PRSA no Pension aged 29

  • Thread starter airwave1007
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airwave1007

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Hi People,

I am 29 married with house and mortgage of 140k. Wife has company pension we both have max into SSIA and no other loans outstanding. I am in the 42% bracket with regards to wages. The company I work for have no PRSA set up and I know it is the law but looks unlikely it will be sorted. I still need to set up a pension I feel but I do not know how to go about this and what amount I should put into it lump sum monthly payments etc.. Can someone give me advice on the above or tell me who to contact to get advice on this.

Thanks in advance,

Darren
 
The company I work for have no PRSA set up and I know it is the law but looks unlikely it will be sorted
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It will get sorted fairly quickly if you get onto the [broken link removed]
 
Hi Rainyday,

I agree with your statement so what I am doing is his leg work so I can get it set-up and all he will have to do is sign and sort out PRSI stuff. I just want advice of where to go who to choose etc... In effect this is just for me so I want to get the best deal and max return.

Regards,

Darren
 
Whatever about your employer being legally obliged to nominate an approved PRSA provider there is nothing stopping you doing your own and, potentially, getting a better deal on charges than the standard PRSA maximums of 5% on each contribution and 1% p.a. which will normally be levied on most PRSAs, particularly those under an employer scheme. In some cases individuals can get these charges reduced to as little as 0%/1% for a once off payment of a few hundred € to an intermediary/broker if they shop around. The downside of a "standalone" PRSA is the slight additional administrative hassle - e.g. contributions not made through payroll but through direct debit or whatever, tax relief must be claimed through your tax credits and PRSI/health levy relief must be chased up separately with SW who are STILL not in a position to process such reclaims :(
 
Thanks for the advice but I called a couple of brokers and have found one extremely helpfull and will hopefully get PRSA sorted soon. Just have to figure out which I am gonna take Eagle Star, Canada Life, Irish Life or New Ireland. Just need to find out how they have rated over the past years and make a somehwat informed decision on which to go with.
 
> Just need to find out how they have rated over the past years and make a somehwat informed decision on which to go with.

You would be better off making sure that the charges are competitive (better than 5%/1% if at all possible) and that the funds available suit your investment needs (e.g. aggressive high equity content would generally suit most people with decades to go to retirement) rather than worrying about past performance since it is no reliable guide to future returns. Don't forget to read the small print of all the bumpf that they give you to satisfy yourself that it's OK for you. Bear in mind that any projections provided will be based on assumptions about inflation, growth, indexation of contributions etc. that may not come to pass in reality.
 
Thanks for the advice with regards to rates 5% etc I have done a deal with the broker to pay a fee and not have to pay the 5% monthly charge. I have decided to go with Eagle Star and as you said go high in equities with higher risk as i have quite some time to go and can always change when needed.
 
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