Want to start a pension but not sure which one?

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CARRIE.B

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28 years old and would like to start a pension. I am an employee and there is no company pension set up where I am currently working. My employer has agreed to contribute 500e/1000e/1500e for 1st/2nd/3rd... year working there. I' ve been looking at PRSAs and think maybe some of the bank ones are expensive as regards charges. I spoke with someone from Acorn Life and they sounded good with an upfront charge and then an annual charge. Despite chatting for quite a while Im not sure exactly what the upfront charge is, will have to find this out first. There is a chance maybe in years to come that I might set up my own business but this is just a small possibility. Would really appreciate a few comments and bits of advice.
 
Welcome to Askaboutmoney. If you use the search facilty, you may find previous discussion on Acorn Life that be of interest.

It may be worth your while paying a fee based advisor for impartial advice if you are unsure.

Bear in mind that Acorn Life may not be impartial with regard to the advice they are giving.
 
I'd concur with the idea of getting independent, professional advice from a good multi-agency intermediary or authorised advisor. Chances are a low charges PRSA or personal pension plan with a suitable range of funds for your particular needs (most likely high equity/risk-reward would be suitable) would be appropriate. Bear in mind that if you are paying premiums from after tax income then you will need to claim tax and PRSI relief yourself. I'm not sure how your employer is intending to make contributions but if they can do them via payroll to get relief at source then that simplifies matters. Check out the pension key posts and the Financial Best Buys forum as there is stuff there that might be of relevance to you.
 
Thanks for the advice. Had a look through some of those threads and definitely not going to get a pension with Acorn Life anymore. Their charges are not clearly explained and are expensive. Will see about getting in touch with an independent advisor or just choosing a low charges PRSA myself. Thanks again.
 
Hi Carrie B - Acorn would not be the worst in the world but a PRSA may be suitable particularly if your working career may be 'mobile' in the future.
 
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