When is the best time to start saving for a pension?

When is the best time to start saving for a pension?

1. Pension saving at the start of your career


You've finished your studies and are now starting out in your first job. Yes... independence beckons! You're full of plans, and... you'll need all the money you've got to rent a place of your own, to furnish it your way and maybe even to buy a set of wheels...
You'll also have to pay your own bills for the first time. It’s probably only then you'll discover that water and electricity cost more than you think. After all that, there won't be much left to put into your savings! But then again who gives that a thought these days? And saving something for your retirement is even less likely to cross your mind, no doubt…

And yet it's worthwhile considering the merits of this financial boost later in life

Saving for your retirement can save you up to 30%* in tax. That's right, your first wages also mean you'll be paying tax for the first time.
- Start pension saving with us from as little as 10 euros a month. It might not look like much, but it can seriously boost your financial situation after you’ve saved into a scheme for many years.
- The big advantage of starting to save for retirement from a young age is that you save over a long time period. Suppose you save a fixed amount every month from when you're 25. You'll have roughly four times more at the age of 65 than you would have if you only started at 45.

When is the best time to start saving for a pension?

Pension saving is generally the last thing on the minds of young people starting out in their first job. Yet it's best to start saving now for later in life. Because the earlier you start, the more your efforts will pay off. Find out why you should start saving for your pension today.

Start to save for your pension

2. Pension saving for thirty- and fortysomethings

By the time you get into your thirties and forties, you're usually more settled in life. By now, you earn more and you may have a partner and children... so there are two incomes, but more mouths to feed.

Children cost money too, but even so you have a little more financial elbow room and may (on a few occasions) have increased the amount you save each month for your retirement.

In other words, you're getting by quite nicely in life.


- from tax relief of up to 30% on the amounts you save
- while building up a reserve for later 

Start to save for your pension

3. Discover the benefits of pension saving from age 50

You are often able to take things a bit easier when you reach your fifties. For instance, the children may have already left home, your house is in order or you may even have been able to afford a holiday home. Or you may well have some savings, but it's gradually dawning on you that your state retirement pension will be a lot less than your income during your working life.

Ultimately that means you'll have to put in an extra effort to maintain your standard of living when you retire. The earlier you start making this effort, the bigger the nest egg for later. After all, you want to continue living like you do now.

Start pension saving now

- Save for your retirement and save up to 30%* in tax.
   If your house or apartment is paid off, you've scope to benefit from tax relief.
- Save until you reach retirement age and build an additional nest egg.

Good to know

  • Start before you turn 55 for maximum tax relief.
  • Make sure you can do without the money for 10 years, as that's the minimum term for paying into a pension savings scheme.
  • When you turn 60, you pay a final tax on the amount saved. If you start pension saving when you turn 55, you have to pay that tax after 10 years.
Start to save for your pension

The tax treatment depends on the each saver's personal situation and may change in the future.