Donegal man sets up Ireland's first pension comparison website

A Donegal man has launched Ireland's first pension comparison website.

Carrick native Dominic Ó Gallachóir is the site founder of PensionCheck.ie. The new website reveals the significant impact fees can have on the growth of a pension pot.

Drawing on disclosure data filed with the Pensions Authority, the site allows users to examine how fees from each of the 154 PRSA pension products available in the Irish market could affect their retirement savings.

“People don’t realise the true impact of fees,” said Dominic. “They see ‘2%’ and think, ‘that's hardly anything’. But apply a 2% fee annually for 35 years, and half your money can be gone. 

“The good news is that lower-fee options are available, and with help from a Central Bank-registered broker, switching pensions is straightforward.”

The launch comes at a time of heightened interest in pensions in Ireland, as the government prepares a new auto-enrolment scheme for Irish employees. Additionally, the CSO recently released updated statistics on pension savings, revealing that around €18 billion of PRSA investments are currently held by over 250,000 Irish contributors.

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Dominic explained the inspiration for the site: “I was trying to do my own PRSA research, and it was taking days to gather information on fees. Chatting with others, it turned out that most hadn't even tried! Clearly, pension savers needed a resource to make it much easier to gather information on fees."

Irish savers can compare their pension fees for free at PensionCheck.ie. Comparing fees is not a replacement for financial advice, so savers are urged to also consult with a Central Bank-registered advisor who can provide personalised retirement planning.