Stupid question re setting up your own pension?

J

JosephineSoa

Guest
Can I open up a pension on my own or is the only option open to me a PRSA? All the literature I see seems to be to do with companies opening up them for their employees...
 
You may be able to open a "self directed pension" or a SSAP (Small Self Administered Pension) depending on your circumstances. These allow you a lot more control over how your money is invested. Do a search for previous threads on these options.

Searching Askaboutmoney.com using Google
 
If you are self-employed, there are two options:

  1. Personal Pension
  2. Personal Retirement Savings Account (PRSA)
If you work for a company, then there is also the option of an Occupational Pension (which may be Self-Administered or simply an Insured Arrangement).
 
Are self directed pensions and SSAPs some sub-category of some or all of the above?
 
I'm not self employed I work in a small company which does have one suggested PRSA but always thought having a pension was better...My new year resolution is to sort out my pension/prsa
 
I thought a PRSA was a fund you built up over time and when you retired you used the value to purchase a pension.
 
JosephineSoa said:
I thought a PRSA was a fund you built up over time
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Yes - similar to any other pension.
and when you retired you used the value to purchase a pension.
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No - like most or all other pensions you can usually take up to 25% as a tax free lump sum and then either roll some or all of the remainder into another investment (ARF/AMRF) or else buy an annuity which pays an income in retirement.

I think you should start by reading some of the info about pensions on the www.pensionsboard.ie and www.itsyourmoney.ie websites as you seem confused about them.
 
ClubMan said:
Are self directed pensions and SSAPs some sub-category of some or all of the above?
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A SSAP is merely an occupational scheme that is small (often one member) and self-administered (has its own Trust Deed and Rules independent of any one insurance company).

A self-directed pension is merely a pension in which the individual can choose their own investments - it could be any one of the above types of pension (Occupational/Personal/PRSA).
 
MMilken said:
A SSAP is merely an occupational scheme that is small (often one member) and self-administered (has its own Trust Deed and Rules independent of any one insurance company).

A self-directed pension is merely a pension in which the individual can choose their own investments - it could be any one of the above types of pension (Occupational/Personal/PRSA).
Click to expand...
OK - thanks for the explanations.
 
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