Self Employed with no pension- where to start

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Polly 123

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Looking for guidance on where to start regarding setting up a pension at 50.

Self Employed person (3 years s.e.)with no pension from any previous employer. Looking at paying circa 25k in tax on earnings again this year with similar amount paid over last year. I'm coming late into arranging a pension but I am very confused with the options out there.

Looking at something that will produce a high yield in the long term as I would hope to retire at 70 all going well, open to taking some risk to try get a reasonable return.

Have contacted AIB and Zurich but I'm confused by the different options and the fees involved. Ideally if not too late would like to sign up this year to get it in place and help reduce my tax bill, thanks in advance.
 

Past Pension performance

Hi all, first time poster on financial side of AAM . I'm looking to set up a PRSA this year . I've met with a broker and I'm not a whole lot wiser especially when it came down to past performance . It's easy enough to see the performance of funds eg Zurich, Irish life etc , but my broker tells...
www.askaboutmoney.com
 
Have both recommended a PRSA?

If yes, what is confusing about the charges? There could be just two - an annual management charge and a contribution charge.

Are they Standard or Non-Standard options?

If Non-Standard, what's the reason put fort for recommending this type of PRSA?


Gerard

www.prsa.ie
 
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If you are looking to make a contribution and claim tax relief for 2023, you would need to get your PRSA set up immediately and make the contribution and submit your 2023 tax return before the 31st October. There might still be time to do this.

If you want to get lower charges you can go to an execution only broker.
You would need to choose the funds to invest into and the risk level.

If you are not comfortable doing this you can go to an ordinary broker.

PRSA.ie, ferga.com and LA Brokers offer execution only.
Any other broker will offer an ordinary service.

There is a poster called Dave Vanian who offers both ordinary and execution only service.
You could private message him.

Contact all these and see if they can get you set up before the end of the month.

Don't worry too much about choosing your risk level at this stage. You can adjust this at any time after setting up your PRSA usually without incurring any extra fees.

The important thing is to get the PRSA set up.
 
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GSheehy said:
Have both recommended a PRSA?

If yes, what is confusing about the charges? There could be just two - an annual management charge and a contribution charge.

Are they Standard or Non-Standard options?

If Non-Standard, what's the reason put fort for recommending this type of PRSA?


Gerard

www.prsa.ie
Click to expand...
Sorry my mistake, it was more the choices they were talking about and I was getting confused with which scheme had which charges. I do recall them saying it was a standard prsa, perhaps it's my lack of knowledge of PRSA's that's contributed to my own confusion. I've only spoke over the phone to both and they both recommended low risk funds, Prisma 3 from Zurich but the return would be quiet low, can't even remember the AIB one ,they both seemed apprehensive about me willing to invest in a higher risk/ higher return ( I know nothing is guaranteed) but otherwise I don't really understand why a long term deposit account would not be a better option.
 
S class said:
If you are looking to make a contribution and claim tax relief for 2023, you would need to get your PRSA set up immediately and make the contribution and submit your 2023 tax return before the 31st October. There might still be time to do this.

If you want to get lower charges you can go to an execution only broker.
You would need to choose the funds to invest into and the risk level.

If you are not comfortable doing this you can go to an ordinary broker.

PRSA.ie, ferga.com and LA Brokers offer execution only.
Any other broker will offer an ordinary service.

There is a poster called Dave Vanian who offers both ordinary and execution only service.
You could private message him.

Contact all these and see if they can get you set up before the end of the month.

Don't worry too much about choosing your risk level at this stage. You can adjust this at any time after setting up your PRSA usually without incurring any extra fees.

The important thing is to get the PRSA set up.
Click to expand...
Thank you for the detailed reply, I will look into setting one up if possible before the end of the month and take my time to decide them best risk option after that.
 
You can change both existing units and future paid in units without fees up to 4 times per year with Zurich.

Switching Investment Funds | Zurich Ireland

Everything you need to know about your pension, investment or savings policy is available online. Check out our Client Centre where you can get all the information you need about your plan, your funds and current values.
www.zurich.ie www.zurich.ie
 
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