personal pension plan

pitrn

Hi,
I'm self employed( working as a IT contractor) with a limited company set up.I'm looking to start investing in pension, but not sure whom to contact in this regard. Someone who can suggest which pension plan will best suit my age. I have tried taking advice from my accountant but no luck.

Any help in this regard will be much appreciated.
Thanks
Pitrn

PaulM1977

Hi Pitrn,

If you have a limited company then the best option for you would be an executive pension plan. You and your company can make contributions in to the pension for you. The best person to speak to for this would be an independent financial broker, as they can look at all pension providers in the market for you, rather than dealing with a tied agent or a bank who are restricted in the advice they can give you to their own products only.
You mention the best pension for your age, how old are you and why do you feel this would be an issue?

Thanks,

PaulM

pitrn

Hi Paul,
Thanks a lot for replying. I'm 35 year old with family of 2 kids, just mentioned it in case it matters.

Just wanted to understand if you meant financial broker or financial advisor or are both the same ?

Thanks
Pitrn

pitrn

Also how much would a financial advisor or broker charge for this advice ?

PaulM1977

Hi Pitrn,

A financial adviser and financial broker would be the same thing. With regards to fees, it depends on the financial broker, they may charge a fee or may rely on commission to be paid. If they are independent and are looking for the best option for you, then fee would be the best option, but they may offer a choice of either, as well as a combination of both.

I would ask them this when you speak to them initially.

Thanks,

PaulM

pitrn

Hi, I have contacted Zurich for executive pension plan and they are charging me a management fee of 1% every year apart from policy fees of 3 Euro per month.
Could anyone suggest any other company I should also approach regarding pensions?

PaulM1977

Hi Pitrn,

Your best option is to speak with a financial broker who can show you all the options available to you in the market.

Thanks

PaulM

EGavigan

pitrn wrote: »

Hi, I have contacted Zurich for executive pension plan and they are charging me a management fee of 1% every year apart from policy fees of 3 Euro per month.
Could anyone suggest any other company I should also approach regarding pensions?

Hi Pitrn

Depending on how much you intend to invest and whether you are transferring funds from another pension (which I think you are not) you may end up paying a policy fee. If you intend to set the premium at a minimum of €500 per month and if you have at least 10 years to retirement you would have no problem getting a pension which has no monthly policy fee.

I wouldn't worry about the 1% annual management charge if it is being managed properly. I work in this sector and I pay a 1% fee on my pension - it's well worth the money if it's managed properly. I'd prefer a good pension with a 1% amc to a bad one with a lesser fee.

pitrn

Hii Gavigan,
How can I decide if it is a good pension or not.Is there any way to measure it ?

Henry Ford III

pitrn wrote: »

Hii Gavigan,
How can I decide if it is a good pension or not.Is there any way to measure it ?

Take proper independent advice. It's well worth any cost.

retalivity

To hijack this, i too am an it contractor but do not have my own company, instead looking to setup a prsa. Irish life and zurich seem to both offer contribution charges of between 3.5% and 5%, with a management fee of 1% annually - is this normal, or should i look towards independent brokers for a better deal?

Thanks

Edit; rabodirect seem to offer 2%-3.5% with mgmt fee of 1%, underwritten by zurich

PaulM1977

retalivity wrote: »

To hijack this, i too am an it contractor but do not have my own company, instead looking to setup a prsa. Irish life and zurich seem to both offer contribution charges of between 3.5% and 5%, with a management fee of 1% annually - is this normal, or should i look towards independent brokers for a better deal?

Thanks

Edit; rabodirect seem to offer 2%-3.5% with mgmt fee of 1%, underwritten by zurich

Hi Relativity,

You can get a PRSA pension with 100% allocation if you were to deal with a financial broker, but the Annual Management Charge would still remain at 1% unfortunately.

Thanks

PaulM

Bank of Ireland: Nicola

Hi pitrn,

Just noticed your post, you might find our pension calculator useful.

We can provide a personalised plan for all the pension options available to you based on your own circumstances and your retirement goals.

We have a talk to forum here if you want to stop by for a chat.

Thanks
Nicola