Can I manage my own Pension?

C

chippie1974

Registered User
Messages
39
I have been trying to read up on self administered pensions but I keep coming back to the fact that I need to be self employed/company director to set one of these up. I could be misreading this and indeed I hope I am.

Anyway I am an employee and I am sure I could leave my company DC scheme and they would contribute to my own scheme if I set one up. I am wondering if this is possible and if anyone has any links to any site than might provide this type of info.

I put as much as I am allowed in with AVC's etc and the pension fund I am with is not doing very well. Not saying I could do better, but its my money and I would like to try.

Anyway thanks for your help.
 
You don't have to be self-employed or a company director to set up a self-administered or self-directed pension arrangement. If your company is willing to co-operate you could set up one of either as a PAYE employee.
 
That Pensions Board link explains who can contribute to a Personal Pension (Retirement Annuity Contract). It doesn't mention anything to do with self-direction of funds, as far as I can see.
 
howzit liam?

as i mentioned in my post it tells you "who" can setup a self directed pension, which as far as i can tell was the crux of the original post. correct me if i'm wrong.

cheers
aztrix
 
I must be going blind in my old age, but I can't see any reference to self directed pensions in that Pensions Board page you linked to, at all. All I'm reading is a brief description of Personal Pensions (a.k.a. RACs) and who is eligible to contribute to them, which is nothing to do with self-directed pensions.
 
You make a point about your company contributing to your own scheme instead of the company DC scheme. I find this very unlikely for a number of reasons. The most basic of which is if everyone in your company wanted to do this your employer would be sending funds to X number of pension providers... not practical on their end.

Also, employers pay into a scheme on your behalf as they are acting responsibly. To allow you to invest in whatever you want to is not a responsible act on their behalf.

I really would discuss this with your employer before you go any further...
 
I believe Irish Life will have a partially self administered pension product coming out soon.

Don't know much about it yet, but details are being sent to me soon.
 
daraghom1 said:
You make a point about your company contributing to your own scheme instead of the company DC scheme. I find this very unlikely for a number of reasons. The most basic of which is if everyone in your company wanted to do this your employer would be sending funds to X number of pension providers... not practical on their end.

Also, employers pay into a scheme on your behalf as they are acting responsibly. To allow you to invest in whatever you want to is not a responsible act on their behalf.

I really would discuss this with your employer before you go any further...
Click to expand...

Surely if the employee wishes to have a certain choice of pension scheme if the employer wants to facilitate him/her they will. Employers choice. No harm in trying!
 
mcaul said:
I believe Irish Life will have a partially self administered pension product coming out soon.

Don't know much about it yet, but details are being sent to me soon.
Click to expand...

Irish Life already have a self-directed pension product available, as do Standard Life.
 
I would like to set up a self managed PRSA, where I just buy shares myself, online. (without any bank intervention)

Is this possible?
 
Eagle Star have a self-directed option on their non-standard PRSA contract. Minimum €20,000 per year or €50,000 lump sum. Minimum €10,000 per stock.

[broken link removed] also have a self-directed Non-Standard PRSA if memory serves.
 
Eagle Star have a self-directed option on their non-standard PRSA contract. Minimum €20,000 per year or €50,000 lump sum. Minimum €10,000 per stock.
Click to expand...
Thanks Liam.
Wouldn't Eagle Star be looking for some money? - Do they have a online system where people can buy shares?
 
Indeed they would - you'll pay charges for setting the thing up. You'll then pay an annual charge for having your stockbroker account wrapped inside a PRSA. Then you'll pay the stockbroker for transactions.

Their stockbroker choices are Bloxhams, NCB and Merrion. I'm not 100% sure if any or all of these have online dealing.
 
You must log in or register to reply here.
Back
Top