Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Whats your private pension fund worth?

Options
12467…12

Comments

  • Options
    #92
    mel.b
    Registered Users Posts: 3,130 ✭✭✭mel.b


    McGaggs wrote: »
    Fair play for not following the Irish tradition of cashing in the Super when leaving Oz.


    Unfortunately i can't as i am an Australian citizen, so it has to stay there until i turn 65.


  • Options
    #93
    Elessar
    Registered Users Posts: 5,239 ✭✭✭Elessar


    Nowhere near as much as I'd like, 10k in it atm and I'm 31. Only started last year. Employer puts in 10% but it's frozen for a few years. If I get paid 100k tomorrow, they'll still only put in 10% of my first wage. Still, I manage about 15% now through employer/employee and AVC contributions.

    Ideally if I can get to a combined pension of 25-30k by the time I'm 65 I'll be happy. We have a good online tool to help us manage the pension and you can change how it's invested as often as you want. Currently I'm putting 45% of it into equities, which, I hear, are often a better bet long term for growth...


  • Options
    #94
    The J Stands for Jay
    Registered Users Posts: 5,710 ✭✭✭The J Stands for Jay


    Elessar wrote: »
    Nowhere near as much as I'd like, 10k in it atm and I'm 31. Only started last year. Employer puts in 10% but it's frozen for a few years. If I get paid 100k tomorrow, they'll still only put in 10% of my first wage. Still, I manage about 15% now through employer/employee and AVC contributions.

    Ideally if I can get to a combined pension of 25-30k by the time I'm 65 I'll be happy. We have a good online tool to help us manage the pension and you can change how it's invested as often as you want. Currently I'm putting 45% of it into equities, which, I hear, are often a better bet long term for growth...

    Why so little in equities?


  • Options
    #95
    jester77
    Registered Users Posts: 11,262 ✭✭✭✭jester77


    RedXIV wrote: »
    25% is definitely better than average. I'm in IT and I thought I was doing well with 7%

    It's 25% of my contributions, so for every 100 I put in they put in 25. Also IT


  • Options
    #96
    BrokenArrows
    Registered Users Posts: 7,500 ✭✭✭BrokenArrows


    freedominacup wrote: »
    What are the charges? What rate of return are you getting? I constantly hear figures of up to two years contributions disappearing in fees and charges when people take out pensions first. They're not behind the door about charging after this either..


    Fees depend on the fund i invest in at the time. I tend to micro manage my fund depending on how the market is at any point in time.

    My UK pension fund is 1.02% fees and over the last few years ive been averaging around 10% after fees.

    My irish pension which i havent contributed to since 2010 has been growing about 9-10% per year. Dont know what the fees are.


  • Advertisement
  • Options
    #97
    SEPT 23 1989
    Registered Users Posts: 43,028 ✭✭✭✭SEPT 23 1989


    Deutsche Bank €10.55 this morning


  • Options
    #98
    PaddyWilliams
    Registered Users Posts: 1,121 ✭✭✭PaddyWilliams


    McGaggs wrote: »
    Why so little in equities?


    I wondered that myself. My current pension fund usually has 75% + in equities.


  • Options
    #99
    Thud
    Registered Users Posts: 2,558 ✭✭✭Thud


    Elessar wrote: »
    We have a good online tool to help us manage the pension and you can change how it's invested as often as you want. Currently I'm putting 45% of it into equities, which, I hear, are often a better bet long term for growth...

    Watch out for switching fees


  • Options
    #100
    cookiexx
    Closed Accounts Posts: 335 ✭✭cookiexx


    My current employer doesn't offer a pension (stupid American start-ups) so I try to keep my private one from previous employer going with annual contributions. It's about 20 percent of my salary currently and I'm 29.


  • Options
    #101
    Radiosonde
    Closed Accounts Posts: 613 ✭✭✭Radiosonde


    It's interesting how often fear of "scroungers" and left wing governments stealing all your money crop up in these discussions.

    Surely if anything bad is going to happen to your private pension fund it will be some kind of future financial crisis that sees its value wiped out.


