Pension advisors

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Newbie!

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I'd like to learn more about my pension and how I can make it work for me. I've had a career break and have worked half time so I'm concerned that my pension contributions are quite low. Can anyone recommend pension advisors for both myself and my husband?
 
If you are a public servant, just ask the questions here.

No need to pay anybody.

All the info is on the web.

I never paid anybody, I just read up on it.
 
Protocol said:
If you are a public servant, just ask the questions here.

No need to pay anybody.

All the info is on the web.

I never paid anybody, I just read up on it.
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I honestly would rather ask here and pay no one but I don't even know what I want to ask other than how can I make my pension work for me.
 
Sue Ellen said:
The more I read on pensions the more confused I get or just fall asleep reading because it is so boring :)

Two pension people that immediately spring to mind from AAM are


www.bluewaterfp.ie


www.ferga.com

There are others also on AAM if you check through the Pensions Forum.
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Thanks Sue Ellen. Interesting that Liam Ferguson is still cropping up here. We took out our mortgage protection via him 16 years ago.
 
Newbie! said:
I honestly would rather ask here and pay no one but I don't even know what I want to ask other than how can I make my pension work for me.
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What age are you?
What are your gross earnings?
What pension savings do you have so far?
Where are they invested (provider, funds)?
What charges apply?
Does your employer provide access to a pension?
Do they make/match contributions?
Do you own your own house?
Mortgage?
Other debts?
Married? Kids?
 
Newbie! said:
I honestly would rather ask here and pay no one but I don't even know what I want to ask other than how can I make my pension work for me.
Click to expand...

Here are questions to start:

Are you a public servant? You put your query in the Public Sector pensions forum, so it seems that you are?
Are you a member of a PS occupational scheme?
If so, which one?
(1) Pre April 1995
(2) after April 1995
(3) new Single PS pension scheme

Do you know your length of service? If not, go ahead and calculate it.
Have you paid PRSI at class A all your working life?
 
Protocol said:
Here are questions to start:

Are you a public servant? You put your query in the Public Sector pensions forum, so it seems that you are?
Are you a member of a PS occupational scheme?
If so, which one?
(1) Pre April 1995
(2) after April 1995
(3) new Single PS pension scheme

Do you know your length of service? If not, go ahead and calculate it.
Have you paid PRSI at class A all your working life?
Click to expand...

I've merged your questions with Clubman and answered below. Thanks.

What age are you? 42
What are your gross earnings? 60k (pro rata as work half time)
What pension savings do you have so far? See below
Where are they invested (provider, funds)? See below
What charges apply? Not sure?
Does your employer provide access to a pension? yes
Do they make/match contributions?
Do you own your own house? Mortgage of 260k on house with approx. market value of 440k
Mortgage?
Other debts? none
Married? Kids? Married w 2 kids


Are you a public servant? You put your query in the Public Sector pensions forum, so it seems that you are? Yes
Are you a member of a PS occupational scheme?
If so, which one?
(1) Pre April 1995
(2) after April 1995
(3) new Single PS pension scheme


I have 12.65yrs service in the 2005 Model Pension Scheme (1½% of Gross Reckonable pay plus 3½% of net reckonable pay). I then broke service for a 3yr career break. In 2021 I returned to public service (different employer) so my pension is now in the Single Pension scheme.

Have you paid PRSI at class A all your working life? Yes
 
Bearing in mind that I am not an expert, but at first glance it seems your future pension benefits may be as follows:

(1) normal State Pension

(2) pension and lump sum from the first PS pension scheme, based on 12.65 years service

(3) pension and lump-sum from the Single PS pension

Note that the PS pensions may be integrated / co-ordinated with the PS pensions.
 
Protocol said:
Bearing in mind that I am not an expert, but at first glance it seems your future pension benefits may be as follows:

(1) normal State Pension

(2) pension and lump sum from the first PS pension scheme, based on 12.65 years service

(3) pension and lump-sum from the Single PS pension

Note that the PS pensions may be integrated / co-ordinated with the PS pensions.
Click to expand...
Yes, I think that's accurate. I suppose my question is about AVC's.. having taken a 3yr break and now only working half time, I'd like to consider the benefits of paying more into my pension. I've no idea of the pros/cons of this.
 
Is your current gross income then 30k per annum ? or are you paying tax at the higher 40% rate ?
 
None the wiser really re topping up my pensions with AVC's so can anyone recommended an independent pension advisor?
thanks.
 
Have you estimated your potential income from these three pension sources?

(1) normal State Pension
(2) pension and lump sum from the first PS pension scheme, based on 12.65 years service
(3) pension and lump-sum from the Single PS pension

Note that the PS pensions may be integrated / co-ordinated with the PS pensions.



That is where I would start. If that income is below what you think you will need, then maybe start an AVC now.

Once you make the decision to start an AVC, then the questions are:

(1) how much contributions to make- note that the tax rates may affect that decision
(2) what broker / insurer to use
(3) what funds to choose

IMHO, the biggest decision is whether to do AVCs or not.
 
Are you sure you're not still in the 2005 scheme?
If you took a career break and went back even to another section of public service you may still be in the 2005 scheme. (If you formally resigned then this doesn't apply).
If in the 2005 scheme you can buy back years (sometimes called "notional service"- instead of buying avcs.
The longer you live the more valuable it is.
It might be worth asking your pensions section can you buy back years. They will give you estimates eg to purchase 5 years/10 years service if you are under the old scheme.
You cannot buy back years if in the single pension scheme.
 
If you were on an approved career break and joined the new organisation within 6 months the old scheme should apply.

I'd also recommend you make an appointment with the pensions office and request an estimate.
 
If you're a union member, your union will probably organise regular educational sessions on pensions, and will have deals with providers (often Cornmarket) for AVC schemes. Don't walk blindly into such schemes, and compare them against other options available to you, in terms of charges. If you go outside of the chosen provider, you may have to make your own arrangements for paying contributions and claiming tax relief.
 
Bolter said:
Are you sure you're not still in the 2005 scheme?
If you took a career break and went back even to another section of public service you may still be in the 2005 scheme. (If you formally resigned then this doesn't apply).
If in the 2005 scheme you can buy back years (sometimes called "notional service"- instead of buying avcs.
The longer you live the more valuable it is.
It might be worth asking your pensions section can you buy back years. They will give you estimates eg to purchase 5 years/10 years service if you are under the old scheme.
You cannot buy back years if in the single pension scheme.
Click to expand...

No, I was out of work for 3years so couldn't return to the old scheme. Definitely on the single scheme now which I understand I need to purchase AVC's directly for. I'm completely confused by it all right now so I think an independent pension advisor might help. I also don't know the estimate for my current pension so would my current employer confirm that?
 
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