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joining work pension ?

  • 28-04-2010 10:01pm
    #1
    Craigels
    Registered Users, Registered Users 2 Posts: 727 ✭✭✭


    i have decided to join the pension in work and have been to put the 100 % into active management fund....

    does this sound like good advice i honestly havent got a clue about pensions


Comments

  • #2
    phelixoflaherty
    Registered Users, Registered Users 2 Posts: 1,473 ✭✭✭phelixoflaherty


    http://www.askaboutmoney.com/forumdisplay.php?f=10


  • #3
    RizzoJR
    Registered Users, Registered Users 2 Posts: 85 ✭✭RizzoJR


    Craigels wrote: »
    i have decided to join the pension in work and have been to put the 100 % into active management fund....

    does this sound like good advice i honestly havent got a clue about pensions

    how old are you?

    how much % do you contribute?
    what % company contribute?

    are you on 20 or 40% tax band?

    who is the pension fund with?

    have you got factsheet on the "active manegment fund"?
    - what are the charges?
    - what are fund components?

    does your company have stock options? share scheme etc?
    - do you own company stock?

    do you have a clue about investments in general?
    ie markets go up and down over time, and why?


  • #4
    Craigels
    Registered Users, Registered Users 2 Posts: 727 ✭✭✭Craigels


    oh god all the questions haha

    im 19 i will be 20 in may

    i will put in 3 % they put in 5% or 6% thats the option im going with there are higher ones... i think i keep leaving the bloody thing in work

    im on 20% tax band


  • #5
    RizzoJR
    Registered Users, Registered Users 2 Posts: 85 ✭✭RizzoJR


    Craigels wrote: »
    oh god all the questions haha

    im 19 i will be 20 in may

    i will put in 3 % they put in 5% or 6% thats the option im going with there are higher ones... i think i keep leaving the bloody thing in work

    im on 20% tax band

    I wouldnt bother
    - you are very young
    - dont save that much on tax

    when you get to say 30 or 40 and are dealing with pension
    you should be on higher salary and get bigger tax breaks
    the decisions you make THEN will be more important.

    will you miss this 3%, 2.4% after tax, of monthly pay???
    if not then you do it, cause you get the company's 5 or 6% "free"

    find out what fund options are available,
    eg cash, stocks, property, bonds, etc

    and each's related costs, eg annual "management fee"
    shouldnt be more than 1%

    if you picked a CASH FUND your pension value would never drop
    and annual fees on this should only be .5%

    GET THE INFO!!

    JR


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