  • Advertisement
  • Options
    #102
    lawred2
    Registered Users Posts: 24,305 ✭✭✭✭lawred2


    cookiexx wrote: »
    My current employer doesn't offer a pension (stupid American start-ups) so I try to keep my private one from previous employer going with annual contributions. It's about 20 percent of my salary currently and I'm 29.

    were you allowed to do that?

    mine got locked down


  • Options
    #103
    Geuze
    Registered Users Posts: 13,192 ✭✭✭✭Geuze


    ongarboy wrote: »
    I have 12 years of a DB scheme accumulated that looks good on paper now but god knows what it will be worth when I retire in the 2040s if it hasn't already been cleaned out. It seems that only public sector employees have truly gold plated non contributory pensions that will not be affected by market influences (compliments of us...the taxpayer).

    This isn't a thread about PS pensions, but I can't let this myth go unchallenged.

    PS pay, and always have paid, 6.5% contribution towards their work pension.

    Now you can argue it's not enough, and I'd agree with you, but please don't repeat the media myth that PS do not contribute.

    Since 2009/2010, PS also pay the 10.5% PRD.

    So PS have been paying up to 17% of wages towards their pension.

    Again, this thread isn't the place to debate PS pensions.


  • Options
    #104
    SEPT 23 1989
    Registered Users Posts: 43,028 ✭✭✭✭SEPT 23 1989


    Deutsche Bank

    €10.26 Price decreasen 0.28 (2.70%)


  • Options
    #105
    cookiexx
    Closed Accounts Posts: 335 ✭✭cookiexx


    lawred2 wrote: »
    were you allowed to do that?

    mine got locked down

    Yeah they've kept it open as I worked in that job for more than two years, I transfer a few grand into it every year. It gets taxed though which I have to claim back end of tax year, which is a pain.


  • Options
    #106
    PaddyWilliams
    Registered Users Posts: 1,121 ✭✭✭PaddyWilliams


    Geuze wrote: »
    This isn't a thread about PS pensions, but I can't let this myth go unchallenged.

    PS pay, and always have paid, 6.5% contribution towards their work pension.

    Now you can argue it's not enough, and I'd agree with you, but please don't repeat the media myth that PS do not contribute.

    Since 2009/2010, PS also pay the 10.5% PRD.

    So PS have been paying up to 17% of wages towards their pension.

    Again, this thread isn't the place to debate PS pensions.

    You are indeed correct, they do pay towards their pensions and there is a myth that they don't. They just get better returns for their contributions, I believe.


  • Options
    #107
    buck65
    Closed Accounts Posts: 4,969 ✭✭✭buck65


    I have a pension since my late 20's, 42 now and I'm delighted I did it as that money would be gone now, I hope to retire at 60 with 10 years current net salary. Not sure if this is enough but hopefully mortgage will be gone and kids well on the way to working too.


  • Options
    #108
    MeatTwoVeg
    Banned (with Prison Access) Posts: 861 ✭✭✭MeatTwoVeg


    Just asking around in work, and it's astonishing the number of my 20-something colleagues who aren't in the pension scheme. This is a scheme where the Employer will double your contribution up to 12%. I.e. a 6% contribution from you means an 18% contribution to your fund.
    It's a no-brainer.

    I really believe there needs to be a compulsory requirement to join a pension fund. People need to be protected from their own shortsightedness.


  • Options
    #109
    aristotle25
    Registered Users Posts: 689 ✭✭✭aristotle25


    200k in pension fund, 38 years old. Started in 2009 which helped a lot as stock markets have rallied a lot since then.

    Company pays 8% into pension, I try to max out the remaining 12% allowed to get to 20% max allowed for my age.

    Not sure when I will retire but not going to rely just on pension, hoping to have a property rented as well.


  • Options
    #110
    PaddyWilliams
    Registered Users Posts: 1,121 ✭✭✭PaddyWilliams


    aristotle25 wrote: »
    200k in pension fund, 38 years old. Started in 2009 which helped a lot as stock markets have rallied a lot since then.

    Company pays 8% into pension, I try to max out the remaining 12% allowed to get to 20% max allowed for my age.

