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Personal Pension or PRSA

  • 28-10-2019 4:37pm
    #1
    Fuiru
    Registered Users, Registered Users 2 Posts: 19 ✭


    Hi,

    I'm about to take out a pension and my advisor has recommended taking out a lumpsum personal pension each year due to me being self employed. From what I understand that means each year I contribute roughly 10,000 until retirement.

    So, that would mean 24 personal pensions until retirement. Is this normal? He reckons this will be better in terms of flexibility but I can't find anything online of this being the usual practice for self employed individuals.

    Maybe I didn't understand him fully but can someone please advise if this is better than taking out one personal pension and contributing a lump sum each year to that one personal pension?

    Any advice greatly appreciated.

    Fuiru
    Tagged:


Comments

  • #2
    Static M.e.
    Registered Users, Registered Users 2 Posts: 3,093 ✭✭✭Static M.e.


    I can see the value of contributing a lump sum every year to a single personal pension scheme and combining it with your declared tax to revenue. I cannot see any value in you having 24 personal pensions...apart from a way for the seller to make money from you. I expect it is a misunderstanding. If not it sounds dodgy.

    Not to be a dick but if you don’t understand what your advisor is trying to advise you on, then you should think about seeking another advisor. It is your hard-earned money that you are parting with and if you don’t understand what you are being sold then tell them that. If they cannot explain it to you in simple language, then seriously consider changing advisors.

    There are some great people on here with loads of actual pernsion experience so I will let them jump in with better advice. You should post back with the fee's being quoted before you sign up. Paying even 1% more than you should be will take a massive chunk out of your pension long term, so be very wary of the figures quoted. Good luck


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