Starting my pension

peanuthead

I have a question and Im wondering can someone help me out.

Im thinking about starting up a pension soon, as in before christmas. I have no idea about it at all, except that I should get going on it now so that I have some money in the bank when Im older. However, I was just wondering if people could tell me a bit more about it,

for example, is now a good time to be starting one, given the country's economic state? Im 24 so could wait a year or so to get going if it had to. I know high risk investment ones are risky, but Im just talking about a regular one, with no risk. Are there interest rates etc..

Also, can anyone recommend anywhere in particular.


These are probably really stupid questions, but I dont know the first thing about starting a pension, so any help is appreciated

Sir Digby Chicken Caesar

moved from after hours

Burial

I'd suggest goto PI [Personal Issues] with this or posting here:

http://www.boards.ie/vbulletin/forumdisplay.php?f=544


Thats the Banking & Insurance & Pensions forum

peanuthead

crap I am no good at finding the right places for my threads!!! I searched for ages too!!!

This is a good starting point if you are prepared to do the research http://www.itsyourmoney.ie/index.jsp?1nID=93&nID=108&pID=94

Drumpot

Few simple points:

• Earlier you start your pension the better
• You get tax relief on your contributions (subject to revenue limits)
• You would be starting a Pension at a good time, think about it, buying units of stock at low values.
• the younger you are the greater the risk you can afford to take in your pension (sounds kind of contradictory when you think a pension is about providing a stable income at retirement, buts its true)
• Personally I think you are best served getting advice directly from a life assurance company or financial advisor (best look on the financial regulators website for list of independent brokers).

broker2008

Have a look at www.itsyourmoney.ie or the Pensions Board for basic information. The key is to start young and supposedly you will achieve financial independence in retirement (and of course there is tax relief on your premiums too) - unless of course you get sick and are over 70 and having a pension prevents you from obtaining a medical card !

At your age there will be many ups and downs in the markets. A managed fund will have all the necessary investment components; equities, property, cash, bond mix without the need to follow the return in the papers. An investment manager is always trying to maximise the return on a managed fund every day as opposed to timing the best returns. Have a look at some of the insurance company websites to gather information on individual funds;

In no particular order, google the following: Irish Life, New Ireland, Bank of Ireland Life, Ark Life, Hibernian, Friends First, Quinn, Standard Life, Eagle Star, Canada Life, Acorn - Equitable Life & Scottish provident no longer in the market.

best tip - pick an affordable amount, pick one company, pick 2 funds and start it.

Dinarius

Peanut,

The easiest way to find the correct forum to post to, whatever you're looking for, is to go to Search, choose Advanced Search, and put a key word (in your case "pension") in the search box and (VERY IMPORTANT!) choose Search Titles Only. i.e. not entire threads.

If you had done this, the vast majority of hits would have been for this forum.

Takes 30 seconds.

Off topic, I know but.........;)

D.

kaiser sauze

peanuthead wrote: »

for example, is now a good time to be starting one, given the country's economic state? Im 24 so could wait a year or so to get going if it had to. I know high risk investment ones are risky, but Im just talking about a regular one, with no risk. Are there interest rates etc..

Many of your other queries have been touched on, so I'll just answer this one: there is never a bad time to start. This is an investment with a long (very long in your case:D) horizon.

Lawdie

peanuthead wrote: »

Im 24 so could wait a year or so to get going if it had to.

Don't wait or you will be posting this again when your 34. Great age start now. Don't index the premiums and review every year with a view of how much you can afford to increase.

When you are young play it medium to high risk and as you hit late 50's you can ease your money into protection funds, ie cash and long bond funds are these are safe funds with very little risk.