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Pension advice- Age

  • 04-12-2017 12:59pm
    #1
    andrew1977
    Registered Users, Registered Users 2 Posts: 3,121 ✭✭✭


    Hi

    Is it worth joining a pension scheme at 40 years of age or investing/saving the cash somewhere else ?

    3% contribution by the employer for first 2 years of employment, rising to 5 % contribution by the employer after 2 years of employment.

    A pension was in place in previous employment ( no contribution for the past 2 years) and has to be transferred to the new company.
    Not a huge amount of value in the old pension, circa 10k.

    Thanks


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,861 Mod ✭✭✭✭Henry Ford III


    andrew1977 wrote: »
    Hi

    Is it worth joining a pension scheme at 40 years of age or investing/saving the cash somewhere else ?

    3% contribution by the employer for first 2 years of employment, rising to 5 % contribution by the employer after 2 years of employment.

    A pension was in place in previous employment ( no contribution for the past 2 years) and has to be transferred to the new company.
    Not a huge amount of value in the old pension, circa 10k.

    Thanks

    Yes it is.

    You get an employers contribution free of tax, tax relief on your own contribution, tax free growth, and a tax free lump sum at the far end. You'll have various planning opportunities on how to structure your post retirement income too.

    p.s. You don't have to transfer your old pension rights to the new co. You might be able leave it where it is, or do your own thing with it in a B.O.B. or similar.


  • #3
    andrew1977
    Registered Users, Registered Users 2 Posts: 3,121 ✭✭✭andrew1977


    Henry Ford III wrote: »
    Yes it is.

    You get an employers contribution free of tax, tax relief on your own contribution, tax free growth, and a tax free lump sum at the far end. You'll have various planning opportunities on how to structure your post retirement income too.

    p.s. You don't have to transfer your old pension rights to the new co. You might be able leave it where it is, or do your own thing with it in a B.O.B. or similar.

    Hi
    Thanks for the reply.

    What’s a B.O.B?
    What would the advantages be of leaving the first pension on its own? I guess each scheme brings its own possible gains etc .


  • #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,861 Mod ✭✭✭✭Henry Ford III


    andrew1977 wrote: »
    Hi
    Thanks for the reply.

    What’s a B.O.B?
    What would the advantages be of leaving the first pension on its own? I guess each scheme brings its own possible gains etc .

    Buy out bond. A single premium policy in your own name. You control it.

    Your last question is a big one. Get proper advice on that one I'd suggest.


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