28yrs, private sector, which pension for me?

[Goggles]

Hi Everyone,

The time has come to start my pension and I am trying to decipher all of the options. I am 28yrs old and work in a small private sector company; I currently pay 41% tax on approx €5000 per year and it is this portion of my 2009 income I wish to put in a pension before the October 31st 2010 deadline (I'm cutting it fine I know!)

I believe a PRSA is the best option for me and I would prefer to make an annual contribution rather than a monthly one so I could vary the amount annually depending on my circumstances and earnings.

My employer offers an option with AIB but the charges are high.

Would anyone have any recommendations for me?

I do have family that can set up with pension with a number of providers without commission - Standard Life and Hibernian - if that makes a difference.

Any advice is much appreciated!

G*

 

[LDFerguson]

If you have a family member that can set up a pension for you on nil commission terms, you can also look at a Personal Pension and not just a PRSA. On nil commission terms, you should be able to get lower charges on a Personal Pension than on a PRSA.

Beyond that, you need to think about how much risk you're willing to take, which will help to determine your fund choice.

 

[Goggles]

Thanks for your response LDFerguson!
I had thought that a PRSA would be the best option due to the fact that an employer can pay into a PRSA (and not into a Personal Pension I believe) and I am likely to change my current employer in the short term. Other than the cost are their other specific advantages of a Personal Pension over a PRSA that I should consider?
Level of risk would be high due to my age I think.