Thinking of starting a pension

aligator_am

Hi Folks,

Was thinking of signing up to a personal pension fund / scheme, I know nowt about this field, any suggestions or things I should look out for?

Thanks
Ali

Scortho

aligator_am wrote: »

Hi Folks,

Was thinking of signing up to a personal pension fund / scheme, I know nowt about this field, any suggestions or things I should look out for?

Thanks
Ali

Fees. They can eat up a good chunk of your gains.
I'd suggest an independent financial advisor who'd come highly recommended if you know nothing about the field. It's bloody hard enough to navigate when you've a small understanding.
Also read the fine print of everything before you sign anything.

aligator_am

Scortho wrote: »

Fees. They can eat up a good chunk of your gains.
I'd suggest an independent financial advisor who'd come highly recommended if you know nothing about the field. It's bloody hard enough to navigate when you've a small understanding.
Also read the fine print of everything before you sign anything.

Nice one, will take that on board.

Was thinking of sticking a few quid aside each month but I know little about the possible pit falls. Have recently packed in the smokes so wanted to put the extra dosh to good use

Scortho

aligator_am wrote: »

Nice one, will take that on board.

Was thinking of sticking a few quid aside each month but I know little about the possible pit falls. Have recently packed in the smokes so wanted to put the extra dosh to good use

There's tax relief available on pension contributions (a great way to reduce your income tax bill).
I'd start with this. http://www.citizensinformation.ie/en/money_and_tax/personal_finance/pensions/personal_pensions.html

coylemj

OP, are you in employment at the moment and if so, does your employer offer the ability to put money aside for a personal PRSA or is there a company pension fund and if there is a company pension fund, are you able to make additional voluntary contributions (AVC).

Liam D Ferguson

Consumerhelp.ie have a good starter section on pensions. See here and also the pension links on the left-side menu bar.

Trish56

I would highly recommend Liam D. Ferguson here on boards who is a pension expert. You should send him a PM.