I saw the now deceased Brian Lenihan remark that so few people had private pensions that politicians cared little about them. Shortly after he died they imposed a tax on personal pension funds and effectively confiscated assets. I’d bear that in mind before tying up too much in a fund you own but can not touch or use and that tax man feels he can grab the way they would never have grabbed bank accounts.
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65
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Dont tell me you were a barrister in your 20’s before you saw the light
ah god no, barristers in their 20s are making their ends meet by being barristas.
I was in sales, and my pension from that is still, at this moment, worth more than my CS pension.
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yeah, cops and army can retire at 50, with some of the allowances built in IIRC. the single pension scheme is a crock of shite compared to the pre 95 model, pity i didnt go in after the leaving!
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Does that apply to all pensions or only private pension pots. As per Arts example, I’d imagine that quite a lot of higher-end public servants have pension benefits that would equate to over €2m if held privately.
Ah jaysus no. Just private pensions. There is no pot as such for public sector pensions as they are paid out of current expenditure.
The old system linked to pay scale of job you left was unreal. My aul lad is on that for 21 years. He’s had his value from it!
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What do you mean by this? For the vast majority of the working population there is huge tax benefits to funding your pension.
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Retire after 30 years service on full time pension as I understand it for the guards
30 years alright but they cant go until theyre 50 AFAIK
im not sure that’s still the case for the current crop.
The biggest blackhole is the fact that fcukall people are paying into a pension… So it will eventually become the state’s problem…
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Only met a guy about four weeks ago. Had three separate pensions but didn’t really have a clue what was happening with them so @Funtime (breathe now, relax) …organised a sit down with a good buddy/ex colleague. I kinda know him, thankfully he’s no association with the RNLI. Big GGA man though!
Anyway I pulled all pensions into one fund that I/we can manage… All into the lowest of lowest risk for 2 years in case of Brexit… who knows what will happen, the conservative, risk adverse, old Accountant in me never leaves.
Anyway? He said most tax efficient pension pot is circa €330k with state old age. No tax to pay , anything over that is taxed. That, if your mortgage is paid would support a grand life.
I combined €480k, now I’m thinking am I mad or what. Save tax to pay it later… fuck that. No more pension subs for me.
Noticed CFA qualification hanging on his wall.
Thought Ok;
I’m going back to study for those CFA’s…
Told wife I’m gong back to study…mmm not overly happy
Is @Funtime’s buddy right re tax?
Anything to gained by being CFA?
I’m obliged to inform you that your investment could fall as well as rise and that if you do not maintain repayments your home could be at risk. Funtime finance is regulated by the central bank of Ireland .
Anyone else wants financial advice pm me and I’ll give you my paypal details
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As @gilgamboa pointed out above - you’d want your head examined if you’re not at least maximising the tax free contributions. (I’m not but intend getting round to it next year).
Guaranteed tax relief today (when you earn lots more than what pension will pay you) vs. Potential taxation in the future (when you have a degree of control at rate you draw your pension)
Assuming you are in top tax bracket your getting relief at top rate now and would probably be paying tax at lower rate in retirement assuming current tax rules
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Interesting post though. Interesting in the thinking behind combining the funds. I have a few separate pots and got what seemed like v good advice to keep them seperate to keep options open down the line
€330k? Do you plan on dying young?
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