Hi all unfortunately found site after I've made my decision but would welcome comments on my strategy.
I'm 46 wife is 41 we have been directors of our own business for ten years initially I took out pension with Hibernian performed OK to date €50k in worth about same.
Wife took out one with Quinn paid in €10k worth same
This is the killer one though based on advice from Irish Life Broker our company performed well for 3 years (2006 - 2009) so we managed to put €200K into executive pension fund.
Unfortunately we were naive & not fully understanding pensions this was fully invested in an Irish property fund so now we're now at €100k loss it also came to light that we were paying too much fees for this level of contribution.
So what I've done now is take out pensions with Zurich & diversified funds (global markets,equities etc)I've also applied to transfer Irish Life pension but unfortunately you have to give 6 months notice.
My thinking is that the Zurich pension will improve while if funds are left with Irish Life property fund I can't see any recovery for 10 years.
I'm OK and take the atitude buyer beware, we've had tax breaks on contributions also hindsight is a great thing but hopefully won't make the same mistake.
Would appreciate any advice or feedback
I'm 46 wife is 41 we have been directors of our own business for ten years initially I took out pension with Hibernian performed OK to date €50k in worth about same.
Wife took out one with Quinn paid in €10k worth same
This is the killer one though based on advice from Irish Life Broker our company performed well for 3 years (2006 - 2009) so we managed to put €200K into executive pension fund.
Unfortunately we were naive & not fully understanding pensions this was fully invested in an Irish property fund so now we're now at €100k loss it also came to light that we were paying too much fees for this level of contribution.
So what I've done now is take out pensions with Zurich & diversified funds (global markets,equities etc)I've also applied to transfer Irish Life pension but unfortunately you have to give 6 months notice.
My thinking is that the Zurich pension will improve while if funds are left with Irish Life property fund I can't see any recovery for 10 years.
I'm OK and take the atitude buyer beware, we've had tax breaks on contributions also hindsight is a great thing but hopefully won't make the same mistake.
Would appreciate any advice or feedback