Pensions matured, how to manage

magsd57

Registered User
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This year I will be 65. My pension fund is split between 4 providers set up through the company that I worked with for 25 years. In 2009 I was made redundant and contributions stopped then. The total lump sum invested is about 400k. I feel I have no visibility or control on charges or fund performance. I also feel that my funds haven't performed well. For example, I invested €80k with New Ireland in 2002 and today the fund is worth €88k. I get statements, not always annually but find them difficult to read or understand. What should I do next?
 
Initial questions - are you retiring now? Are you planning to draw these funds down at 65? The retirement age on the pension scheme might be 65, but you can choose to draw the funds down at any time between 50 and 70 as you are no longer in that employment.

Regards,

Liam
www.FergA.com
 
Thanks Liam. I am happy to keep the funds invested once the costs and returns are transparent but I am not sure where to go to get independent clear advice. Or alternatively can I manage the funds myself? Do I need an insurance broker?
 
Thanks Liam. I am happy to keep the funds invested once the costs and returns are transparent but I am not sure where to go to get independent clear advice. Or alternatively can I manage the funds myself? Do I need an insurance broker?
Liam will be too modest to say this but I can attest that he is an excellent source of independent, reliable and clear advice on all matters to do with pensions and retirement. As is @GSheehy and probably some others who contribute to this forum.
 
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Many thanks @T McGibney

@magsd57 - You have options at the moment.

  • Leave the funds where they are. Defer retiring them until later - up to 70.
  • Transfer the funds into a Buy-Out Bond of your own choosing and defer retiring them until later - up to age 70.
  • Retire them, withdraw the tax-free lump sum from them and reinvest the balance of fund in an Approved Retirement Fund (ARF) or annuity.

Or alternatively can I manage the funds myself?

If you mean manage the investment of the funds, then yes you can have a self-administered Buy-Out Bond or ARF within which you can choose your own investments.

The funds must remain within a pension structure.

Do I need an insurance broker?

As a financial broker, I'm biased so please take that into account! You don't need a broker and can do any of the above yourself by dealing with the product providers yourself. Or you can engage with a broker to advise you properly on your options and what they mean for your own circumstances and advise you which company and products would be suited to your needs.
 
Many thanks @T McGibney

@magsd57 - You have options at the moment.

  • Leave the funds where they are. Defer retiring them until later - up to 70.
  • Transfer the funds into a Buy-Out Bond of your own choosing and defer retiring them until later - up to age 70.
  • Retire them, withdraw the tax-free lump sum from them and reinvest the balance of fund in an Approved Retirement Fund (ARF) or annuity.



If you mean manage the investment of the funds, then yes you can have a self-administered Buy-Out Bond or ARF within which you can choose your own investments.

The funds must remain within a pension structure.



As a financial broker, I'm biased so please take that into account! You don't need a broker and can do any of the above yourself by dealing with the product providers yourself. Or you can engage with a broker to advise you properly on your options and what they mean for your own circumstances and advise you which company and products would be suited to your needs.
Thank you. Do you mind if I ask you, are you tied in with any of the investment companies?
 
You can find more information about Liam on his website - see the link in his first reply
 
Thank you. Do you mind if I ask you, are you tied in with any of the investment companies?

No, I'm not tied to any company. For pension business, my firm deals with Aviva, Conexim, Davy, Independent Trustee Company, Irish Life, New Ireland, Standard Life, Wealth Options, Zurich Life...
 
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