Pension Advice - where to start

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giardiniera

Registered User
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16
I know nothing about pensions and how they work. i have one through work and my boyfriend doesn't. He's just turned 24 and i'd like some advice on who to talk to. As i've said i dont even know the different types of pensions available and while i've read some of the threads here i'm still a bit lost.
Should i just find a broker or bank and go through them. Can anyone recommend a person or company that i should talk to.
 
Going to a bank is a bad idea as they will only offer you their products and there is no chance of getting a discount as they will just charge full rates.

If you approach an independent broker they will research the market and evaluate your boyfriends needs and what type of product is most suitable, whether it be a Personal Pension or PRSA (Personal Retirement Savings Account). They will also be able to advise you on the best company to place the pension with based on charges, past performance (no indicator of future performace etc), service and quality of product.

Several brokers post on these forums regularly who could help you out, if you would like give me a call or any of the other regular posters and we can answer any queries you have and point you in the right direction.

Kind regards

Stephen
 
If your boyfriend is currently in PAYE employment, the first thing he should do is talk to his employer. Under pensions legislation, employers are legally obliged to either provide access to a company pension scheme within 6 months of joining service or allow an employee to contribute to a PRSA out of pre-tax income.

Regards
Homer
 
Thanks for that he is in PAYE employment but when he mentioned it to this employer he was just told they dont do pensions and he should go talk to a bank or something.
 
Hello, I have a dilemma at the moment regarding my pension contributions. I currently pay 1,000E PM into a private pension fund with Eagle Star, I currently work on a major Civil Engineering project which is programmed for completion on June 2009, afterwhich I will be out of contract. Should I cancel my pension contributions in favour of saving this 1,000E monthly to put away for June 2009 in case I do not get employment at that time?. The 18,000E saved by June 2009 would keep financially sound for 8 months allowing lead time to source a new contract if thats the case.
 
DAVID F said:
Hello, I have a dilemma at the moment regarding my pension contributions. I currently pay 1,000E PM into a private pension fund with Eagle Star, I currently work on a major Civil Engineering project which is programmed for completion on June 2009, afterwhich I will be out of contract. Should I cancel my pension contributions in favour of saving this 1,000E monthly to put away for June 2009 in case I do not get employment at that time?. The 18,000E saved by June 2009 would keep financially sound for 8 months allowing lead time to source a new contract if thats the case.
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It depends David, if you have not used up all your tax relief limit based on your age and earnings for this year, then you could continue to pay premiums and get the tax relief. However if you were already contributing the maximum allowable for relief then there is little point continuing to make contributions.

Remember though once you put the contributions in you cant get them back out, however you could make a single premium contribution at a later date. Based on what you have said, my advice would be to keep the money until you source a new contract to remain financially secure and once you have sourced new employment then you could elect to make a single premium contribution to your pension with any surplus cash you have left.
 
giardiniera said:
Thanks for that he is in PAYE employment but when he mentioned it to this employer he was just told they dont do pensions and he should go talk to a bank or something.
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His employer does not have a choice about this. Under pensions legislation, his employer is obliged to either provide a company pension scheme that he can join within six months of starting service or access though payroll to at least one standard PRSA. If the employer fails to provide this, he faces prosecution by the Pensions Board and your boyfriend could report his employer to the Board.

Of course, this may not be something he wants to do, particularly in the current economic climate. Forcing the issue could jeopardise his relationship with his employer and he will need to make a judgement call on this.

Regards
Homer
 
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