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Advice on setting up a pension

  • 11-07-2018 8:53am
    #1
    Registered Users, Registered Users 2 Posts: 1,212 ✭✭✭


    Hi guys, i am looking to set up a pension and just wondering what the best way to go about it is? Employer will contribute 5% if i match but wondering if there are different options to go down as this is all new to me!

    Thanks in advance


Comments

  • Registered Users, Registered Users 2 Posts: 6,185 ✭✭✭troyzer


    dave 27 wrote: »
    Hi guys, i am looking to set up a pension and just wondering what the best way to go about it is? Employer will contribute 5% if i match but wondering if there are different options to go down as this is all new to me!

    Thanks in advance

    5%? Lucky bastard.


  • Closed Accounts Posts: 1,841 ✭✭✭Squatter




  • Registered Users, Registered Users 2 Posts: 4,803 ✭✭✭Xterminator


    Hi Op

    Does your employer not have a work scheme? Most pensions have an admin fee, but my employers deal means i am charged less than a quarter of the market rate of an admin fee.

    you really should speak to a professional pension advisor about this BEFORE setting up your pension. an independant one wont try to sell you a product. But the flip side of that is, they will charge you because they are not being paid by someone to tie you into a product that may or may not suit you best.

    have a read of this article
    https://www.rte.ie/lifestyle/living/2017/0116/845317-are-you-getting-the-right-financial-advice/

    When my financial advisor met with me, planning up my pension, he made sure he brought me through pros and cons, risk vs reward based on how many years it will be until you retire. Basically his message was the closer you are to retirement the more risk averse he thinks you should be. He explained how it is tax efficient, costs of the different schemes. Finally we talked about the pension provider, and the risks there. The service they provide etc.

    there are league tables & you can see some news here - they only seem to tell you about the big boys, zurich etc.

    https://www.rubiconic.ie/calculator/


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