How to start a pension

powdoman said:

Hello I am new to the forum so want some advice I want to start a private retirement pension fund as soon as possible and transfer my existing pension into it and use it for a deposit on an investment property but can someone recommend the best company to do this fast and easy thank you

Click to expand...

• You'll need to make sure that the type of self-administered pension product you propose to transfer into is a suitable recipient for the type of pension fund you currently have. There are various rules about what you can and cannot transfer pension funds into.
• Maximum lending to a self-administered pension fund is 50%. Maximum term of the loan is 15 years, or your Normal Retirement Age, whichever is sooner. Repayments must be capital and interest. The loan will be non-recourse, so the rental income must support the loan as the lender has no recourse to your personal income or assets. Last time I looked there was only lender in Ireland willing to look at this type of lending.
• You'd need to be aware of the very high risk nature of what you're proposing - a geared investment in a single asset. Many perished on that rock about 18 years ago.

powdoman said:

transfer my existing pension into it and use it for a deposit on an investment property

Click to expand...