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PRSA

  • 21-05-2013 10:05am
    #1
    L.T.P.
    Registered Users, Registered Users 2 Posts: 405 ✭✭


    Hi all,

    I don't have a pension plan at present and my employer doesn't offer one.

    I'd like to get started and was thinking of an Irish Life Clear PRSA:

    http://www.irishlife.ie/pensions/clear-prsa.html

    Can anyone suggest an alternative product or advice "For" or "Against" the Clear PRSA?

    Thanks in advance :D


Comments

  • #2
    Bren157
    Registered Users, Registered Users 2 Posts: 44 ✭Bren157


    L.T.P. wrote: »
    Hi all,

    I don't have a pension plan at present and my employer doesn't offer one.

    I'd like to get started and was thinking of an Irish Life Clear PRSA:

    http://www.irishlife.ie/pensions/clear-prsa.html

    Can anyone suggest an alternative product or advice "For" or "Against" the Clear PRSA?

    Thanks in advance :D

    Get proper independent advice first. How else do you know what is best?


  • #3
    oodes
    Registered Users, Registered Users 2 Posts: 45 ✭oodes


    L.T.P. wrote: »
    Can anyone suggest an alternative product or advice "For" or "Against" the Clear PRSA?

    Thanks in advance :D


    Thinking about starting a pension myself , what did ya go with in the end if any?


  • #4
    Bren157
    Registered Users, Registered Users 2 Posts: 44 ✭Bren157


    All pension companies want to do is sell you a pension. The only way to determine the right option for you is to get independent advice from an advisor who is not driven by commissions. You should go to a fee-based financial office. If you want, I am happy to recommend one but that's up to you!


  • #5
    oodes
    Registered Users, Registered Users 2 Posts: 45 ✭oodes


    Hello ,

    Yeah sure feel free to recommend one as long as they are in the North East . Being planning on visiting one for other reasons also so might as well. What sort of ballpark fees does an independent adviser charge out of interest?


  • #6
    Jonathan McDonnell QFA
    Banned (with Prison Access) Posts: 3 ✭Jonathan McDonnell QFA


    As an independent advisor, yes you can get 'fee-based' advice...

    At the moment however, we are paid commission by the insurance company so therefore fees are not typically required. This is likely to change in the future so get the advice while you can :)

    As you are employed, your employer will allow (or at least needs to allow) you to effect a retirement plan. This can be done by payroll deduction so there's no hassle with tax etc.. There are a lot of different providers in the market but my advice before selecting a provider would be to assess the following:

    1. How much money do you want to have annually in retirement
    2. Understand that a pension is a long term commitment and that a proper 'personalised' plan should be in place
    3. How do you feel about investing money - we usually have great questionnaires to assess this
    4. What can you afford to contribute monthly based on your current income

    <SNIP>


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