Pensioned

[faolteam]

with everthing crashing is it not stupid tro be putting my money into something thats has collapsed im talking abouta private pension here,

Also i took out a pension many years ago payable at 65, and it wasnt much so i decided one day i spoke to a broker and took oout another one and it wasnt till a few years ago i noticed it was only payable at 70, so i decided to reduce it and with the balance that was reduced i opened another one that can be cashed at 65,

was this wise ? as i am told now that you cant have 3 sepearte pension policies is this true ????

and one more question i pay direct debit every month and the pension is index linked so every year it goes up, would i be better paying annual payment of my own amount

 

[LDFerguson]

with everthing crashing is it not stupid tro be putting my money into something thats has collapsed im talking abouta private pension here,

For what it's worth, here's my own opinion on this.

Also i took out a pension many years ago payable at 65, and it wasnt much so i decided one day i spoke to a broker and took oout another one and it wasnt till a few years ago i noticed it was only payable at 70, so i decided to reduce it and with the balance that was reduced i opened another one that can be cashed at 65,

was this wise ? as i am told now that you cant have 3 sepearte pension policies is this true ????

If these are all Personal Pensions, I'm not sure why you weren't advised to simply increase your contribution to the first one.

You may be able to retire at 60 or 65 on the second one, even though the retirement age is stated as being 70.

If they are all Personal Pensions and you are either self-employed or in otherwise non-pensionable employment, there's no problem with your having three or more Personal Pension plans. Make sure that your overall contribution doesn't exceed your limit for tax relief.

I would have a concern about the effect of charges that you're paying on all three plans. I'd ask each of the three pension providers to give you a written breakdown of the charges that you're paying , in plain English. In other words, if you're paying €X per month, how much of this is actually going into your pension fund and how much is being deducted in charges?

Indexation on contributions is a good idea, but again, make sure that you're not incurring additional charges every time your contribution increases. Ask this also.

I'd recommend that you edit the title of this post. See .