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Best Private Sector Pension

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  • 02-08-2011 8:33pm
    #1
    conor678
    Registered Users Posts: 377 ✭✭


    Hello,

    I'm a recent employee in the private sector straight out of college and don't know my arse from my elbow when it comes to getting myself a pension. All I really know is that Irish Life & Permanent do pensions.

    I've a couple of questions. Firstly what websites or newspaper articles offer the best info on pension schemes. Secondly what do you who work in the private sector do regarding a pension scheme?

    I've heard of different schemes whereby there's a continuous administrative charges (such as ones organised by banks) and other ones where there's a single up front charge. Has anyone any experience of this?

    Any information, stories or help in this matter is greatly appreciated!

    Thanks!


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    #2
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    You say that you're an 'employee' so you have a job and are working for a company - right?

    Your employer should be your first port of call. Even if they don't have a company pension scheme, they have a legal obligation to provide the facility through the payroll for you to invest in a PRSA (Personal Retirement Savings Account), these have restrictions on the amount of commission/management charges so would be the best vehicle for your contributions.

    Ask your company how you can contribute to a personal pension and ask if there is any company pension scheme, come back here with the answers and the posters here will help you with further advice but you haven't given enough information for us to advise you all of your options.


  • Options
    #3
    L.T.P.
    Registered Users Posts: 405 ✭✭L.T.P.


    coylemj wrote: »
    You say that you're an 'employee' so you have a job and are working for a company - right?

    Your employer should be your first port of call. Even if they don't have a company pension scheme, they have a legal obligation to provide the facility through the payroll for you to invest in a PRSA (Personal Retirement Savings Account), these have restrictions on the amount of commission/management charges so would be the best vehicle for your contributions.

    Ask your company how you can contribute to a personal pension and ask if there is any company pension scheme, come back here with the answers and the posters here will help you with further advice but you haven't given enough information for us to advise you all of your options.

    I also work in the private sector. I asked my employer recently whether we had a pension scheme and was told to organise my own pension and give him the details and he would arrange for whatever percent of my wages to be paid into it. Not exactly helpful.

    So like the OP I'm looking for advice also. :)


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    #4
    conor678
    Registered Users Posts: 377 ✭✭conor678


    I'm working for a company in the private sector in the UK for a couple of years. I plan on returning to Ireland and I would like to set up a pension plan that I can pay into through my bank account when I get paid. I would rather set up a pension plan myself rather than through the company. This is why I'm asking what do people do about this who work in the private sector much like myself?


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