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Advice on new pension

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  • 23-09-2010 9:03am
    #1
    i like lamp
    Closed Accounts Posts: 183 ✭✭


    Hello :)

    I work in the public sector and would like to start my own private pension!

    I have no idea where to start, what to look for and more importantly what to avoid!!

    Anyone in the same boat or have any advice??


Comments

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    #2
    eagle_i
    Closed Accounts Posts: 89 ✭✭eagle_i


    I like lamp, here is your starting point:

    http://www.cspensions.gov.ie/faq1.pdf

    As a civil servant it may be more beneficial to buy back years before you look at other pension options. If you are looking to make additional voluntary contributions (AVC's) outside the CS pension, then you will need to consider PRSA AVC contracts. First off go to the above link, then talk with your HR area where they will give you further advice. After that you will need to speak with an independent financial adviser.


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    #3
    headofthegame
    Closed Accounts Posts: 5 ✭headofthegame


    Hello,

    I was in the same boat and decided to setup a PRSA through an independent financial consultant.

    My reason for the PRSA route was that it allows me to choose the investment strategy from the offset. If at anytime I am unhappy with the performance of a given fund I can opt out an move into a better perfroming fund without being penalised.

    In addition, I am able to make monthly contributions in addition to lump sum payments for which I can claim tax relief. Overall I like the flexibility of the vehicle while being the decision maker.

    I did come research and a colleague refered me to a firm which is investing 100 percent of my money while charging no fees for consultation of advice.

    A PRSA AVC would be recommendation too and I would be happy to refer you to the firm I dealt with. If so I will PM the details over to you.

    In any case, search around for an advisor that will invest 100% of your funds in addition to obtaining a plan provider with the lowest fund management fee

    Best of Luck

    Head of the Game


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    #4
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    headofthegame wrote: »
    Hello,

    I was in the same boat and decided to setup a PRSA through an independent financial consultant.

    My reason for the PRSA route was that it allows me to choose the investment strategy from the offset. If at anytime I am unhappy with the performance of a given fund I can opt out an move into a better perfroming fund without being penalised.

    In addition, I am able to make monthly contributions in addition to lump sum payments for which I can claim tax relief. Overall I like the flexibility of the vehicle while being the decision maker.

    I did come research and a colleague refered me to a firm which is investing 100 percent of my money while charging no fees for consultation of advice.

    A PRSA AVC would be recommendation too and I would be happy to refer you to the firm I dealt with. If so I will PM the details over to you.

    In any case, search around for an advisor that will invest 100% of your funds in addition to obtaining a plan provider with the lowest fund management fee

    Best of Luck

    Head of the Game

    Unless you make 100% correct choices of investment and your returns are well into double figures, you are going to lose out in comparison with buying notional service.

    i like lamp, as you were advised in the first reply, look into 'buying back years' (notional service) with your payroll department first before you consider anything else.

    There is no risk in notional service, whereas taking out an AVC is just like any other investment vehicle out there, it carries risk; even if you chose the lowest risk type.


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