Standard vrs Non-standard PRSA

Novaman

Hi all, I'm in my mid thirties and am starting to get the jitters about planning for a pension. I had a pension with a previous employer, but went out of business 4 years ago. I have not made any attempt at starting a pension with all the uncertainty of the last few years, but I've made an attempt at starting one now.

I have had a look at Rabobank pensions, however you are redirected to Zurich that will provide a standard PRSA. I have also seen that Davy do a self directed PRSA, but this is deemed a non standard PRSA but does to me seem a litle riskier given my little knowledge of stock markets.

Should I go with the standard safe path, or has anybody dealt with davy?

cheers for your help

NM

bailes

Hi Novaman

There are a number of other factors that you need to consider before you select a provider.

1. Past performance
2. Credit Rating
3. Allocation rates
4. Annual Management charges
5. Your attitude to risk.

I would go and seek some expert financial advice before commiting to any provider.

Using a broker doesn't adversely effect your incestment and in fact can help debunk the jargon mail you receive direct so i would go and talk to a broker.

If you need some help i can point you in the right direction.

Novaman

Thanks Bailes, you have been very helpful, I'll take up your advice and talk to a broker, it seems sound advice.

I'll try and check out all the factors you have listed, is there a credit rating website where I can access?

Thanks,

NM

broker2008

I remember a friend of mine asked me for my views on pensions a couple of years ago.

He was in the construction game earning great money...............

I advised him to keep it simple in case market/markets went belly up and go for a single premium pension/prsa every year having saved money in bank/building society throughout the year.

He told me that I was "too small to deal with" and that he was going to deal with a guy he knew very well from sport who had "worked his way to the top of his profession" in a very short period of time. His friend suggested self administered fund blah blah . I suggested that it was not a suitable vehicle and that he wasn't earning that much to be going into one etc etc.

He didn't listen, his fund is worth 1/5th of what was invested and of course, he has been unemployed for the last 2 years and his friend came down the ladder as quick as he went up it.

Do get advice, from more than one advisor & do consider the investments you are making.

Novaman

Ooh, that's quite a fall there, thanks for your advice it just goes to show that what seems a done deal at the time isn't all that good sometimes.

Why the single premium pension, less charges ?

Thanks

NM

broker2008

Novaman wrote: »

Ooh, that's quite a fall there, thanks for your advice it just goes to show that what seems a done deal at the time isn't all that good sometimes.

Why the single premium pension, less charges ?

Thanks

NM

Could be but more so the flexibilty.