# Where to invest my pension lump sum



## Leon76 (13 Oct 2009)

Hi,

I'm currently transferring my pension from BOI to Irish life and was wondering what are the best investment options. Irish life have a good few options , I'm just wondering what are the best funds to take. My pension lost around 25% of its value due to the global downturn. I put it into a more secure fund in Feb this year so I'm now looking to help it grow by making the best investment decision. Any suggestions. 

[broken link removed]


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## GSheehy (13 Oct 2009)

Hi Leon76,

i) Why are you transferring? 
ii)What age are you?
iii) On a scale of 1 to 5 where 1 is little or no risk and 5 is high risk, where would you put yourself in terms of risk profile?
iv) Have you other retirement investment provisions made ie other investments other than pension plan? 

G.


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## Leon76 (14 Oct 2009)

My fund manager in BOI failed to contact me for 18 months hence I felt it was time to take on someone who actually provided a professional service. 

I am 33

Risk profile is between 3-4

I have a investment property. 

regards Leon


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## GSheehy (15 Oct 2009)

I am not so sure about the reasons for the transfer in the first place and I don't see how the 'new' company are going to bring some added benefit to what you have, if they are leaving it up to you to select funds that you are unsure about.

But that's not what you're asking. Anyway, you should probably stick with some of their medium risk funds that don't have a property content. You should also check what the annual management charges are on the funds you select and try to keep that cost as near to 1% as possible.


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## mercman (15 Oct 2009)

Leon, you are making a sensible move getting away from BoI. BoI are simply a Tied Agent of New Ireland. In relation to the point made by GSheehy, you must take an important note of the Management Charges. I was on a 1% Man Charge with BoI Life funds, but after two years of questioning with no answers from BoI Life, my own accountants reckoned I was being charged 2.5%. In view of your pension, I think it important that you take time to decide your next move, but New Ireland / BoI Life are a big NO NO. Website to follow on my three year debacle with them both.


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