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Best Pension option...

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  • 19-11-2008 11:52am
    #1
    CyberDave
    Registered Users Posts: 941 ✭✭✭


    I have been working now for nearly three years and need to set up a pension. I have been putting it on the long finger for too long. What pension company would people recommend? Thanks.


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    #2
    yupya1
    Registered Users Posts: 173 ✭✭yupya1


    Best you should look at what your company is providing- usually a defined contribution scheme- where the company will contribute to the pension as well as you

    All employers have to supply a pension or access to one


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    #3
    CyberDave
    Registered Users Posts: 941 ✭✭✭CyberDave


    I would prefer to just get a pension independently of my job, as I don't envisage staying in my current job in the long term.


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    #4
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    Fair enough, but pensions can always be transferred, and your employer may top up their recommended scheme if you use it - get informed, talk to your employer first


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    #5
    CorkFenian
    Registered Users Posts: 653 ✭✭✭CorkFenian


    Apologies for hijack question, but I have a pension from a previous employer, (from 5 years back), contracting for myself, want to setup PRSA,down the line a few years,could that be amalagated into employer pension...Is it straightforward to setup PRSA??


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    #6
    sofireland
    Registered Users Posts: 1,245 ✭✭✭sofireland


    you see if you stay in your current employer scheme for more than 2 years, you get to keep their contributions, and the company scheme may also include death in service and disability benefit. Explore these options first, then if you definitely don't want to join the co scheme, you should look to start your own.
    You can do this with a broker, your bank or the insurance company direct


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    #7
    yupya1
    Registered Users Posts: 173 ✭✭yupya1


    As above you can transfer pensions easy and its best to have a company one as they pay into it as well(free money!) but if you are set on having your own just drop into any broker or ring a company direct, pretty simple to set up


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    #8
    yupya1
    Registered Users Posts: 173 ✭✭yupya1


    no you cant join a employers scheme with with your own if self employed but you can leave it there(to claim enventually) or transfer to another but yeah is easy enough to set up a PRSA or AVC's any broker can do it handy enough


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    #9
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    CyberDave wrote: »
    I would prefer to just get a pension independently of my job, as I don't envisage staying in my current job in the long term.

    Then a PRSA would be the best option to you as its charging structure is reasonable and, depending on future employers, you may be able to come to an arrangement with them easily.

    However, if you are looking for dexterity and wide-ranging investments, PRSAs might not be the best. In this case, you are looking for a company with reasonable fees. In this climate, haggle, many companies/representative will take lower commissions and will be prepared to negotiate their fund charges & annual charge.


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