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SOS-Starting a Pension

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  • 08-06-2009 12:24pm
    #1
    aob1979
    Registered Users Posts: 20 ✭


    Hi Folks
    For a longtime now I've been putting off contributing to a pension.I will be 30 in October with a Bambino on the way and just want to get the ball rolling on maybe starting one.I have no idea where to begin.with the current economic climate should i even consider starting a nest egg??Is there any institution reliable enough to get a pension from in this day in age?Is there alternatives to my local bank even, or should i remain with them??i got a pamphlet from my Wives bank last year stating 60 euro per week for 30-35 yrs would a mass up to 1million.Very tempting however never looked into it since and im sure theres terms and conditions.Can this really be believed??I would consider a joint pension with my Wife thus each of us contributing 30 euro which seems manageable at this time but what happens if we can no longer contribute this due to unforseen events??Is there renegotiation??I would be very grateful of any help or advice on this matter, thanks!!!


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    #2
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    You can't have a joint pension - you each would have your own and only if both of you have taxable earnings. I'd be reluctant to go to a bank for advice as they generally can only advise you on the pension products of one company, whereas a broker can advise you on the most suitable products of a range of companies. But as I've been a broker for years, I guess I would say that, wouldn't I? :P

    If you make sure you're starting a flexible pension plan, you should be able to reduce, increase or skip contributions from time to time without charge or penalty.

    There's some good information on pensions on the Financial Regulator's website here and the Pensions Board's here. They're probably worth reading before you talk to anyone so you'll have some information. The Pensions Board also have a calculator here that will allow you to estimate how much you should be putting away. But remember - any projections from any source will be just estimates, which will be affected in practice by lots of variable factors such as fund performance, charges etc., so don't rely on them too heavily.


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