Pension for 64 Year Old (aargh!)

B

Brava

Guest
Hi all,

First time post, so be gentle. I've had a look through the forum, but cannot find a similar post, but please forgive me if I'm reposting a question.

My dad is 64, self-employed and hopeless at financial planning. he has about €35k in an Ark Life pension that isn't performing very well (as far as I can see) and is due to mature in July, when he turns 65. His SSIA is also about to mature and he is paying tax at the lower rate only. His plan is to retire in approx 2 years and to sell the business at that point which is his real pension plan. What he really needs is some short-term pension/ financial planning advice but of course he refuses to talk to an independent broker. In the absence of a pro, any advice on what I should be telling him to do for the next two years?

I'd guess that at least €7,500 of the SSIA should go into a pension plan of some kind, but are there short term pension products?

many Thanks

Brava
 
Has he an accountant who looks after or helps with his business affairs. Maybe he/she could give him some advise on the pension issue.

As your father is only paying tax at the lower rate see [broken link removed] for transferring part of his SSIA to a pension.
 
If he's a company director, he could set up an Occupational Pension Scheme and contribute just enough to fund for a tax-free lump sum at retirement. Result - company makes contributions as trading expenses and he withdraws the accumulated funds tax free at retirement. Certain conditions have to be met.

Liam D. Ferguson
www.ferga.com
 
Thanks everyone. He doesn't have an accountant (does his own accounts) and is a sole trader, rather than operating as a company. Unfortunately, he's cash wise- investment foolish and refuses to pay for any independent advice - so is a sucker for his bank manager pushing poor returns and inappropriate products. I'll keep trying to push him in a wiser direction but would appreciate any further advice (where should he put the SSIA money for example?...)
 
Brava said:
refuses to pay for any independent advice - so is a sucker for his bank manager pushing poor returns and inappropriate products.
Click to expand...
Have you pointed out to him that this probably means that he's (indirectly - via charges and opportunity costs) paying for non independent advice rather than paying for independent advice?
 
...only a million times. TBH, I'm amazed that he's even asked me about his SSIA, I'd guess it's on foot of nagging from my mother and a desperate bid to keep her quiet rather than any intention to actually listen to me.
 
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