Contact - cwmwealthmanagement

CWM Wealth Management Ltd, Unit 6500, Cork Airport Business Park, Cork, Ireland.

Tel: 021 – 4839350


Fax: 021 – 238 0198
Email: info@cwmwealthmanagement.ie

Dublin Office

CWM Wealth Management Ltd, 28 Merrion Square, Dublin 2, Ireland.

Tel: 01 – 611 0707


Fax: 01 – 481 1594
Email: info@cwmwealthmanagement.ie


Page 2

If you do not currently have a pension in place as a contractor, you are not taking advantage of the generous tax allowances available. You could be paying substantial amounts of tax unnecessarily.

Whilst in your previous job, you may have already made arrangements for a private pension or, alternatively, you may have kept putting if off and meant to do it at some future point. Pensions are one of the most beneficial tax breaks open to contractors. You can invest money directly from the company bank account into your pension. This allows you to avoid paying the income tax you would have paid if the money went into your net salary.

Aside from the generous tax reliefs available to you as a contractor, it is now your responsibility to ensure that your pension funding does not lapse because your employment status has changed. You will need to ensure that your standard of living does not drop dramatically when you reach retirement age.

The sooner you start the less you will have to contribute in later years.

We have a number of tailor-made pension packages available with a wide range of investment options from new Multi Asset funds to Self- Directed share dealing accounts! There is something available for every level of risk and one of our financial advisors will help you in this regard.

Reviewing existing pension arrangements

Download our PDF on Reasons why you should review your pension
As contractors, time is precious and here in CWM we appreciate that reviewing your old retirement funds is not always top of the agenda. In your previous employment contracts, many of you will have invested your hard earned cash in company pension plans that are now invested in pension funds that perhaps no longer reflect the same attitude to risk or are inappropriate for the current volatile market conditions we find ourselves in.

When was the last time you reviewed these old pensions? We will offer a free in depth review of your existing pension arrangements reporting on their suitability given your attitude to risk and ultimate retirement planning goal.

We will let you know exactly how much is in your old pension scheme, what funds it is invested in, what charges you are paying and comment on how appropriate the scheme is for your particular age and in terms of your overall retirement planning.

We will help you consolidate all of your old pension benefits and monitor your fund better moving forward. Having reviewed your pension, CWM Wealth Management will help you to identify the best type of investment portfolio in order to best assist you in reaching your retirement targets. If you currently
have a retirement fund to which you no longer contribute, then now is the time to speak to CWM Wealth Management, contact us for further information.

To calculate what you need for retirement Click here


Page 3

Protecting Your Income as a Contractor

Most permanent employees are entitled to Sick Pay, however, if as a contractor you are out of work due to illness or injury, you will be exposed to financial loss from the very first moment you are unable to work. You may not qualify for any state disability payment, therefore it is up to you to put in place cover which will ensure that you do not suffer a fall in the standard of living as a result of illness or injury.

CWM has a wide range of Income Protection products available including day one income protection which allows you to claim from the very first day you are out of work due to illness or injury.  You can claim for just 1 day or if required all the way to age 60 if the condition is more serious and prevents you from returning to work.  Tax relief is available on income protection premiums which ensures that is it an extremely tax efficent way of protecting you and offers great peace of mind and comfort knowing that you will be able to keep your lifestyle even if the worst should happen.

I would like to find out more, contact us


Page 4

Life Cover – Protecting your Dependents

In permanent employment, if you had death in service benefit, you were probably covered for up to 4 times your salary. This ensured that your dependents were protected in the event of you dying while still in employment. However now that you are a contractor this benefit no longer exists and it is now your responsibility to ensure that you have individual cover to ensure financial security for your family.

As a contractor you can replcae this cover by linking it to your pension policy, with the total premium qualifying for generous tax relief.

If you already have a life cover policy, we will review it to ensure that it is still the most competitive, as costs have decreased significantly over the last number of years. CWM are best placed to offer you advice on putting in place competitively priced life cover that best suits your specific needs and offer you the peace of mind that your family are protected.


Page 5

Once you have provided for your short to medium term financial needs, you need to think about your longer term needs such as education costs, retirement and financial security. Long term savings is a great way to provide for these needs. By investing in a range of investment options from capital secure options to shares to alternative assets we in CWM can design an investment portfolio that suits your attitude to risk.

Contributing on a monthly basis is a great way to benefit from euro cost averaging which ensures that you benefiting from investing in the markets on a monthly basis rather than at one particular time. Real assets such as shares and bonds ensure that you get a better return over the long term on your money that you could  if held on a deposit account.If you are not comfortable with investing in higher risk investments we have available a wide range of guaranteed and deposit based options. We will determine what your attitude to risk is and align your savings and investments in line with what your objectives.
We can also offer advice on once off lump sum investments. CWM has access to a large number of providers and can provide you with an investment opportunity that is best suited to you.


Category: Wealth management

Similar articles: