Starting a pension at 45 and need advice!

R

Rosser

New Member
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3
Hi guys,
I am starting a pension and need advice. I’m a company director of a ltd company and have been advised to set up a PRSA rather than an Executive Pension Plan, the financial advisor said it was more streamlined and efficient.
I plan to make a monthly contribution of approximately €1,200 and if we have have a good financial year I would also pay in an additional lump sum. The advisor has recommended Standard life Synergy PRSA over Zurich as they have lesser charges.
Any advice would be really appreciated? Thank you.
 
Who advised you on this?
Are they independent?
What charges are you being quoted?
You can get 100% allocation and 0.75% annual management charge on an execution only basis PRSA from several brokers, e.g.
I personally don't know what the advantages and disadvantages of an executive pension plan versus a PRSA might be.
What did your advisor say about this?
You might find further useful information by searching the existing threads/posts.
 
Executive pension is more tax efficient. I think you can write off PRSI and USC if you go down this route versus 40% tax relief on standard PRSA pension schemes.
 
Bluefin said:
Executive pension is more tax efficient. I think you can write off PRSI and USC if you go down this route versus 40% tax relief on standard PRSA pension schemes.
Click to expand...
Thanks @Bluefin - if that's the case then it begs the question why the financial advisor recommended a PRSA over an executive pension plan? What pros and cons did they present?
 
Some of the vastly experienced Financial advisors on here would be able to provide that level of insight.
 
PRSA is correct for the moment, ask your financial advisor to explain why, but changes are expected in the finance bill but not made public in the budget.
 
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