Please advise on a pension plan.

FMG

As a recent hire I began paying into the Single Public Sector Pension scheme. A bit late in the day at 59 and having being in temp/ sporadic employment for years I had no pension plan arranged.
I inquired and it seems that with this scheme the employer may contribute but has no obligation to, so I wont know until payday.
Also the scheme does not allow for extra contributions from me to build up my pension.
Any suggestions on what I could do to get a good a pension as is possible albeit in a short few years remaining in employment.
I hope I am explaining this properly.

Atlantic Dawn

Ideally put 35% of your annual salary in to a pension so you get maximum tax relief, when you hit 60 put 40% of it in.

https://www.pensionsauthority.ie/en/LifeCycle/Tax/Tax_relief_on_contributions/

Just so you know what kind of pension you can expect, if you build up a fund of €100k that will allow you to take €25k tax free on retirement and a pension of €4500 a year (€86 a week).
http://www.irishlifecorporatebusiness.ie/annuities-0

Geuze

Start a low-cost PRSA-AVC.

See www.labrokers.ie or any discount broker.

pillphil

Thought you wrote ladbrokes for a second

FMG

Atlantic Dawn wrote: »

Ideally put 35% of your annual salary in to a pension so you get maximum tax relief, when you hit 60 put 40% of it in.

https://www.pensionsauthority.ie/en/LifeCycle/Tax/Tax_relief_on_contributions/

Just so you know what kind of pension you can expect, if you build up a fund of €100k that will allow you to take €25k tax free on retirement and a pension of €4500 a year (€86 a week).
http://www.irishlifecorporatebusiness.ie/annuities-0

Thank you, I'll be on a low enough wage at first phase PS pay scale but will look into maybe adding some of our savings in. I'll prob be on the lower tax bracket as well.
Thanks again for your help, I might ring a broker to discuss it more,

FMG

Geuze wrote: »

Start a low-cost PRSA-AVC.

See www.labrokers.ie or any discount broker.

Thank you Geuze.

whizkid9

Geuze wrote: »

Start a low-cost PRSA-AVC.

See www.labrokers.ie or any discount broker.

is this cheaper than directly going with AIB pension?

Geuze

whizkid9 wrote: »

is this cheaper than directly going with AIB pension?

Yes, discount brokers are always cheaper.

BUT

they don't give you any advice, they are execution-only.

Geuze

FMG wrote: »

Thank you, I'll be on a low enough wage at first phase PS pay scale but will look into maybe adding some of our savings in. I'll prob be on the lower tax bracket as well.
Thanks again for your help, I might ring a broker to discuss it more,

Note that as you are in the public service occupational pension scheme, AFAIK the only extra pension you can start is an AVC.

Also note that there isn't any employer contribution in any PS scheme, as there is no fund to contribute to.

PS pensions are unfunded.