Single Public Service Pension Scheme Question

Happyhouse22

I am a teacher on the single pension scheme. After a bit of research on the pension I can hope to get (started at 27 so not great) I have decide to purchase AVC’s.

The most common option is cornamarket, but they have huge fees which would put me off. Research suggested LA Brokers could be a good option but this is strictly an execution only service - and there are a few things I am unsure of.

Who is the trustee for the Single Pension scheme?
Are there any Zurich Funds that people would particularly recommend?

Geuze

Happyhouse22 wrote: »

I am a teacher on the single pension scheme. After a bit of research on the pension I can hope to get (started at 27 so not great) I have decide to purchase AVC’s.

Start at age 27, teach until 67, that means full-service?

So you will get a full work pension?

Mrs OBumble

Geuze wrote: »

Start at age 27, teach until 67, that means full-service?

So you will get a full work pension?

That assumes no career breaks, parental leave etc.

AVCs while you can are a very good idea.

Happyhouse22

Mrs OBumble wrote: »

That assumes no career breaks, parental leave etc.

AVCs while you can are a very good idea.

Thanks, ya I don’t think I will reach the full 40 years.Definitely plan on taking a career break to travel and maybe work abroad, and can see the benefits of a job share for a year or two if ai have children.

Henry Ford III

Happyhouse22 wrote: »

I am a teacher on the single pension scheme. After a bit of research on the pension I can hope to get (started at 27 so not great) I have decide to purchase AVC’s.

The most common option is cornamarket, but they have huge fees which would put me off. Research suggested LA Brokers could be a good option but this is strictly an execution only service - and there are a few things I am unsure of.

Who is the trustee for the Single Pension scheme?
Are there any Zurich Funds that people would particularly recommend?

In view of your last papragrah the highlighted comment just won't work for you.

Get a proper financial assessment done. It won't be free.

killbillvol2

It'll cost you nothing to discuss it with Cornmarket. You can pick the advisor's brain for free.

PSRA in Maynooth also specialise in this area and a consultation will cost you about €150. I have no affiliation but found them excellent as did a number of friends.

Happyhouse22

Ya I suppose talking to a financial advisor is these step.

Had planned on it actually- but have a bit of an unusual financial situation myself and was hoping to get more clarity on it myself before getting advice (no point in getting advice now that might not be relaxant to my situation in 18-24 months)

Just thought I might purchase avc’s to get a jump start on this, avc’s are free to change between providers and with the tax relief available it just seems to make sense to start putting money in as early as possible even if I don’t have an idea of the full future picture yet.

That said the advice here is very sensible so maybe will hold off for a while.

Happyhouse22

Ended up going the LABrokers route, pretty happy so far with a little retreat I didn’t go with Davy which would allow me to invest my AVC in a passive ETF rather than a managed Zurich product.

The J Stands for Jay

Geuze wrote: »

Start at age 27, teach until 67, that means full-service?

So you will get a full work pension?

There might be scope for a bit more in the fund.

Happyhouse22

McGaggs wrote: »

There might be scope for a bit more in the fund.

Well I definitely intend to take a few year career break so plenty scope!

Would retire a bit before 67 too in an ideal world

Yoya432

Have started a PRSA AVc with labrokers. -pretty have with the service (even though would like some passive tracker fund options)