Best Pension Scheme?

[Paul]

I am just about to start a pension scheme. I am self employed but am unable to decide which one to go for?
I understand if I pay €160pm over the next 32 years I pay in total €61,440 which is index linked. I understand it is not subject to dirt tax. Is this the best way I can invest my money and what is the best deal on pensions I can get?
Thanks a mil!

 

[rainyday]

Hi Paul - There really is no such thing as the 'best' pension scheme, just as there is no best car or best TV set. It depends a lot on your circumstances.

I'd recommend that you read the Pensions section of the Guide to help you understand your options. Also, pay particular attention to the fees/charges associated with your pension. Some part of your monthly payment will probably be going to your broker as commission (for the first year) and part will be going to the pension company (administration/management fees) for managing the investment for you. If you post details of the charges you are being quoted, we may be able to help you on this.

 

[Guest]

The Pensions Board also contains some useful information. There is no easy answer to the "which is best" question and there are additional considerations for somebody who is self employed rather than PAYE. I would strongly urge you to consider getting independent, professional advice from a suitable qualified and authorised intermediary (e.g. an Authorised Advisor - [broken link removed] can provide a list on request) as well as discussing the tax and financial implications with your accountant or tax advisor. Some of the considerations mentioned in this PRSA topic are also generally relevant but they only really scratch the surface particularly for somebody who is self employed: