the last 10 yrs dynamised)

Maximum Lump Sum allowed by Revenue €188,061
Shortfall for last minute AVC €36,307
Gross Contribution €36,000
Tax rebate €14,760
Net Cost €21,240
Encashment value at retirement €34,920 (after charges)
Net Value (Gross contribution + Tax rebate – Charges) €49,680


Create an estate plan: At this stage in life you may have built up some assets which you would like to leave to your family when you pass. However, it may be a good time to consider if your children will have an Inheritance Tax liability when you’re gone. Inheritance tax is charged at 33% after thresholds, which can be a burden on children and, in some cases, force them to sell the family home.

There are insurance policies which can combat this.  Section 72 life assurance policies are Revenue approved Whole of Life policies, the proceeds of which are tax-free if used to pay an inheritance tax bill. In other words, money flows through the policy tax-free to pay an inheritance tax bill.


Make your Gratuity work for you: With Deposit rates at their lowest rate in recent times, it could be beneficial to look into the different vehicles available for investing your gratuity.

However, it is important to look at your Short, Medium and Long-Term goals before you make any decisions and to make sure you have a rainy-day fund available.


To arrange your Pre-Retirement meeting with a Financial Advisor, you can call 01 8298500 or email sarah.connolly@ipf.ie.


*IPFs Group AVC schemes for Gardai are sponsored by AGSI and Association of Garda Superintendents

**Based on past performance. Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up.