The 2015 Melbourne Mercer Global Pension Index (MMGPI), has placed Ireland 11th out of 25 countries in terms of its retirement income system, that's pension system in ordinary language. Now 11th may seem like a good position to be in , with room for improvement. The trouble is when you look deeper into the findings you can see that there is a lot of room for improvement.. For example, the sustainability of the irish pension system ranks in 20th place. This is because we rely too heavily on the state pension which is does not have funding set aside for future provisions. Benefits are paid from current PRSI receipts. Changes are called for including adjusting the state pension age, encouraging increased participation in pension schemes by workers and funding additional contributions for future retirement income. The report also found that 51% of people surveyed would take more interest in their pension if they had a clearer understanding of the workings of pensions.

The good news is that you can take steps to provide for your retirement today. The sooner you start, the more you will have in your pension savings.

Mypremium.ie is dedicated to helping you understand your pension needs and getting you the best deal

TOP 5 TRAVEL TIPS WHEN BOOKING YOUR FAMILY HOLIDAY

1. Get ready. Do some online searching to check out your ideal locations.What is the weather like? What activities are available? Will everything you need be available at the time of year you intend to travel?

2. Have an idea of your best travel times. Early morning , late night, any particular day? How long is the flight?

3. Make a list of your preferred holiday options. Do you like everything laid on? Are you happier just discovering the local restaurants? To you want an adventure holiday? Are you more content when picking and choosing each part of your holiday experience.

4. When is the right month for you to travel? If you are tied to work or school holidays, then book early and avoid disappointment. If you are more flexible then you can travel at less busy periods and get a better priced deal.

5. Check prices both for when you use a holiday provider and for when you book everything yourself. See what the bottom line is. We have made it easier for you to do both. You can check out prices of flights,accommodation, car hire, airport lounges, airport transfers and more. You can also compare the results against the holiday providers listed on our website. Then you can make your decision and book online. That's it! The holidays sorted!

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Tracing lost pension funds in Ireland

You may remember the problem with dormant savings accounts that was highlighted some years ago. A concerted effort was undertaken to tackle that problem. Untraced money in the pension system is a growing problem in Ireland.

So many workers have changed jobs, some employers have changed ownership, location, or even name, that pension details become lost. Many employees have lost track of their pension entitlements from former jobs. Others have simply forgotten that they have contributed to an occupational pension scheme.

It is estimated that there is up to €1bn in unclaimed pension funds.

Six quick tips for a fitter bank balance

We all want to save money. Here are simple steps which can leave you with more money.

At the start of the year most of us think of getting healthier habits. This is good. So let's apply it to our finances. We want to keep it simple. Reduce our outgoings and increase our incomings. Result, more money.

Getting started is usually the problem. Try these six simple tips and see what you can save.

1. 1. Take a fresh look at your debts.                                                                                                                                                                                                                                                                                                     What debts are costing you the most? Is there a penalty for paying any of them off early? Would it reduce your payments if you refinanced some of them? e. g. high interest credit card debt versus lower interest loan. How much can you pay back each month? It is important to have a plan and stick to it. It helps you to cope.

2. 1. Are you paying too much for life cover?                                                                                                                                                                            Has your health improved? Have you given up smoking for over twelve months? Have you lost weight? Significant improvements to you health can lead to cheaper mortgage protection,life and health insurance.

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Irish Women falling behind in pension provision

Recent research indicates that Irish women are falling behind their male equivalent when it comes to pension provision. A survey carried out by Friends First has found that the current economic difficulties are making Irish consumers focus more on providing for the future, including ensuring that they have provided adequately for their retirement years. 43% of people surveyed say they want to start a savings fund.

The survey shows however, that Irish women are falling behind in pension provision. 43% of women surveyed admit that they do not have a pension plan, compared to 30% of males questioned.

With the change in Ireland to two registration periods in the year, there has been a steady increase in new car purchases. Excluding the first time buyers, this means a corresponding increase in second hand cars available for purchase.

We examine in this article, where to purchase, what checks should I carry out before buying a second hand car and what are my rights if I purchase a faulty second hand car?

As temperatures soar, blue skies appear, and humidity increases, our thoughts turn to the great outdoors, or at least heading for the shops.

Benefit from non smoker life insurance rates today.

You have done the hard part, staying off cigarettes for over twelve months, so now it's time to reap some of the benefits.

Drive down the cost of your life insurance by arranging non smokers insurance through mypremium.ie.

We deal with all the life insurance providers in Ireland, and can help you to choose the policy which best suits your new circumstances.

Now that you are saving on the cost of cigarettes, we can tell you if you will benefit from the new lower rates.

If you have a mortgage, the mortgage protection rates which you had to pay were based on the fact that you smoked.

100,000 families urged to review their mortgage protection policy and set up cover to include the arrears.

 A recent study by Caledonian Life has indicated that the 100,000 households in arrears in Ireland may be significantly under insured.

Many mortgage holders are restructuring their loans.

In a large number of cases this involves interest only, or reduced capital repayments.

This has an effect on the sum due under the mortgage, and its relation to the mortgage protection policy.

