Michael and Patricia are planning towards Michael's retirement in six years when he will be 60. He is a successful solicitor with an annual salary of £75,000. Michael has been building up a personal pension plan for several years and is not in his company retirement scheme because he only recently joined the firm. He puts in the maximum 30 per cent of his gross salary. The couple also saves £300 per month in a special savings account. Michael noted the Minster's willingness to incentivise savings and is keen to hear more. Their home in County Cork is now worth almost £500,000 and, because of their considerable estate, they are pleased to see the abolition of probate tax.