Are pensions such a good idea?

Liam D Ferguson

Caseywhale wrote: »

I'm sure you will debate forever.
Spin yourself out of your omission from the facts all you want, but I can tell you that I will definitely be avoiding you if im ever looking for financial advice.
Everyone else can make up their own minds, but all they have to do is read over the last few posts and they can see what your attitude to "the facts" is.

Indeed they can. You stated something as fact about pensions that was wrong. I corrected it. There's enough misinformation in the public domain about pensions without adding to it. You followed up with personal insults. Perhaps you don't like being corrected on a public board. But your original statement was and is wrong.

Caseywhale

Jim2007 wrote: »

Well having read over your comments, as far as I can see you are one of those people who never let the facts interfere with your opinion! It is clear to me that you have neither the knowledge nor the mentality required to manage your own pension! You talk a lot about the advice you received, but I wonder if it is not the case that you took your advice from product salesmen or commission agents rather than truly independent advisors???

And before you go of an a rant at me let me point out that I am not a financial advisor nor do I earn a single cent of my income from the Irish pension industry.

I have worked in the pensions industry before on several occasions. With access to all sorts of data that I cant tell you about. Enough that I can now make up my mind. But thats another story.

Nevertheless, the point here is that we see that Mr Ferguson an "expert" was pointing out that there have been no changes to tax relief on pension contributions.
Do you agree with him?
If you agree with him, answer these questions.
If you were a top rate tax payer -
How much does it cost you to fund €100 into your pension fund today?
How much did it cost you to fund €100 into your pension fund a couple of years ago?

Jim2007

Caseywhale wrote: »

I have worked in the pensions industry before on several occasions. With access to all sorts of data that I cant tell you about. Enough that I can now make up my mind. But thats another story.

But that is the story, first you come across as average joe who relied on financial advice and lost a packet.. Now you are telling us that you worked in the industry had access to all this good information and then what? You ignored it and blindly followed someone else's advice...

Caseywhale wrote: »

Nevertheless, the point here is that we see that Mr Ferguson an "expert" was pointing out that there have been no changes to tax relief on pension contributions.
Do you agree with him?
If you agree with him, answer these questions.
If you were a top rate tax payer -
How much does it cost you to fund €100 into your pension fund today?
How much did it cost you to fund €100 into your pension fund a couple of years ago?

It is true that the total cost of investing in a pension fund have gone up, but it is equally true that the tax relief element has not changed. And it is clear to me that the both of you were to tax relief only when you started this rant and not total cost as you now claim?

BuffyBot

I'd suggest people take their personal snipes and differences to private message and not drag it out on thread. I've deleted two posts so far from folks who should know better.

ssbob

I would not be surprised if the Irish Govt changes the relief on pensions to encourage more money to be spent by individuals thereby kicking the can down the road when our inevitable pensions crisis does hit.

digzy

ssbob wrote: »

I would not be surprised if the Irish Govt changes the relief on pensions to encourage more money to be spent by individuals thereby kicking the can down the road when our inevitable pensions crisis does hit.

Theres been lots of speculation over the years about this. I wonder is there a conspiracy at play to get people feeling better about paying premia feeling that the tax relief wont last? I'd bet there'll be no changes in upcoming budgets.
One argument against the idea of people spending more is that the mentality of people who save in the form of a pension wont suddenly use that money for everyday life spending. they'll save in other forms i believe.

hmmm

I think/hope a government understands what removing marginal relief on pensions would mean - it would simply mean the end of pension saving in this country. No-one in their right mind would put money away into a locked fund for upto 40 years to save 20 or so %.

Reducing the rate to 33% as recommended strikes me as more of the same.

Unfortunately I think attacking private pensions is seen as an easy option for government. So what if no-one saves for a pension, half the government will be dead by the time we face the consequences and the rest will be on handsome pensions funded by the taxpayer. The reality unfortunately is that most people don't understand pensions and couldn't be bothered taking the time to learn, so it's not a major vote loser either. Ireland will get to pick up the pieces in 20 years, and there'll be endless moaning about "how stupid the government of the day was".

ssbob

hmmm wrote: »

Unfortunately I think attacking private pensions is seen as an easy option for government. So what if no-one saves for a pension, half the government will be dead by the time we face the consequences and the rest will be on handsome pensions funded by the taxpayer. The reality unfortunately is that most people don't understand pensions and couldn't be bothered taking the time to learn, so it's not a major vote loser either. Ireland will get to pick up the pieces in 20 years, and there'll be endless moaning about "how stupid the government of the day was".

I think history has so often proved this, it is like the national debt argument, economists keep saying that national debt is not there to be repaid......well surely people are going to want their money back, surely there will come a point when you cannot keep rolling over loans!!

the_syco

I have a pension, but have told the bank that I don't want any of it invested, as I don't trust those who do the investments.

Hopefully the money is still there when I retire!