Do you get a pension statement from your employer. Lot of good info in that, or there should be at least
I’m moving from the private sector to the public sector. What happens to my private pension now that I have to pay into the public sector pension. Do I have an option to ‘cash out’ my private pension or can I just transfer the funds to my public pension???
not sure if you have the option to cash out or not, the option to transfer is there but it depends on whether or not youll have to buy service to make up the 40 years.
the other point about transferring it in is that the chocolate teapot that is peoplepoint can only transfer a pension in on your birthday.
other factors to bear in mind is whether or not you see yourself staying in the PS for the long haul and promotional opportunities. if youre going in at a lower grade and staying in for the long haul then start buying back the years now when its relatively cheap.
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On the gravy train.
the gravy train has left since 2013. poor ould @Achtungbaby is joining the new scheme, only copperplated, not gold
Unfortunately Art is right, they parked the gravy train in 2013, I don’t know if the current public pension is any better than a standard private pension
Depends on terms of old scheme really and how long you were in it. If you can cash out you might lose employer contributions and you will also be taxed on it to pay back all the tax relief you got on contributions going in. Better off transfer it to new scheme, or if its material sum you might be able to put it into an ARF…Google it too hard to explain
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Yerra
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Lads, I’m a bout to start a pension. I’m self employed. I’ve heard there are schemes thast will allow me to cancel my supplementary tax bill by putiing twice that amount into a pension scheme? Also, I’ve heard that companies can pay as much as they like into a pension scheme at year’s end (up to about 60g)??? I don’t understand how that works. Anyone know if they are true and what I should be doing. Ta
Are you a sole trader or Ltd co? You definitely need to be getting proper, specific advice on this if you are self employed.
You have the opportunity also to have a small self adminstered pension scheme. You can buy an individual property within that scheme (some banks will lend into the pension if you have cash in there already) which is a massive attraction
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Director of a Ltd company.
You mean more than tfk???
Ladybird this self admin scheme? Basically I start gambling my own savings/pension scheme on the stock market?
Can I interest you in some magic beans?
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There are strict rules on it. But yes i think you can invest in individual shares. These yokes are so beneficial to co directors the regulator is bringing in more and more regulation to make them unattractive
Put me down for three boxes.
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Go to an expert and go to a proper expert, not some ape down the road as well.
It’s more tax advice you need at the moment. The investment stuff can come later when you’ve everything set up
You Dublin based? I can give you a couple of names of advisers if you like.
Yes please. If they are good.
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PM sent
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Handy bit of com for you there mate $$$
The only commission I will earn is e-friendship
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