Are those the only two funds on offer? Doesn't seem like a great choice. If it is then if you have more than a few years to go to retirement then the former sounds like it's higher risk/reward and maybe a better option.Have to choose a % of contributions to be invested in Irish Life consensus Managed fund or Irish Life Secure performance fund.
What specific issues are you clueless on? Have you looked at what the risk/reward profile and asset mix of each is?Before you ask I have read through the explanation of both funds on the web but am still clueless.
Do you mean a pension retirement/buy out bond or a previous occupational fund which is still in the former employer's scheme? It may or may not be a good idea on other fronts - e.g. how do the charges and fund options available there and in the new occupational scheme compare? Remember that while consolidating multiple pensions into one place may slightly reduce the burden of administering and tracking them there are other factors to consider before deciding that this is a good thing and appropriate for your specific circumstances.I'm also thinking of transferring the bond from my last pension scheme to the new one although it was pointed out that that might not be a good idea seeing that the market is not great at the moment. Any thoughts ?
Odd - I didn't think that the company going bust should have affected the scheme. But maybe it was a case of the company/directors being trustees and since these roles were going to go unfilled in the future then they needed to wind the scheme up or something? Anyway...Hi Clubman,
Thanks for the reply.
The company scheme I contributed to until last year has ceased to exist (company went bust) so they put it into a bond.
How long have you got to go until retirement? Unless you are nearing retirement then you should at least consider going with whichever is higher risk/reward, has the higher equity content and the prospects of better long term returns. Of course charges are also a factor. According to [broken link removed] the consensus fund is at the lower end of the medium risk/reward scale and the secure performance fund is low risk/reward. This is not a great selection for somebody with a while to go to retirement but given a straight choice between the two and a while to go to retirement I personally would go for the farmer rather than the ladder (sorry - the former rather than the latter) on the basis that it is slightly higher risk/reward and has lower charges. Are you SURE that there are no other funds on offer? Even on a "special request" basis?Re. the 2 funds (yes these are the only two options) I read the spiel on the Irish Life website and I am no clearer what would be the better option for me.
On the face of things this would make me personally inclined to keep it separate.The bond is with New Ireland Assurance. They seem to have quite a large number of funds. Management charges are between 0.75% and 1%.
In which case it is quite likely that a high risk/reward/equity content pension funds might be suitable to your needs. Unfortunately the current scheme may not be offering this.I have about 25 to 30 years to go till I get to go to the green field.
Just to clarify - you presumably mean that they match the employee contribution up to 5% of gross income. AVCs are a different matter - e.g. anything that the employee chooses to contribute over and above the 5% in this case.They do match up to 5% AVC's.
Who are Assurance Ireland?I have a chat with the guy from Assurance Ireland and see what he has to offer
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