Financial advisor for pensions (PAYE)

Portobello

Registered User
Messages
8
Hi

I work for a large Irish financial institution.
I am 50, married no kids, my retirement age is 65.
Started pension aged 37, salary 85K, contribute 40% of gross salary made up of
  • 5% employee
  • 15% employer (10% + match my 5%)
  • 20% avc
I have three pensions
  • DB from prior employer - approx 2K pa @ 65
  • "hybrid" (DB/DC) - closed - approx 5K pa @ 63
  • Current DC
Split of contributions is 70% equity and 30% diversified (mix equities/bonds)
Projected pension pot 1.12million in today's money will give me
  • 128K lump sum
  • 40K pension DC - this would be based on annuity, would be less if index linked and allocate for my wife - estimate down to 28K
  • 2K DC - locked in
  • 5K Hybrid - locked in
  • 10K state pension (@ 68)
Current fund value 380K, would have been 354K start of year
Projections based on 4% etc - I would rather go with 1.5% to 2%



I would be quite a cautious investor.

As a PAYE worker, all the decisions on fund allocation are mine, and I find that quite scary. I believe the single biggest factor in building up pension pot is making regular contributions (approx 32K pa).

I've been riding the equity bear last number of years, and it seems that stocks are going down (tracking global indices shows we are at another trough now so recession imminent and bonds will go up). Someone could say switch to bonds or hold on and buy cheap etc but what I would really like to know is how do you go about getting a trusted financial advisor who actually knows about pensions and could meet you once or twice a year to go through things. What do you look for? I remember meeting someone before trying to sell me an insurance product based on tax benefit and I knew more about it than him, I didn't go for it, so sometimes I am skeptical about advice but I recognise I need some advise and would pay for it, noting that it is only advice and things can go wrong


Any advice
 
Last edited:
I rang around a number is advisers about 2 months ago when the volatility started shooting up

Majority spouted the usual mantra buy and hold

"Best approach"

"What Warren Buffett recommends"

Most pension people were completely unaware of the potential downswing in the market!

Financial advisers are obliged to understand your full financial position before they can begin to advise. Starting costs are €800. Might be worth it.

My advice. Become an expert. It's your money and you are the only one who cares about it.
 
I rang around a number is advisers about 2 months ago when the volatility started shooting up

Majority spouted the usual mantra buy and hold

"Best approach"

"What Warren Buffett recommends"
Over the long term that's reasonable advice!
 
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