DIY Pension?

c.p.w.g.w

I'm just wondering if someone wanted to set up and pension can they do so themselves?

You can use Degiro to buy & sell stocks, invest in funds and all for a fraction of the cost a brick & mortar changes you.

Or are you limited to specific providers to get your pension?

dennyk

Your Degiro account wouldn't be considered a pension for tax purposes, so your contributions won't be eligible for tax relief, your funds may be subject to periodic deemed disposal taxes depending on where they are domiciled (and taxes on dividends or other capital gains periodically earned by some funds or equities), and your gains will most likely be taxed as capital gains rather than as PAYE income as pension disbursements normally would be. There's nothing stopping you from using such an investment account to save for retirement on your own, but you might be losing out on the tax side if you aren't fully funding a qualifying pension account as well.

You could always have an accountant run the numbers for you to figure out which would likely be more efficient for your specific situation (though of course keep in mind that tax laws can and do change all the time, so the rules for both pensions *and* capital gains taxes might be different from today's by the time you retire...).

Henry Ford III

A pension without tax benefits doesn't make sense.

JeffKenna

Try Davy, they offer a self administered pension.

evolving_doors

La brokers offered low commission PRSA with Zurich with a small degree of choice, i.e. you choose what continents, type of investment, level of risk.

Henry Ford III

JeffKenna wrote:

Try Davy, they offer a self administered pension.

Loads of others do too

The J Stands for Jay

Henry Ford III wrote: »

Loads of others do too

They'll all seem disappointingly expensive of you're comparing them to degiro. In exchange for that cost, you get more service (eg: degiro aren't facilitating me in not paying the higher rate of US dividend taxes because they are low cost/low service). The tax relief would make up for the increased charges...

nogoodnamesleft

You could look at the likes of a SIPP.

It you already have an existing pension you can move yours into it. However you need to be careful this option would be for you depending on your circumstances and of course the risk depending on what stocks and shares you would invest in.


I do notice that one of the Irish providers is incredibly expensive around 30EUR to buy/sell a stocks compared to some UK providers like HL (there is a stock and share ISA available in the UK as well as SIPPs). Although HL is in a lot of hot water with promoting Neil Woodford funds despite the fact that they themselves were offloading the same stock.

Henry Ford III

I can think of one of the niche providers who might offer exactly what you are after OP.