mc_arigead
Registered User
- Messages
- 13
Hi, I started a personal pension (RAC) back in 2000 as my employer didn't have a scheme in place. I paid approx €63.50/month for around 9 years and then stopped when the economy tanked and I couldn't afford even that small amount. I wasn't very financially literate when I signed on for this plan ( New Ireland Pension Managed Fund (6) ) I just took the brokers word that it was a good plan for me (very naive), filed it away at home and forgot about it (stupid move).
I'm now approaching 40 and am almost in a position to make maximum contributions to my pension. I'm paying tax at the marginal rate so feel investing in the pension is probably my best course of action.
I dusted off the documentation this week to try and get an idea of where I stand. The AMC is 0.75% so not too bad but I'm having difficulty trying to make sense of the allocations. I have three tables titled Relevant Premium with different percentages in them. For example under Initial Investment Percentage it says "The Initial Investment Percentage at the Commencement Date is 48% of the Relevant Premium." This seems to tie in with the first table column for premiums of < £100/month.
Does that mean only 48% of my premium was invested?
Anyone on here know anything about this plan? I can reproduce the tables and any other information from the policy if it helps. If I'm reading it correctly then this looks like a bad policy and I'd like to clarify things before deciding to put more money into it. Thanks in advance.
I'm now approaching 40 and am almost in a position to make maximum contributions to my pension. I'm paying tax at the marginal rate so feel investing in the pension is probably my best course of action.
I dusted off the documentation this week to try and get an idea of where I stand. The AMC is 0.75% so not too bad but I'm having difficulty trying to make sense of the allocations. I have three tables titled Relevant Premium with different percentages in them. For example under Initial Investment Percentage it says "The Initial Investment Percentage at the Commencement Date is 48% of the Relevant Premium." This seems to tie in with the first table column for premiums of < £100/month.
Does that mean only 48% of my premium was invested?
Anyone on here know anything about this plan? I can reproduce the tables and any other information from the policy if it helps. If I'm reading it correctly then this looks like a bad policy and I'd like to clarify things before deciding to put more money into it. Thanks in advance.