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New Ireland Pension Funds

  • 17-10-2007 8:50am
    #1
    OnLooker
    Registered Users, Registered Users 2 Posts: 707 ✭✭✭


    Hi,

    I am 27 & starting off my pension fund. The company I work for use New Ireland.

    I am just wondering what are the best funds to invest in? I know for certain Irish funds are very poor at present.

    http://www.newireland.ie/savings-and-investment/pension-funds.asp

    I was looking at the Innovator & Pacific Basic. Any opinions would be great.

    Thanks


Comments

  • #2
    homer911
    Registered Users, Registered Users 2 Posts: 5,150 ✭✭✭homer911


    You should always consider using AVCs due to the tax advantages. If your employer only offers a pension scheme which is managed by New Ireland and the scheme is not performing, then the pension trustees are not doing their job - its up to them to ensure adequate returns for the scheme by choosing the right investment managers. If you have no relationship to the pension scheme then you can't do anything about it, but it you are a contributor, you can lobby the trustees to change the investment manager, its also possible to sue the trustees if you believe they are not doing their job.


  • #3
    OnLooker
    Registered Users, Registered Users 2 Posts: 707 ✭✭✭OnLooker


    homer911 wrote: »
    You should always consider using AVCs due to the tax advantages. If your employer only offers a pension scheme which is managed by New Ireland and the scheme is not performing, then the pension trustees are not doing their job - its up to them to ensure adequate returns for the scheme by choosing the right investment managers. If you have no relationship to the pension scheme then you can't do anything about it, but it you are a contributor, you can lobby the trustees to change the investment manager, its also possible to sue the trustees if you believe they are not doing their job.

    I am going to max out my AVC's at 15%. The company switched to New Ireland about 8 months ago & the fund they advised everyone to go into isn't performing at all.


  • #4
    [Deleted User]
    Posts: 281 ✭✭ [Deleted User]


    You could possibly look at taking out an AVC PRSA outside of the scheme altogether with another product provider. However, you will have to claim your reliefs back manually, as your contributions will not be made by salary deduction. You would forego the 2% Health Levy relief as there is an anaomly
    between the 'manual' and automatic(salary deduction) systems.

    If you have a good understanding of what funds you are interested in and do not need any advice, you could avail of an 'execution only' service and limit your cost to just the 1% annual management charge that applies to an AVC Standard PRSA.


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