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Occupational pension has poor returns

  • 20-10-2020 09:58PM
    #1
    Covieland
    Registered Users, Registered Users 2 Posts: 89 ✭✭


    I'm a PAYE employee and I already have a pension (Mercer) set up with my employer that they match my contribution of 5%. There is a built in calculator to show the amount that I should have at retirement age and it's half the avarage of 8% i.e. S&P500, I even have it set to the highest risk fund, I am looking to contribute the rest of my tax relief/AVC's to a PRSA with Davy select probably in a s&p500 ETF

    I am wondering are you allowed have a PRSA if you have an occupational pension with your employer already, thanks for any replies


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 18,043 Mod ✭✭✭✭Henry Ford III


    The content of your post has nothing to do with the title.


  • #3
    Grassey
    Registered Users, Registered Users 2 Posts: 2,393 ✭✭✭Grassey


    Would it not be easier to:
    1) pay AVC into your existing scheme via salary deduction
    2) change your current fund holdings if you feel the fund growth is poor?

    What are your current funds? Are you limited in your fund selection by Trustees? Can you not switch to better performing funds?

    Surely they would be easier options than opening a new Prsa and managing contributions to this outside of payroll, additional costs etc


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