Pensions brokers- recommendations

MizMix

Hi

Looking for any first hand recommendations- have not paid into a pension since my late 20's (over ten years ago). I've been putting it on the long finger for years now and ideally want to pay a lump sum into one this year (self employed)

Any recommendations- location not an issue as I'm sure it can all be done over the phone/zoom in todays climate

Thanks

Geuze

Low cost discount broker (NO ADVICE)

www.labrokers.ie

Dafterss

You will buy in at top of market which could see 50% drop this year
You should put in a small amount each month

Jim2007

MizMix wrote: »

Hi

Looking for any first hand recommendations- have not paid into a pension since my late 20's (over ten years ago). I've been putting it on the long finger for years now and ideally want to pay a lump sum into one this year (self employed)

Any recommendations- location not an issue as I'm sure it can all be done over the phone/zoom in todays climate

Thanks

What are you looking for? A consultation and advice or just a discount broker?

MizMix

Sorry missed the notifications on this. Ideally need advice initially e.g. overlooked the market being so high- I was looking for a tax efficient way of paying myself as a co director. Instead of taking higher salary- investing more in a pension etc

garrettod

Dafterss wrote: »

You will buy in at top of market which could see 50% drop this year
You should put in a small amount each month

You are confusing two independent points with that reply :

1. Making the lump sum contribution into the pension

2. What it might be invested in and associated risks

With regards to Point No. 1, it's always a good time to make lump sum payments until your pension (assuming affordability, that you can avail of related tax breaks etc). Don't forget, if you didn't maximise last year's contributions, for tax purposes, you can back date a pension contribution for last year, until October 2021.

With regards to Point No. 2, there's nothing to stop someone from investing into their pension, getting the immediate benefit of the tax relief, then leaving their funds in cash (within their pension), if they are concerned about the value of stocks, property, bonds etc falling.

Long term, investing in equities is still the best way to go - as it ultimately generates the best return, but someone hoping to retire in less than 10 years might want to think carefully before putting all of their funds into equities, at one time etc. There's also consideration to be given to investing in different categories of shares - "growth" are often higher risk than "value" for example, with industry sectors, geographical regions etc all to be considered.

garrettod

MizMix wrote: »

Sorry missed the notifications on this. Ideally need advice initially e.g. overlooked the market being so high- I was looking for a tax efficient way of paying myself as a co director. Instead of taking higher salary- investing more in a pension etc

Hi,

I would recommend that you go to an independent, fee based, pension consultant, first.

The reason that I suggest a fee based independent, is because they charge a fee for their advice and they are independent, so won't be trying to sell you a particular pension that they happen to get particularly good commission on, and they'll also be familiar with the wider market, not just the couple of pension companies that they have an agency for.

Ideally, you should try and pick a firm that have Chartered Financial Planners employed within, as they are highly qualified, specialists. While access to same isn't essential, it can be helpful.

Most larger firms will do an initial consultation at a fixed fee, or first meeting free etc. It's worth meeting more than one, before making a final decision.

I've dealt with a few, settled on Goodbody and also Invesco (for different pension pots, long story). I find both very good, although not the cheapest - I'm happy to pay a little more for good service, access to wider expertise etc. I've also dealt with a guy in Irish Life that was helpful, but he's tied exclusively to Irish Life, which didn't suit my personal needs.

Feel free to drop me a private message if you want some specifics on the above, othewise I'm happy to answer more general questions here.

Mach 3

MizMix wrote: »

Hi

Looking for any first hand recommendations- have not paid into a pension since my late 20's (over ten years ago). I've been putting it on the long finger for years now and ideally want to pay a lump sum into one this year (self employed)

Any recommendations- location not an issue as I'm sure it can all be done over the phone/zoom in todays climate

Thanks

Am i right in saying the normal age/% rule doesn't apply when you take out an executive pension? I.e you can put as much as you like per year if you wanted to hit the €2 million threshold.
Or is that oversimplified? In which case it might determine which one to choose.

MizMix

Garrettod thanks so much- I've contacted goodbodys for an initial consultation.

The J Stands for Jay

Mach 3 wrote: »

Am i right in saying the normal age/% rule doesn't apply when you take out an executive pension? I.e you can put as much as you like per year if you wanted to hit the €2 million threshold.
Or is that oversimplified? In which case it might determine which one to choose.

You can only contribute an amount that will likely not exceed the Revenue maximum which is based on your expect salary and length of service to retirment. Your pension provider or broker should be able to do a 'max funding quote' which will give you this amount