small charity PRSA advice

[fleetfan]

Hello,
I need to choose a PRSA for my workplace but I'm finding it difficult to navigate all the information online. I've read through the pension authority website etc but would really appreciate any thoughts/wisdom you can offer.
We are a small team of 5 people, in a community based charity (CLG and registered charity). None of us have pensions currently (but all of us wish to access a PRSA) and our employer is unable to make any contributions.
Salaries range from 25k to 60k per annum and some of us are only able to make small contributions to a pension, whereas others would be looking to pay a substantial portion of our salaries into a PRSA.

 

[Marc]

You need to consider the pros and cons of individual PRSAs vs setting up a small occupational scheme.

My colleague John Mcnicholas specialises in providing pension schemes to charities

www.ethicalfinancial.ie

 

[fleetfan]

You need to consider the pros and cons of individual PRSAs vs setting up a small occupational scheme.

My colleague John Mcnicholas specialises in providing pension schemes to charities

Incredibly helpful, thanks Marc.

 

[GSheehy]

@fleetfan

You can set up the PRSA Scheme two ways. i) Employ an advisor to do it for you and either pay them a fee or pay them via a a reduced allocation (less than 100%) on contributions ii) Do it on an execution only basis yourself and get 100% allocation, with no additional fee for set up. The annual management charge should be the same both ways.

If the employer chooses the PRSA product and PRSA provider then, if you're doing it on an execution only basis, the employees would choose the fund/s they want to invest in. If they're not comfortable doing this they could pay someone to advise them on that alone, select a default investment strategy or, complete an online Risk Profiler and choose a fund that matches the result.

The employer should probably offer the employees both options and let them decide.

Gerard

www.prsa.ie

 

[fleetfan]

@fleetfan

You can set up the PRSA Scheme two ways. i) Employ an advisor to do it for you and either pay them a fee or pay them via a a reduced allocation (less than 100%) on contributions ii) Do it on an execution only basis yourself and get 100% allocation, with no additional fee for set up. The annual management charge should be the same both ways.

If the employer chooses the PRSA product and PRSA provider then, if you're doing it on an execution only basis, the employees would choose the fund/s they want to invest in. If they're not comfortable doing this they could pay someone to advise them on that alone, select a default investment strategy or, complete an online Risk Profiler and choose a fund that matches the result.

The employer should probably offer the employees both options and let them decide.

Gerard

Excellent, thank you Gerard. I think we are going to need advice as this is such an area none of us are remotely knowledgable about.