My company has paid into an BoI Life Executive Pension Account for my retirement since 2002. I am 50 years old. Retirement age is 65 on this scheme. Total contributions to date have been €237,000. Inevitably due to downturn the fund is now valued at €176,000 as of 15/7/2009. This is €22,000 less than the Jan 2006 valuation ! The monthly contribution by my company is now at €1,500, as this is quite a substantial overhead for the company to pay each month, and it is not helped by the fact that turnover is down 45%. cash flow is tight. The company has no assets but is trading since 1980 and has been in profit every year except this one.
I would like to hear opinions on whether I should:
1 - Put the pension payments on hold until business improves.
2 - Reduce the contribution further in the hope that the markets will improve and the units already purchased will increase in value
3 - Retire early and get out now before things get worse.
I would like to hear opinions on whether I should:
1 - Put the pension payments on hold until business improves.
2 - Reduce the contribution further in the hope that the markets will improve and the units already purchased will increase in value
3 - Retire early and get out now before things get worse.