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Starting a pension

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  • 11-11-2014 11:55pm
    #1
    ballyharpat
    Registered Users Posts: 1,804 ✭✭✭


    Hello, I'm currently earning about e300 per week, I also have additional income of e200 per week from rental properties.
    I wanted to start a pension fund where I decide myself what stocks to buy. I went to a local broker and he was going to open a A/C with TD Waterhouse and set me up that way. However, TD are looking for 20k upfront, I do not want to lock away e20k since I have enough rental properties to look after me then, and will probably need that money in the near future if an opportunity arises, I would however like to avail of some tax-breaks, can anyone offer me advice, or point me in the right direction-TIA


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    #2
    ravima
    Registered Users Posts: 848 ✭✭✭ravima


    You went to 'a local broker' who was going to open an account with ANOTHER broker for you? That does not make any sense at all.

    You can either start a pension fund, where the provider (insurer) does all the work and all you do is make your monthly/yearly payment, or you can do your own share dealing within a pension fund, via a stock broker.


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    #3
    ballyharpat
    Registered Users Posts: 1,804 ✭✭✭ballyharpat


    ravima wrote: »
    You went to 'a local broker' who was going to open an account with ANOTHER broker for you? That does not make any sense at all.

    You can either start a pension fund, where the provider (insurer) does all the work and all you do is make your monthly/yearly payment, or you can do your own share dealing within a pension fund, via a stock broker.

    Well thanks for clearing that up....????

    The reason I went to a local broker, was I was told that they could avail of offers that are not available to the general public. I could not see on TD waterhouses page where I could start a pension and invest myself e200 per month and pick my own shares.......

    I do have a trading account with an American company and have been trading for the last 8/9 years, I want to avail of tax relief....


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    #4
    Alan152
    Registered Users Posts: 61 ✭✭Alan152


    If he went to another broker I believe he is doing self directed, I.e the financial advisor gets you a stock broker account. Most stock brokers will not let you invest self directed for less than 20k as your going through the stock market, fees and charges are higher also


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