Lump sum to start a Pension?

Hi,

I'm mid 30's with no pension. I have however around 10K in a savings account which isn't doing much. Should I put the whole lot into a pension? if so what should I watch out for so as I don't get conned by shark brokers. What management fee should I expect to pay and how much commission could a broker take off me? Who would offer me the best rates based on a lump sum investment?

I have a fear that if I make a mistake, my 10K will suddenly reduce to about 6K after fees and commission, leaving me with years just to catch up?

Help please, totally confused !

Nex

Nexus 6 said:

I'm mid 30's with no pension. I have however around 10K in a savings account which isn't doing much. Should I put the whole lot into a pension?

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You might need to post more details about your overall financial circumstances - e.g. do you have any other debts/savings/investments, do you own a home or are you planning to buy one, what are your gross earnings p.a.? etc.

if so what should I watch out for so as I don't get conned by shark brokers. What management fee should I expect to pay and how much commission could a broker take off me? Who would offer me the best rates based on a lump sum investment?

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Lots of existing threads on these questions. For example:

The cheapest PRSA?

I have a fear that if I make a mistake, my 10K will suddenly reduce to about 6K after fees and commission, leaving me with years just to catch up?

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This is easily avoidable these days. It's quite possible to get a charging structure that means that charges will not eat into your lump sum in this way.

Help please, totally confused !

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There is some useful information on

www.pensionsboard.ie
www.itsyourmoney.ie

Thanks for the info and links Clubman