JustEnough
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What are the other pensions invested in?My pension and savings are not performing. My pension fund matured some time ago and the self-administered fund is in cash.
Those are really the only two options for retiring a pension. What else were you expecting?Met an advisor about my pension some years ago and he suggested an annuity of ARF. I was hoping for more.
A PRSA isn't going to address the performance issue necessarily. What the money is invested in and what the charges are are key.What are my options? Benefit v risk? Could I transfer to a PRSA?
What's your investment timeframe for the cash?Regarding my savings, would appreciate some suggestions for a better return?
No, they won't be performing if the money is in cash. You will need to get it working for you.My pension and savings are not performing. My pension fund matured some time ago and the self-administered fund is in cash. I took redundancy in 2009 and waivered my rights to lump sum. Met an advisor about my pension some years ago and he suggested an annuity of ARF. I was hoping for more.
Clubman thank you for your reply, I have attached a summary spreadsheet of pension performance, which I hope is ok to do. You will see that 2 streams are not performing. I am unsure of the management charges. Pension is from one employment.What are the other pensions invested in?
What charges apply?
It wouldn't be any surprise if your pensions were not performing if they were invested in cash or similar low returns assets.
Those are really the only two options for retiring a pension. What else were you expecting?
A PRSA isn't going to address the performance issue necessarily. What the money is invested in and what the charges are are key.
What's your investment timeframe for the cash?
This point has already been addressed above. Any underperformance is most likely due to the asset allocation selected.You will see that 2 streams are not performing.
You really should check the charges.I am unsure of the management charges. Pension is from one employment.
I presume that the existing pension would allow fund changes to be made?My questions ;
Can I treat the 4 streams separately and move the 2 non performing streams to a better performing fund (i.e. cash and New Ireland IRIS)?
It depends on the answer to the previous questions.Can I move them all to a PRSA
How much "+"?Regarding cash, I could invest for 5 years +
Does mean moving a deferred dc fund to s prsa means you can get 1/4 as tax free cash ?Are these buyout bonds from a former employer? If not, it might be worth investigating if you could transfer into a PRSA so the lump sum waiver falls away.
It’s possible that Buyout bonds will go at the end of this year and you could get to a PRSA that way.
Yes the waiver doesn’t follow to the PRSA so the lump sum comes back into playDoes mean moving a deferred dc fund to s prsa means you can get 1/4 as tax free cash ?
Hi ClubMan, single pension with different fund allocationDoes the spreadsheet refer to a single pension with different fund allocations?
Or are these different pensions?
Paid up occupational scheme.What sort?
Paid up occupational scheme?
Buy out bond?
Other?
Thanks Marc, so if the waiver doesn't follow to a PRSA, I can move my dc pension to a PRSA and retain the 25% lump sum. Then drawdown using an annuity of ARF? Is this the only way the waiver doesn't follow a pension?Yes the waiver doesn’t follow to the PRSA so the lump sum comes back into play
I can invest about €50kHow much "+"?
Request put in to administrator but response is slow. How much do you think is fair charge?You really should check the charges.
I meant how much "+" on the investment term of "5 years +"?I can invest about €50k
0% on contributions and as close to 0.5% annual management charge as you can get. No other charges.Request put in to administrator but response is slow. How much do you think is fair charge?
Yes, but you do need a certificate of benefit comparison from an actuary. Also known as a money for old rope fee.Paid up occupational scheme.
Thanks Marc, so if the waiver doesn't follow to a PRSA, I can move my dc pension to a PRSA and retain the 25% lump sum. Then drawdown using an annuity of ARF? Is this the only way the waiver doesn't follow a pension?
Thanks Marc, is the PRSA vehicle the only vehicle available to ensure waiver doesn't follow? Have you any idea how expensive the certificate of benefit is?Yes, but you do need a certificate of benefit comparison from an actuary. Also known as a money for old rope fee.
It’s relatively expensive and serves no purpose other than to allow the transfer under the current rules. The rules could change in the future as a result of a pension rationalisation so it really depends when you want to retire the benefits.
Term, 6 - 10 yearsI meant how much "+" on the investment term of "5 years +"?
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