Type of professional to speak to regarding setting up pension.

RobbieV

I am a lower rate tax payer from my job and also have a small rental income that pushes a portion of my total income into the higher rate. I have no pension in place.

I would like to find the most efficient way I can contribute to a pension but not sure what type of professional I should see. IE an accountant,a financial advisor or a financial planner

I understand that only my income from my job (mid 30ks) is taken into account for tax benefit on contributions so 20%. But according to the PWC tax calculator for example if I max out my contribution for my age (7500 E) my total ( incl rental income) taxable income will be reduced below the 40k higher rate threshold.

Geuze

Personally, I don't think you need to pay anybody.

First, does your workplace have an occupational pension scheme?

If so, can you join it?

Second, are you aware/familiar that auto-enrolment pensions may apply to you next year?

RobbieV

Hi thanks for replying.

No my workplace does not have any scheme. In fact even though employers are now obligated to provide prsa access to employees mine doesn't and goes out of his way to pawn off anyone that asks .

I am aware of the scheme but don't know the details as I believe there are no final details yet. I would like to fully maximise my contributions from my crappy salary to try bring down my tax bill for my total income.

Geuze

This link provides information on the new pension scheme:

https://www.citizensinformation.ie/en/social-welfare/irish-social-welfare-system/auto-enrolment/#c4eeae

drunkmonkey

I'm not liking any of the replies you've got so far. I need to set up one as well. Just commenting with the hope a pro wanderers along to educate us on the key to retiring at 55.

Jim2007

https://www.boards.ie/discussion/comment/121528549#Comment_121528549

Is it possible to retire at 55? Yes. Is it likely? Probably not.

There is an old adage: You'll never make money working for someone else. And that about sums it up. If you are in business, hold patents or royalties, or senior position in a public company, then yes it is likely if you work hard and manage your money that you'll achieve it.

But for most people the objective is to have a sufficient nest egg that you won't need to go without or do odd jobs in order to live comfortably, with an emergency fund for to cover the unexpected. And that is within the grasp of most people if you start on time, say 25 or there about. The later you leave it the more catching up you'll need to do and the more sacrifices you'll need to make to achieve it. When it comes to accumulating wealth, time is the big factor that impacts the outcome.

Henry Ford III

I'm a QFA and in my opinion proper independent financial advice is of paramount importance and well worth the cost.

A good QFA will make recommendations that the ordinary consumer just won't be aware of. That might be in the selection of a financial product, or provider, or even sometimes a fund. They'll certainly know which to avoid. A good one will tell you when to switch, or more importantly when not to.

There's no such thing as a free lunch remember and I've dealt with dozens of guys who fancied their chances of setting up low cost but flawed solutions, which ultimately cost a lot more to put right.

There are loads of articles on the value of Independent advice. Look then up.

Alkers

https://www.boards.ie/discussion/comment/121539210#Comment_121539210

Do you provide impartial advice for a fee so or do you get commission on what the customer signs up to?

I've found impartial financial advice extremely hard to find in Ireland.

Buddy Bubs

2 TV and internet personalities that also run successful firms are xxxx xxxx and xxxx xxxx. Look them up for their free internet advice and maybe think about setting up a meeting with one of their firms. I'm a QFA too and CIMA accountant but not working in pensions industry anymore, but both these guys know their stuff and would be a good first step for you. I don't know if you will get face to face with either guy but I know xxxx xxxx will do it if you request it.

Or ask trusted friends and family members for referrals for someone they use. It's not rocket science at all it's pretty straightforward (it's a savings account with a tax benefit) when talking to someone that knows their stuff but you need to trust them. I don't think there's many cowboys out there anymore but there are plenty of inexperienced that will focus on the sale and not focus on you.

Edited to remove names. I think recommending one or two individuals is not appropriate. What if they weren't any good?

Henry Ford III

https://www.boards.ie/discussion/comment/121539430#Comment_121539430

Either/or. Sometimes a combination of both.

Commission disclosure is mandatory btw.

RobbieV

After reading up on the information I could find regarding the upcoming auto enrollment scheme for those without pensions I learned:

If I set up my own prsa and claim the tax credit myself I must switch to the employer provided scheme instead via the auto enrollment.

While the government (.5% of.my gross =€187.5) and employer (1.5% of my gross = 562.5) match a tiny percentage it is not clear if I can max out my contribution for my age Or if I get a tax relief anymore.

Ideally I would need to max my contribution, receive the tax relief of 20% and also will receive a little from both the employer and government.

Information doesn't seem to be available yet. If I cannot max my contribution and get a tax relief this scheme is no good. It's not worthwhile to participate in