No Problem,
You choose what funds you want your contributions in.
Clearly its in any advisers interest to do that -> greater need and fear ->need to pay higher contribution-> greater commission for adviser.
If the ordinary Joe Blogg pays into a private pension scheme over the next 35/40 years can anyone give Joe an indication, in ordinary peoples language, of where exactly his money is going to? Like, is it buying some of the big blocks of apartments in Dublin for letting, the office buildings, the warehouses
or is it just simply invested in shares in Coca Cola and similar?
Or, as we so commonly hear that it's being put into special funds that invest in markets, etc?
It's just that ordinary workers aren't really being told or properly informed as to where their money is going and who is benefiting and by how much?
To be fair it's not really too clear what you're asking to me either. The likes of this document from Irish Life on one of their pension funds gives a fairly detailed breakdown of where the money goes (not to an individual share or property address certainly, but I don't think Joe Sixpack cares about that?) - https://www.ilim.com/fund-fact-sheets/retail/+++-Portfolio_Pension_2.pdf. Are you saying that Irish Life should be more detailed in their breakdown, or that companies are not giving their employees visibility of which funds their money is going into in the first place, let alone what those funds would do with it?Thanks for informing me of exactly what I want the answer to. Read my question again?
I was listening to a talk show and they were talking about the new auto enrolement pension scheme coming in 2021 (of course it could be pushed out again). A pension provider was saying that when he is devising pension schemes for the under 40s he discounts completely the state "old age pension" because there is a good probability that this will effectively not exist for this age group on retirement. Of course no politician or public official will openly discuss this stuff.
If the ordinary Joe Blogg pays into a private pension scheme over the next 35/40 years can anyone give Joe an indication, in ordinary peoples language, of where exactly his money is going to? Like, is it buying some of the big blocks of apartments in Dublin for letting, the office buildings, the warehouses or is it just simply invested in shares in Coca Cola and similar? Or, as we so commonly hear that it's being put into special funds that invest in markets, etc? It's just that ordinary workers aren't really being told or properly informed as to where their money is going and who is benefiting and by how much?
We have to deal with the facts that we have today. Someone under age 40 will get the OAP at age 68.
A pension provider was saying that when he is devising pension schemes for the under 40s he discounts completely the state "old age pension" because there is a good probability that this will effectively not exist for this age group on retirement.
The same advice could have been given to a polish worker entering retirement in 1988, we deal with the facts as they exist today, unfortunately within 2 years his pension entitlement was decimated by the collapse of the Soviet union. Sometimes you have to look at the big picture. The big picture in Ireland is that pension entitlements are unsustainable and that some day the state will not be able to pay. This maybe precipitated by some big event on the world stage, we dodged the bullet during the financial crisis. Of course people will say that we took a hit but not like what happened Poland in 1990.
You are picking an extreme economic event. What is the Irish equivalent to that? The collapse of capitalism? Well, what good would a private pension be in that case?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?