# Can I manage my own Pension?



## chippie1974 (27 Jul 2008)

I have been trying to read up on self administered pensions but I keep coming back to the fact that I need to be self employed/company director to set one of these up. I could be misreading this and indeed I hope I am.

Anyway I am an employee and I am sure I could leave my company DC scheme and they would contribute to my own scheme if I set one up. I am wondering if this is possible and if anyone has any links to any site than might provide this type of info. 

I put as much as I am allowed in with AVC's etc and the pension fund I am with is not doing very well. Not saying I could do better, but its my money and I would like to try.

Anyway thanks for your help.


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## LDFerguson (28 Jul 2008)

You don't have to be self-employed or a company director to set up a self-administered or self-directed pension arrangement.  If your company is willing to co-operate you could set up one of either as a PAYE employee.


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## aztrix (2 Sep 2008)

howzit chippie1974?

check the following link for details on who can setup a self directed pension: http://www.pensionsboard.ie/index.asp?locID=318&docID=187#1

cheers
aztrix


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## LDFerguson (2 Sep 2008)

That Pensions Board link explains who can contribute to a Personal Pension (Retirement Annuity Contract).  It doesn't mention anything to do with self-direction of funds, as far as I can see.


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## aztrix (3 Sep 2008)

howzit liam?

as i mentioned in my post it tells you "who" can setup a self directed pension, which as far as i can tell was the crux of the original post. correct me if i'm wrong.

cheers
aztrix


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## LDFerguson (3 Sep 2008)

I must be going blind in my old age, but I can't see any reference to self directed pensions in that Pensions Board page you linked to, at all.  All I'm reading is a brief description of Personal Pensions (a.k.a. RACs) and who is eligible to contribute to them, which is nothing to do with self-directed pensions.


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## daraghom1 (15 Sep 2008)

You make a point about your company contributing to your own scheme instead of the company DC scheme. I find this very unlikely for a number of reasons. The most basic of which is if everyone in your company wanted to do this your employer would be sending funds to X number of pension providers... not practical on their end.

Also, employers pay into a scheme on your behalf as they are acting responsibly. To allow you to invest in whatever you want to is not a responsible act on their behalf.

I really would discuss this with your employer before you go any further...


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## mcaul (24 Sep 2008)

I believe Irish Life will have a partially self administered pension product coming out soon.

Don't know much about it yet, but details are being sent to me soon.


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## Galway5 (8 Oct 2008)

daraghom1 said:


> You make a point about your company contributing to your own scheme instead of the company DC scheme. I find this very unlikely for a number of reasons. The most basic of which is if everyone in your company wanted to do this your employer would be sending funds to X number of pension providers... not practical on their end.
> 
> Also, employers pay into a scheme on your behalf as they are acting responsibly. To allow you to invest in whatever you want to is not a responsible act on their behalf.
> 
> I really would discuss this with your employer before you go any further...


 
Surely if the employee wishes to have a certain choice of pension scheme if the employer wants to facilitate him/her they will. Employers choice.  No harm in trying!


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## LDFerguson (9 Oct 2008)

mcaul said:


> I believe Irish Life will have a partially self administered pension product coming out soon.
> 
> Don't know much about it yet, but details are being sent to me soon.


 
Irish Life already have a self-directed pension product available, as do Standard Life.


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## z103 (10 Oct 2008)

I would like to set up a self managed PRSA, where I just buy shares myself, online. (without any bank intervention)

Is this possible?


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## LDFerguson (10 Oct 2008)

Eagle Star have a self-directed option on their non-standard PRSA contract.  Minimum €20,000 per year or €50,000 lump sum.  Minimum €10,000 per stock.  

[broken link removed] also have a self-directed Non-Standard PRSA if memory serves.


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## z103 (10 Oct 2008)

> Eagle Star have a self-directed option on their non-standard PRSA contract. Minimum €20,000 per year or €50,000 lump sum. Minimum €10,000 per stock.


Thanks Liam.
Wouldn't Eagle Star be looking for some money? - Do they have a online system where people can buy shares?


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## LDFerguson (10 Oct 2008)

Indeed they would - you'll pay charges for setting the thing up.  You'll then pay an annual charge for having your stockbroker account wrapped inside a PRSA.  Then you'll pay the stockbroker for transactions.  

Their stockbroker choices are Bloxhams, NCB and Merrion.  I'm not 100% sure if any or all of these have online dealing.


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