According to Jack FitzPatrick, PIBA chairman, making financial provision for your old age invariably costs less than you may think.

"There are significant tax advantages that make such planning well worth while. As always, the earlier you start, the lower the premium. However, since the Government has been encouraging pension take-up there are now extremely attractive tax benefits, especially for those aged 50 and over."

A good way to approach your plan is to decide on the level of income you would like to achieve when you retire. An independent PIBA broker will take you through the maze of pension products and advise you of the amount you need to put aside and what products are most suited to your particular circumstances.

FitzPatrick says there are some very innovative new products available. "These include buying property through a pension. And if you are already in an occupational pension arrangement you have use the option of making an Additional Voluntary Contribution (AVC) to a separate fund, that you can manage yourself with the help of your broker. You can also pass these on in the event of your death."

Part of the service a broker can offer is to review the performance of your pension investment/s on a regular basis, recommending appropriate fund switches to give you the maximum return.

Most brokers do not charge a fee but rather the insurance company pays them a commission, which would be retained by the insurance company to cover their own administrative costs if you were to go direct. Some brokers charge a fee for the service but this would be agreed in advance. Under the Consumer Protection Code the broker is obliged to act in your