Pension concern:Where can I get independent advice?

[jph]

I have recently changed employment. In my previous employment there was an outstanding issue with the pension fund which had not been resolved when I left and is on-going.

In the meantime I am trying to set up a pension fund with my new employer and as I am new to this I am finding it overwhelming. Where can I get independent advice that will help me to navigate through what seems to be a jargon maze?

jph

 

[ClubMan]

Re: Pension concern

I have recently changed employment. In my previous employment there was an outstanding issue with the pension fund which had not been resolved when I left and is on-going.

What sort of issue if you are at liberty to say? Did you not get the usual form on leaving outlining your pension options (e.g. take a refund of personal contributions net of tax if less than 2 years in scheme, leave invested, transfer to another occupational scheme, transfer to a buy out bond/pension retirement bond)?

In the meantime I am trying to set up a pension fund with my new employer and as I am new to this I am finding it overwhelming.

What do you mean by this? Are you trying to establishe a new occupational scheme or employer sponsored (and maybe contributed to) PRSA or something?

Where can I get independent advice that will help me to navigate through what seems to be a jargon maze?

There is a wealth of material here on AAM. But if necessary you should talk to a good pension consultant, authorised advisor or a good multi-agency intermediary.

 

[jph]

Re: Pension concern

Clubman hi,

the situation is long and complicated and I wasn't aware that I should have been given options on leaving - so that is something I should pursue with my former employer.

In my new employment (small) other staff do not appear to have taken the option of pension and as I am the only one interested I will be looking to either transfer or start afresh.

I have trawled through a lot of the info here and I just find that I am totally at a loss to understand the volume of info there - I do appreciate that I am confined in disclosing too much info re the former employment which probably doesn't help with trying to get answers or resolutions.

You mention a good consultant, authorised advisor or multi-agency intermediary... any idea where I would start to find one?

thanks so much for your response

jph

 

[ClubMan]

Re: Pension concern

In my new employment (small) other staff do not appear to have taken the option of pension and as I am the only one interested I will be looking to either transfer or start afresh.

Do you mean an occupational scheme or a PRSA? If you mean a PRSA then chances are than your employer will just go with a standard PRSA charging 5% on each contribution and 1% annual management fee. Unless they are matching contributions up to some level (which will offset these charges to some extent) then you might be better off going for your own PRSA since you can get one with 0%/1% or better charges that way. The hassle is that you would then have to claim tax and PRSI relief manually rather than getting it automatically via payroll. See here for some useful links.

You mention a good consultant, authorised advisor or multi-agency intermediary... any idea where I would start to find one?

IFSRA can give you a list of registered authorised advisors and multi-agency intermediaries but you should probably ask people for recommendations. Of the discount brokers (who generally deal with people on an execution only - i.e. no advice - basis) you should look at the following for example:

www.prsas.ie
[broken link removed]
www.labrokers.ie

I'm sure that they offer advisory services too but presumably will charge you for it.

 

[jph]

Re: Pension concern

Clubman hi,

Sorry to appear to be so ignorant but can you clarify 'IFSRA' for me and how I get in contact with them in order to track down an advisor.

Thank you so much!

jph

 

[boaber]

Re: Pension concern

IFSRA are the Independent Financial Services Regulatory Authority

Website is www.ifsra.ie or www.itsyourmoney.ie

Don't think they can provide advice as to which advisor you should go to.

Why not try the Irish Brokers Association website www.iba.ie or the Professional Insurance Brokers Association www.piba.ie

You can search for your nearest broker on these sites