A mortgage protection policy reduces in value over the lifetime of the mortgage.

OVER 200,000 of people in Ireland have had to cancel their private health insurance over the last five years – thanks to the recession, the austerity budgets and large private health insurance price rises.

A survey published last year found that one-third of young families planned to cancel their private health insurance.

Things have not improved since then.

If you're struggling to make ends meet but are reluctant to cut out your private health insurance, moving to a cheaper plan could be an option.

BEFORE YOU SWITCH

With flooding becoming more frequent in Ireland
drivers are advised to take more care when driving in the wet .
Here are some top tips.

The clock is ticking for car clockers.

Legislation is being introduced to make clocking a crime in Ireland.

SAVE 10%

Outstanding Mortgage Protection 

A step by step guide to deciding on and achieving a retirement income goal.

Are my pension and retirement savings fit, or do they need a new fitness work out?

The purpose of this exercise is to ensure that your pension savings are adequate to meet your retirement income needs.

If there is a deficit,the sooner you know, the easier it is to fix.

Start with looking at all potential sources of income.

Do you qualify for the state pension?

HSE Workers face reduction in sick pay benefits under newly introduced sick leave scheme.

A new public service sick leave scheme became effective on the 1st January 2014.
This reduces the amount of sick leave available to employees of the HSE.
If you work for the HSE then you should read how to protect yourself, your family and your income against the financial loss that these changes can cause you.

What was the position prior to 1st January 2014?

Prior to the changes introduced in 2014, a HSE employee was entitled receive up to 6 months sick pay at full pay and a further 6 months at half pay. You could only take an overall maximum of 365 days paid sick leave in a rolling 4 year period. For general support staff, 12 weeks’ pay in a rolling 12 month period was available. There were differences in the arrangements within some organisations.

What is the position now?

The new scheme provides that if as a HSE employee,you are absent on sick leave, you may receive up to a maximum of 3 months on full pay followed by 3 months on half pay in a rolling 4 year period. These new provisions will apply to all health service employees (both officer and support staff grades) and will supersede all existing arrangements. Details of the new arrangements are set out in HR Circular 020/2013 below.

What steps can I take to protect my income in the event of being sick ?

With the effective halving of the sick leave scheme, you need to protect your income should you be unable to work for longer than the new reduced time period.
Fortunately there are income protection policies available, which will pay you a set sum while you are unable to work, in accordance with the terms of the policy.
How can I afford another outgoing in the current economic climate, I hear you ask.
How can you afford to pay the bills when you are ill, if you don't sort it out now?
The premiums are tax deductible, and you get the peace of mind that comes from knowing that you will have a regular income, when the sick leave scheme stops paying.

How can I get a tailored income protection quote?

Our qualified experts will listen as you inform them of your needs and circumstances.
They will then examine what policies are available and recommend the one which best suits you.
You can get a quote using the button below

What types of insurance does your new business need?

In the rush to get your new business off the ground, don't forget to protect it against risk.

Starting a new business in Ireland can be quite a challenge. If you are at the stage where you are about to start, have just started, or are reviewing your business in order to find improvements, then this article is for you.

So, you have had the idea, secured the finance, developed a marketing plan and taken most of the many steps involved in promoting a new business, so what can go wrong?

We need to take into account the impact of certain risks may have on our business, and protect against them. The two main risk categories are natural disasters and legal liabilities.

Are you prepared for them?

Some great day trip driving ideas

Posted in Motor Insurance on July 10, 2013

With the summer coming and going on a weekly basis, do you enjoy a good drive at the weekends?
With Ireland’s countryside being one of the most scenic in Europe it can be a real treat to just go for a spin in the car, up or indeed down the country, and enjoy what we all have on our own doorstep!
One of the beautiful places your car could take you would be the North- East coast up around Newcastle County Down, and the Mourne Mountains. This would also take in the Giant’s Causeway further North which is a really mystical place that has to be seen to be believed, with its hexagonal stones and deep history.

Alternatively if you fancy heading further south west there is always the beautiful county of Galway, which boasts the 2,700 hectare Connemara National Park, and the famously scenic Sky Road. Having never been along this route it would be a road trip that would need some preplanning and organising but would definitely be well worth the journey as it would also include Clifden Castle amongst other attractions.
With the value and craic in excessively large portions all throughout the country you will never have a dull moment, unless of course that’s what you want, and the friendliness of the locals will ensure that you will be welcomed no matter where or when you go!
With the typical Irish weather sunshine can sometimes be at a premium, but remember no matter how many clouds there may be there is always a silver lining!
And to end here is a little saying to put you on your way…”May the roof above you never fall in and those gathered beneath it never fall out.”
Don’t forget your motor breakdown cover http://mypremium.ie/motor-breakdown/ just in case.

The True cost of Cancer

Posted in Uncategorized on July 2, 2013

The true cost of cancer.

When you think about cancer, what comes to mind are the medical symptoms and how it could affect your life. You probably think of someone you know who is battling cancer.

What we often fail to give proper regard to, are the financial consequences of discovering that you have cancer.

Save money this year.

Posted in Save Money on January 8, 2013

The History of New Years Resolutions

(Save money this year)