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Looking for advice.

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    #32
    killbillvol2
    Registered Users Posts: 5,178 ✭✭✭killbillvol2


    Summertime12345 wrote: »
    I do apologise I didn't mean to upset you. I don't actually know what my pension is going be like I'm just going on what other staff members have told me.

    Have a look at your payslip. Pension deductions should be listed. If you're on the old public service pension there are probably three deductions. 5% pension, 1.5% (used to be called Spouse's and Orphan's) and another Pension Related Deduction that varies. If you're in that pension scheme your pension is basically half salary after 40 year's service.


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    #33
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,118 Mod ✭✭✭✭Jim2007


    Summertime12345 wrote: »
    I do apologise I didn't mean to upset you. I don't actually know what my pension is going be like I'm just going on what other staff members have told me.

    Read posts 18 and 26, start by getting a handle on what your pension is likely to be.


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    #34
    athlone573
    Registered Users Posts: 726 ✭✭✭athlone573


    Henry Ford III wrote: »
    That's both incorrect and misleading too.

    If a Broker makes a recommendation they are obliged to provide a "reasons why" letter as well as all the other disclosure requirements.

    The principle of "Best Advice" applies too.

    Please don't assume anything or particularly post anything beyond your level of knowledge here in the future.

    Ok

    I am sensing the pro broker attitude from the mods so happy to take a step back.

    Just one point before I go - it would be educational if someone would care to comment about "buying years" on PS pensions.


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    #35
    Geuze
    Registered Users Posts: 13,225 ✭✭✭✭Geuze


    Summertime12345 wrote: »
    I do apologise I didn't mean to upset you. I don't actually know what my pension is going be like I'm just going on what other staff members have told me.

    Go ahead and estimate your work pension.


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    #36
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,692 Mod ✭✭✭✭Henry Ford III


    athlone573 wrote: »
    Ok

    I am sensing the pro broker attitude from the mods so happy to take a step back.

    Just one point before I go - it would be educational if someone would care to comment about "buying years" on PS pensions.

    No that's not the case.

    You're welcome to post here but just please don't be making sweeping statements which are factually incorrect. That's less than helpful.

    The same applies to everyone by the way - not just you.

    p.s. Buying added years can be a great idea. Like every consideration individual circumstances will determine how good or otherwise that idea actually is.


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    #37
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,118 Mod ✭✭✭✭Jim2007


    athlone573 wrote: »
    I am sensing the pro broker attitude from the mods so happy to take a step back.

    If you were to take anything away from this experience it should that many of your assumptions are poor at best and definitely not something you’d want to base your future financial well being on.

    And this one is also wrong with respect to myself as I’m of the opinion the much of what passes for good financial advice in Ireland is fundamentally flawed. But that is a topic for another day.


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    #38
    KaneToad
    Registered Users Posts: 3,255 ✭✭✭KaneToad


    Geuze wrote: »
    The PS pension is not "****e".

    First of all, establish how much PS pension you expect to get.

    It seems you will have 35 years service at age 60?

    Therefore, calculate your expected work pension based on that, for a start.

    At the lower grades your final pension will not be much better than the 'state' pension. You will get a lump-sum though.


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    #39
    The J Stands for Jay
    Registered Users Posts: 5,717 ✭✭✭The J Stands for Jay


    Jim2007 wrote: »
    And this one is also wrong with respect to myself as I’m of the opinion the much of what passes for good financial advice in Ireland is fundamentally flawed. But that is a topic for another day.

    This paragraph sums up the source of a lot of disagreements on this forum. There are excellent advisors working in the industry in Ireland, but there are also a large number which I would describe as salesmen. Thankfully, their number has reduced massively over the years, but they have left a lot of people with a bad impression of the industry.


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    #40
    Summertime12345
    Registered Users Posts: 5 ✭Summertime12345


    Thanks for the advice I really appreciate it��


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    #41
    AndrewJRenko
    Registered Users Posts: 28,754 ✭✭✭✭AndrewJRenko


    athlone573 wrote: »
    The option to buy years instead, which private sector don't have (not saying that all public sector do either)
    athlone573 wrote: »
    Ok

    I am sensing the pro broker attitude from the mods so happy to take a step back.

    Just one point before I go - it would be educational if someone would care to comment about "buying years" on PS pensions.

    Buying additional years isn't great value these days. You'll probably be better off putting the equivalent cash into an AVC. It also gives you the advantage of not having all your pension eggs in one basket (government, or more specifically, future government).


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