+1. Totally agree with this. I understand the objections of others who perhaps understand the pension industry better than I do, but from a purely personal and subjective point of view:I'm invested in the stock market , I can easily liquidate it and have cash to do what I want with , locking in money for the next 30 years is crazy imo, they done it before so they'll do it again especially with the pensions been unsustainable , it's not worth the risk for me, I'm a low rate tax payer anyway so it's an easy decision but my decision would be the same if I was on high tax .
Even using Firefly's cash option, the position is clearcut. Of the €500k, €125k would come out tax free, with the balance going into an ARF/AMRF. Someone at that level would pay little or no tax on the ARF drawdowns, so they have 50 years of money at €10k a year rather than 30 years of money using after-tax funds.
It's a bit like building a house or any other big endeavour that you don't get to do very often, and probably aren't very well educated about when you first set out. Looking back it's easy to think of things you might have done differently. Personally I'm just happy I noticed the pension didn't pass the "smell test" and contributed as little as possible to it.But the pension doesn't give you bad advice or rip you off...an adviser does. So seek referrrals or recommendations.
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