Now that you have decided to make that monumental decision to pass on the business to the next generation, you will have to plan for your own financial security in the future. Besides any private annuity schemes you may be contributing to, the vast majority of us expect to have the security of the Social Welfare State pension contributory (SPC, old-age pension) as the mainstay of your guaranteed income into our dotage.

The changes we know that will be introduced are an increase in the age the pension becomes payable. For those born before 1 January 1955, they will be eligible to claim the pension at age 66. If born between 1 January 1955 and the 31 December 1960 you will have to wait until your 67th birthday. Anyone born after 1 January 1961, the pension is payable on your 68th birthday.