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...
Er, a PRSA is a form of pension!I work in a small company which does have one suggested PRSA but always thought having a pension was better
Yes - similar to any other pension.I thought a PRSA was a fund you built up over time
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.and when you retired you used the value to purchase a pension.
Are self directed pensions and SSAPs some sub-category of some or all of the above?
OK - thanks for the explanations.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).