Advice on starting up a pension

YourWann

Hey folks.
Hoping you could give me some advice on starting a pension.
Im 23 and and thinking its about time to set up my pension but to be honest, I don't know how to go about it (another important thing they don't teach you in school).
At the moment, I'm not making great money (30k) but I'm making enough to get the ball rolling (I think).
How do I go about setting it up ? Is there a certain company I need to go to ?



Thanks in advance!

homer911

Have you spoken with your employer about this or are you self-employed?

YourWann

homer911 wrote: »

Have you spoken with your employer about this or are you self-employed?

My company hasn't got a pension scheme (Security Company)

boogerballs

First of all fair play to you for thinking about this at 23... I didnt start a pension until my mid 30s and have to pay a fair whack into it.

You can choose any provider, just google one and go with one of them. You just need to choose how much income you'd like when you retire and it will give you a monthly premium based on that.

However, it would also be a good idea to speak to a Qualified Financial Advisor, they will go through your options and explain things a bit better. Again I done this when I hit 35 and it really helped me get a plan for my long term finances - I regret not doing it when I was younger.

YourWann

I done a bit of research last night and didn't realize how complicated it can be.
I didn't know there was different types of pensions (Personal Pension,PRSA Pension,Retirement Bond) and have no idea where to start.
It kind of hard to judge right now seen as the retirement age is growing so I'm not sure on how much to say would be comfortable when I retire as I'm not sure what age ill be.

Preferably, I'd like a pension that I could control, i.e. if something happens where I become unemployed that it wont affect my pension.

What plans are you on and who are you with ?

Any info would be a big help!

Henry Ford III

YourWann wrote: »

I done a bit of research last night and didn't realize how complicated it can be.
I didn't know there was different types of pensions (Personal Pension,PRSA Pension,Retirement Bond) and have no idea where to start.
It kind of hard to judge right now seen as the retirement age is growing so I'm not sure on how much to say would be comfortable when I retire as I'm not sure what age ill be.

Preferably, I'd like a pension that I could control, i.e. if something happens where I become unemployed that it wont affect my pension.

What plans are you on and who are you with ?

Any info would be a big help!

PRB won't apply in your case.

Get proper advise from a qualified financial advisor.

AlmightyCushion

boogerballs wrote: »

First of all fair play to you for thinking about this at 23...

This. I didn't start mine until I was 30. I can only imagine what would be in my pension fund right now if I had started it at 23. I'm a bit pissed off with myself for not taking the time to look into it when I was younger.

YourWann

Henry Ford III wrote: »

PRB won't apply in your case.

Get proper advise from a qualified financial advisor.

I rang an advisor and he wanted 500 for his help.
I wish I had that money flying around! lol



Think this is going to be a self set-up job

Henry Ford III

YourWann wrote: »

I rang an advisor and he wanted 500 for his help.
I wish I had that money flying around! lol



Think this is going to be a self set-up job

Depends of what they were going to do really.

What you need to remember is that:-

1/. A mistake can be horribly expensive.
2/. DIY is not always the best or even the cheapest option.
3/. There is no such thing as a free lunch.

Amirani

Given that you're on the lower rate of income tax (20%) and you don't have an employer match, there's fairly limited benefit to investing any sort of significant amount into a pension at this stage. I generally though do think that it's a great habit to start early, so I'd try to get investing a modest amount into a pension fund. Does your employer have any sort of HR setup, they may be able to give some tips?