Pension for 20 year old

I am looking for some advice on a pension for my son, his career is such that he will be changing employers every couple of years (2/3 years) and country he works in also,so work based pension will not be an option. Salary at the moment is early €30,000.
Would appreciate some advice on this, thanks.

I think most employer-organised pension schemes used to have a minimum entry age of 25. I'm not sure about privately organised schemes.

I would go for worked based pension schemes as the employer will make most likely as well contributions and fees are lower.

My employer has no minimum entry age.

If you change jobs after less than two years service, employer can claw back their contributions.

Thanks for replies,I am looking for a non worked based pension.I am clueless and looking for guidance on what type of pension to go for,and who to go too.Thanks

Sue201650 You can go with a PRSA - there is a thread here in regards to the cheapest ones.
I would still go for a work based scheme if one is offered as they are significantly cheaper and you can get the additional employer contributions if they are offered. In the end it is your money/the sons money you/he will lose.


Odyssey06: You are right though I haven't heard it happening to anyone I know.

A pension is a tax construct, so if he changes country on a regular basis he will need to set up a new pension each time.

You cannot get tax relief in Ireland on contributions to a pension scheme in another country even a EU country, or vice versa.

So a new pension scheme every 2/3 years may be needed. Also if the employer will contribute, its worth trying to get that too.

Over looked that he is changing countries as well - in that case it doesn't make sense to contribute to an Irish PRSA while not being in Ireland. He will be a tax resident of that particular country so it would make even more sense to participate in any work based offered pension - not only to benefit from any employer contributions and lower costs - but also making sure to get any tax incentives in the respective country.

On a side note - if you work in Ireland you can continue to contribute to an existing EU privat pension plan and get tax relief on contributions
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Thank you for all the replies, a lot to think about, each job will be of short duration 1/2 years, so would a saving option be better than pension at the moment? When he is 30 he would then be in a position to decide where he can finally live. He needs to keep travelling and changing jobs for next 10 years to get the experience he requires for his career.

It is ten years not saving for a pension / making use of the power of compounding and not saving taxes and potentially missing out on employers contributions. The earlier one starts the better it is and he will miss out on free money from the taxman and/or the company.
Furthermore most likely he can transfer some of the pension funds from one country/company to another or just keeping them seperate and transfer them at a later point or keeping them seperate indefinitely. Furthermore you can mature the different pension pots at different ages.

Check out point three there https://financialmentor.com/retirement-planning/mistakes/18212

The power of compounding is great - an early start is very helpful.
http://www.telegraph.co.uk/finance/...or-10-years-pays-more-than-saving-for-40.html

Obviously the ideal is to start pension sooner rather than later, but, given the uncertainty here and likely lack of employer contributions, could it make more sense to save the money with an eye to a deposit?
Maybe the OP has sufficient funds set aside that they can help with a deposit should the time come ... but otherwise, in 10 years the son would likely have more immediate need of deposit?

A bank deposit is earning close to zero interest and DIRT is a real pain / CGT also is prohibitive high in Ireland.
We don't know if/how much an employer contributes. The girlfriend of a friend of mine got a temporary contract for six months with a bank here in Dublin - the employer is contributing towards a pension for her for that period. She would be stupid not to take that free money + the tax incentive.
In many countries you have a tax incentive - alone that is making more money than the small amounts made with a deposit after DIRT...