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Question about savings/pension/investments

  • 13-10-2023 2:20pm
    #1
    bjarbnickixo
    Registered Users, Registered Users 2 Posts: 19 ✭


    Hi,

    So, I'm working a grad role in the civil service, and I keep hearing that our Single Public Service Pension Scheme plan isn't all that great. Am I tied to this plan? Am I allowed to explore other options?

    Right now, my money just sits in a BOI current account, earning zero interest. I would like to change that but I'm not familiar with options and what a competitive provider even looks like when it comes to a separate savings account.

    I also heard that pension contributions might be tax-free, but I'm not sure. If this is the case though, I would not mind increasing contributions to this. Basically, I want to make the most out of what I've got (spoiler alert: it's not much).

    Any tips or info would be very much appreciated, please.



Comments

  • #2
    [Deleted User]
    Posts: 281 ✭✭ [Deleted User]


    You can buy Notional Service or do AVCs to add to your PS pension.

    You get tax relief on your pension contributions.

    The most competitive savings/pension/investment products are bought on an execution only basis but it sounds like you need advice so you'll have to pay for that.

    There's a very good Flow Chart on personal finance available here

    Post edited by Boards.ie: Mike on


  • #3
    harry_ireland
    Registered Users, Registered Users 2 Posts: 25 ✭harry_ireland


    I second GerardS advice and would strongly urge you to seek professional financial advice with someone that specializes in pensions.



  • #4
    AndrewJRenko
    Registered Users, Registered Users 2 Posts: 30,268 ✭✭✭✭AndrewJRenko


    What's your overall financial situation like? Are you going to need this money for house purchase or other major spends?

    If so, don't tie it up in your pension. Tax relief benefits of your pension are good, but money is tied up until you retire.



  • #5
    Geuze
    Registered Users, Registered Users 2 Posts: 14,033 ✭✭✭✭Geuze


    https://www.boards.ie/discussion/2058318018/question-about-savings-pension-investments

    I would not call the SPSPS bad.

    Educate yourself on how exactly it works.



  • #6
    wads35
    Registered Users, Registered Users 2 Posts: 8 ✭wads35


    How long will you be in the public service before you retire?


    You can only draw down 1 1/2 times your final salary as a lump sum tax free Seriously take independent financial advice. AVCs are at risk and also attract management fees.


    You can make a lump sum payment directly into your public service pension once a year, still benefit from 40% tax rebate if you're paying 40% tax and your pension is guaranteed by government. There's absolutely no risk involved or management fees.


    But take professional independent advice



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