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Pension?

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  • 02-04-2014 8:02pm
    #1
    lolademmers
    Registered Users Posts: 263 ✭✭


    Hi all. Im 30 years old and I want to start a pension. I remember saying it when I was 20 aswell!! Im not in a position to pay a lot a week but I want to make a start. I basically have no clue about them. Do I need to go with my bank? Is there a minimum I have to pay and can you get tax relief?


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    #2
    okiss
    Registered Users Posts: 698 ✭✭✭okiss


    In regards to starting a pension you don't have to go with your bank.
    Your bank will take a percentage of each payment you make into your pension.
    In your case I would speak to an independent financial adviser due to the following
    1) You will pay them a set amount to look at all your financial details.
    They will look at your income and out goings.
    Once they do this they will give you advice to suit you own circumstances re your pension, savings, investments.
    Also if they advise you re a certain product with company A rather than B they have to inform you if they will get commission on this.

    2) A bank can only sell you there own products and long term this could cost you more.

    3) You will get tax relief on any payments you make on a pension which is based on the rate of tax you pay.

    If you want more information on pensions I would look up www.pensionsboard.ie and click on understanding your pension.


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    #3
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    lolademmers wrote: »
    Hi all. Im 30 years old and I want to start a pension.

    Are you self-employed or in a job?
    If in employment, is it public or private sector?
    Does your current employer offer access to a PRSA or AVC?

    Above advice from okiss is sound but you really should give us a bit more information about your circumstances.


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