one year on - do i still pay into pension

Familyman77

Registered User
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157
Age: 44
Spouse’s/Partner's age: 38

Annual gross income from employment or profession: 65k
Annual gross income of spouse: n/a homemaker

Monthly take-home pay €4750 ( this figure includes ICTC tax credit €3300 per annum, €5000 net per annum bonus paid weekly )

Type of employment: e.g. Civil Servant, self-employed
Private Sector construction industry

In general are you:
(a) spending more than you earn, or
(b) saving?

Keeping savings steady at 20k, 4k in daily spending account ( which include holidays etc ) and then overpaying mortgage to €17000 a year

Rough estimate of value of home
€365000
Amount outstanding on your mortgage:
€106000 16 years left at €670 per month
What interest rate are you paying?
2.35% <50% 3 year fixed AIB

Other borrowings – car loans/personal loans etc

No other debt

Do you pay off your full credit card balance each month?
N/A
If not, what is the balance on your credit card?

Savings and investments: €20k in CU

Do you have a pension scheme?

Work one is minimum industry requires I pay €20 and work pays €40 per week. Employer wont contribute higher to this. Currently valued €54000
Separate one is executive pension plan started 2019. Has €225000 value and would expect employer to contribute average of 20k per year to this

Do you own any investment or other property?

No

Ages of children: 5 and 9

Life insurance: with mortgage, also have Death in service cover with small industry pension


What specific question do you have or what issues are of concern to you?

I have received my annual performance related bonus which this year is €110000. I have the option to pay this full amount into the executive pension or take it now through payroll with the obvious deductions

instead of putting it all towards executive pension im thinking €50000 to pension and €60000 through payroll ( approx €26500 net take home ) then paying a lump sum off mortgage and booking a holiday etc

or should i still be concentrating on the pension for now
 
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