# Are Pensions just state sponsored theft by the Providers



## POAP (11 Sep 2003)

Since George Bush is so keen to stamp out State Sponsored terrorism maybe he should target those folks that are allowed by the Government to charge so much on pensions. 

As far as I see it a pension in this country is a tax free savings account/investment that you are allowed to withdraw subject to tax when you are 65.

I see no reason why the charges should be so high and maybe if there were not so many barriers to competition they would not be so high.

Why cant I invest in a German Pension scheme for example if their charges are lower.


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## ClubMan (11 Sep 2003)

*Since George Bush is so keen to stamp out State Sponsored terrorism maybe he should target those folks that are allowed by the Government to charge so much on pensions.*

This is a completely inane statement... :\


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## rainyday (11 Sep 2003)

> Why cant I invest in a German Pension scheme for example if their charges are lower.


There are several Irish low-charging pensions, such as Quinn Life - Did you shop around for low-charging funds?


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## Kevin (18 Sep 2003)

*Charges so high*

Do you see any reason at all to pay any charges for a pension?  Have you asked any company what they might be charging for?  Here's a couple of reasons they charge.  But, save yourself the bother -  if you can do all of this for free or cheaper, perhaps you should set up a pensions company and make loads of money instead?  

1. Advice:  

- Do you know how much you need to put by for when you retire?
- If things change, do you know how much you should adjust your investment by?
- What if want to retire early, what then?
- What if you leave your job, or get ill, or die etc.

2. Investment
- Do you want equity investment?  Is that free?  How much should you pay for it?
- Can you get access to different markets?
- How do you pick your shares?
- What if you need to adjust this investment strategy over time?  Can you easily access other forms of investment (for free?).

3. Compliance with Revenue
- How do you satisfy the revenue you should be allowed contribute to this tax-free savings scheme you call a pension?  How do they know you're not salting away more than you should?  Who looks after all of this for you?

blah blah... etc. etc.


When you've set up that pensions company, let me know so I can invest for free.  Can't wait to see the money you make on it.


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## RAIPI (2 Oct 2003)

*Pension Charges*

Why the fixation only about charges?

at the end of your pension plan the equation will be :

(contributions paid in) + (investment growth) - Expenses = Retirement Fund

The two factors which will have most impact on the size of your retiremnet fund will be :

* why you pay in. You'd be amazed at the number of people paying in €100pm and then blaming 'rip off charges' for the poor pension they end up with. Peanuts, and monkeys, etc..

* the investment return you earn. Good or bad performance can totally swampy any supposed high or low charges.

Continually focussing in on charges is a distraction to the big picture ...take out a pension plan, any pension plan, and put in the maximum you can afford, and try to maximise investment returns.

Of course there are high charge products and low charge products, but don't get hung up on this aspect alone.


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## Su (2 Oct 2003)

*Pension Charges*

I like the idea of the bigger picture but nearly always I fail to see the creativity of the artist especially when they like to play share and share alike with my hard earned money.


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