Best pension for 27yr old professional

M

MsPBL

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I want to start a pension and I havent a clue. I'm a 27 year old professional. Just taking out a mortgage of 350k with partner, where do I go from here as I dont want to be pennyless now or later!! Anyone any ideas?
 
If the mortgage will take up most of your disposable income then you might want to concentrate on reducing that before taking out a pension in my opinion. Better to own most or all of your own home and then dealing with the pension than trying to meet possibly significant mortgage repayments and save for a pension at the same time. This is an example if where it may not necessarily be a good idea to save (even with tax breaks) while servicing significant debt. Of course what's best for you depends on your overall circumstances and you don't post enough detail to comment authoritatively. If in doubt get independent, professional advice.
 
I agree not to overstretch yourself.

But if can afford pension contributions, then you may wish to start...especially if you are HIGH rate tax payer.

A PRSA would probably be most suitable for you - I take it that your private sector employee does not make pension plan available to employees?

They are obliged to offer access to PRSA through payroll, if pension is suitable for you, then this type of PRSA (through payroll) would surely be the best option.
 
Hi all,
Sorry I am late in the replies as I was on holiday. Thankyou for all your advice. Employer did make an offer of PRSA and gave me a form to sign for their own records, (I took a photocopy as I do with every thing!) but never gave any info on that. I will get on top of that. In the long term, I think I will have to consider going back into the public sector, benefits and security are better. Thanks to you all again. I will keep you updated.
P.
 
The public sector pension offering is changing - I would say in a few years it will be very similar to the one you are being offered in the private sector - governments can't afford defined benefit pensions any more than private companies can!!
 
Hi,
Hope you don't mind if I jump in on this thread looking for advice. Situation is slightly different from MsPBL...27 years old, self employed, no mortgage. Was an employee up to 3 months ago and so would like to transfer the value of my pension fund at time of leaving into a self administered pension fund. Any suggestions as to particular method or institution for doing this. Thanks.
 
Self employed

Hi Numbs if you are self-employed (not a company) you are not eligible to set-up a Self-Administered Pension Scheme (there needs to be an employer/employee relationship to set-up the Self-Admin Trust).

If you are looking to invest in direct property, borrow money etc...there are new Personal Pensions (Standard Life) that have such flexibility so it could be a good option for you.
 
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