    Not sure when I will retire but not going to rely just on pension, hoping to have a property rented as well.

    Is it an occupational pension scheme


  • Options
    #111
    FURET
    Closed Accounts Posts: 685 ✭✭✭FURET


    33 years old, around 500k in my pot today, which is self-administered. I get no employer contribution and there is no pension system where I live. If I don't do it for myself no one else will.


  • Advertisement
  • Options
    #112
    aristotle25
    Registered Users Posts: 689 ✭✭✭aristotle25


    yeah occupational, 8% employer contribution is about average or a bit above average maybe.


  • Options
    #113
    Winterlong
    Closed Accounts Posts: 3,759 ✭✭✭Winterlong


    I heard a stat that by 2040 there will be just two workers for every pensioner in ireland.

    No way the country can afford to support that from general taxation.

    So either they move quickly to make contributing to private pensions mandatory or they will be 'redistributing' from private pensions. Lord save us.

    But for sure there is no way the state pension we have today will be in place then.
    The payment will be a lot lower in real terms.
    Probably means testing for free travel, medical cards and tv licence etc.
    A Tax on all pensioners income at same levels of income tax that working people pay.

    But no government is confident enough to make changes as there is one solid fact preventing them. Pensioners vote in greater numbers than working people.


  • Options
    #114
    Jen Pigs Fly
    Registered Users Posts: 2,770 ✭✭✭Jen Pigs Fly


    I'm 26 and on a civil service pension so no private pension for me!! Although I may invest in a PRSA when I hit 35 so I'll have extra.


  • Options
    #115
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    34, no pension. Should really get around to setting something up.

    Between mortgages and everything else I never really had 15%+ to put away into a long-term untouchable fund, so never had any chance to start one in my 20s.

    Sure, be grand. I won't starve.


  • Options
    #116
    PaddyWilliams
    Registered Users Posts: 1,121 ✭✭✭PaddyWilliams


    aristotle25 wrote: »
    yeah occupational, 8% employer contribution is about average or a bit above average maybe.

    In some instances you may be able to contribute your max amount + employer contributions also. Depends on the scheme rules though. Something you could check out maybe? Just thought it may be of interest to you. 8% employer contribution is very good. I know in my scheme I could put in the 20% + my employers' 5% if I wanted.


  • Options
    #117
    aristotle25
    Registered Users Posts: 689 ✭✭✭aristotle25


    PaddyWilliams wrote: »
    In some instances you may be able to contribute your max amount + employer contributions also. Depends on the scheme rules though. Something you could check out maybe? Just thought it may be of interest to you. 8% employer contribution is very good. I know in my scheme I could put in the 20% + my employers' 5% if I wanted.

    Sorry yeah that's what I meant, its 20% allowed plus 8% employer.


  • Options
    #118
    lawred2
    Registered Users Posts: 24,305 ✭✭✭✭lawred2


    FURET wrote: »
    33 years old, around 500k in my pot today, which is self-administered. I get no employer contribution and there is no pension system where I live. If I don't do it for myself no one else will.

    that's some solid work there


  • Options
    #119
    scdublin
    Registered Users Posts: 643 ✭✭✭scdublin


    I started a pension in my mid 20's but unfortunately lost my employers contributions as I changed jobs before the time limit for keeping it was reached (had to work there for 2 years or more after you started the pension). I now have a personal pension, so no employers contributions as that's not available to me, and I'm paying in about 3% of my salary. Not great but I figured it was better to have something over nothing.


  • Options
    #120
    Winterlong
    Closed Accounts Posts: 3,759 ✭✭✭Winterlong


    lawred2 wrote: »
    that's some solid work there

    Unless it is 500k Yen.


  • Advertisement
  • Options
    #121
    cbyrd
    Registered Users Posts: 3,214 ✭✭✭cbyrd


    I have about 64ozs of silver and a 5kg bar. Another 6oz arrived this morning so when silver increases in value I'll be minted. Otherwise it looks very pretty and no baxtard bank can get their filthy hands on my money.

    (hoping the gold standard will be (re-introduced before I'm dead )


Advertisement