PRSA for younger brother

M

maximus

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With all this pensions talk, I am considering marching my younger brother down to the local bank and setting up a PRSA for himself....he is a 23 year old barman with no financial savy and about to go travelling for a year.
I have a company pension so I don't have to worry too much about it for now.

I will contribute about 50 euros per month to his fund for the next 12 months to keep it going before he starts next year after he gets a more well-paid job.

My query is regarding the best PRSA institution to go to???...i.e the one with the lowest charges and the "apparent" steadiest record ....We are both in BOI and I guess it would be easier to pop down to them and set one up...

Any advice would be appreciated.

Thanks,

Maximus
 
Wait till after he comes back. The scare stories about pensionsare for those who need to worry about it. While it is better to start early life is for living first. Get him into one before he hit 28 and he will still do fine. He is also an adult and if you treat him like a child he will never act like an adult.
 
FillSpectre said:
Wait till after he comes back. The scare stories about pensionsare for those who need to worry about it. While it is better to start early life is for living first. Get him into one before he hit 28 and he will still do fine. He is also an adult and if you treat him like a child he will never act like an adult.
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I reckon Fill is probably right- he's 23, let him live and learn a bit.
 
He will get zero tax relief on the money contributed on his behalf while he's away. At 23 years old, I don't think it makes sense for him to start a pension, unless he already owns his home.
 
Why not set up some kind of savings a/c with the money instead? Preferably one that ties up the money for a few years so that when he's, say, 28 he can have the deposit on a house or set up a pension or whatever make most sense. Or maybe he'll just blow it on a new car but as the other posters have said he is an adult and it will be his money at that stage anyway.

But then again if he's planning to travel for a year he must have some savings so maybe he's not as financially clueless as you think, he just has different priorities right now.
 
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