Penion Options - Self Employed but maybe not forever

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Lauren

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Have to make a choice about a pension in Ireland. Heres my story. Lived in Australia for 9 years so have superannuation that I want to transfer into an Irish pension. Have been back for 2 years and haven't yet set anything up here. Have a limited company setup for IT contracting and have been told its better to setup a company pension. However I don't know if I will have this exact same setup for the long term.

I may move into a permanent job in the future and if I have a company pension what happens there? Would appreciate any advice and also ultimately a recommendation of a good financial advisor in Dublin Central or North.
 
It depends how much spare cash your company has

If for example you knew you would be getting out of contracting in a year then you can can get all the funds out of the company when you liquidate it at 20% so no point setting up pension

However if you will be contracting for 2 + years and are earning serious money than it makes sense to stick it into a pension than say taking the money out at 46%

A low fee company pension like quinn life with no set up costs would make sense.
If you can only afford to contribute the % for your age then if you go for a personal prsa you will be able to pay into it if you become an employee but are not part of a company pension
 
If I setup the company pension, what happens to it if the company ceases trading? Do I have to transfer it into a new pension i.e. personal pension? Thanks for the advice so far.
 
Lauren said:
If I setup the company pension, what happens to it if the company ceases trading? Do I have to transfer it into a new pension i.e. personal pension? Thanks for the advice so far.
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(1) You can cease contributions and leave the fund where it is as a "paid up" benefit. It will continue to participate in the ups or downs of your chosen fund(s).

(2) You can transfer it to a Buy Out Bond, aka Personal Retirement Bond (a once-off lump sum pension policy designed for this purpose).

(3) You can transfer it to the Occupational Pension Scheme of your new employer, if your new employer has one and you establish that it's to your benefit to do so.
 
As well as the 3 options above, there may also be the option to transfer it into a PRSA, this is handy if you wish to continue to contribute but are not in pensionable employment.
 
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