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 Post subject: Managing your own pension
PostPosted: Fri Mar 04, 2011 5:57 pm 
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I have about 4 years worth of a pension that's being looked after for me by AIB bank.

I was wondering if I have the option to withdraw this money and invest it in what I see fit (keeping it as a pension investment)

Do Ireland have a similar scheme to the SIPPS in the UK? - A Self-Invested Personal Pension (SIPP)

Can I pick out stocks / bonds / shares and amalgamate them into my own sort of pension portfolio so to speak?


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 Post subject: Re: Managing your own pension
PostPosted: Fri Mar 04, 2011 5:59 pm 
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You cannot draw down your pension till your 50, nobody can. Whether you can invest in stocks or bonds is up to AIB but I doubt it, chances are you can move your money around different funds they offer, such as commodities, emerging markets etc but that is about it. I wanted to do the same as you with Irish Life but no go.

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 Post subject: Re: Managing your own pension
PostPosted: Fri Mar 04, 2011 6:01 pm 
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Location: Over Macho Grande? I don't think I'll ever be over Macho Grande...
I await the angry arrival of spqr64 with interest but for now I'll quote him from another thread...

spqr64 wrote:
All I can say is I would advise anyone to invest for their retirement but I temper this by saying that you need to get independent advice from an authorised advisor and pay a fee for this before investing in pension otherwise you may get ripped off.


Sage advice for those who are in a position where they can exercise control over their pension.

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 Post subject: Re: Managing your own pension
PostPosted: Fri Mar 04, 2011 6:05 pm 
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The Unwelcome Guest wrote:
I await the angry arrival of spqr64 with interest but for now I'll quote him from another thread...

spqr64 wrote:
All I can say is I would advise anyone to invest for their retirement but I temper this by saying that you need to get independent advice from an authorised advisor and pay a fee for this before investing in pension otherwise you may get ripped off.


Sage advice for those who are in a position where they can exercise control over their pension.


It's clearly possible 'to get independent advice from an authorised advisor and pay a fee for this before investing in pension and get ripped off'. :P


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 Post subject: Re: Managing your own pension
PostPosted: Fri Mar 04, 2011 6:08 pm 
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Location: Over Macho Grande? I don't think I'll ever be over Macho Grande...
mr_anderson wrote:
It's clearly possible 'to get independent advice from an authorised advisor and pay a fee for this before investing in pension and get ripped off'. :P


Hey, it's all a mugs game at the end of the day... 8-

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 Post subject: Re: Managing your own pension
PostPosted: Fri Mar 04, 2011 6:18 pm 
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It's interesting because it seems like Ireland is like a 3rd world when it comes to private individuals who want to look after their own finances for the future.

A lot of other countries, like the UK, allow private individuals to invest up to £10,200 a year into an Individual Saving Account (ISA) and any gains on this investment is tax free.
Ireland on the other hand get a CGT tax-free-allowance of €1,270 and are charged 25% tax on profits. I think the UK's tfa amount is also £10,100 (not 100% on this)

UK also have SIPP's (Self Invested Personal Pension) which allows individuals to invest their own pension.

I emailed Michael Noonan before the election and he said he was aware of the UK's ISA scheme and said he would look into it being introduced in Ireland but I wouldn't hold my breath.


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 Post subject: Re: Managing your own pension
PostPosted: Fri Mar 04, 2011 6:42 pm 
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So why not open up one of those pension accounts in the UK for yourself?

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 Post subject: Re: Managing your own pension
PostPosted: Fri Mar 04, 2011 6:55 pm 
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You can't just go over to the UK and open a bank account / NI Number etc. without living over there


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 Post subject: Re: Managing your own pension
PostPosted: Fri Mar 04, 2011 7:15 pm 
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Poodles, relax, Ireland has SSAPs - Small self-Administered Pensions.

However you must be self-employed to start one up. The government has deemed PAYE workers as too financially illiterate to manage their own retirement savings.

The self-employed have proven themeselves worthy of the trust placed in their judgement however. During the boom they stuffed a few quid into their SSAP, leveraged it up ten or twenty times and bought property. Just ask Paul O'Connell and his fellow investors.

viewtopic.php?f=4&t=29678&hilit=paul+o%27connell

I manage my own pension. However, you will need to employ a firm of revenue approved trustees to keep an eye on you. At your expense of course. Wealth Options are the crowd that I use.

http://www.wealthoptions.ie/home.php?ID ... ype=parent

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 Post subject: Re: Managing your own pension
PostPosted: Fri Mar 04, 2011 8:25 pm 
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Location: London, innit
You don't have to be self employed to have control of your pension

You can put your AVCs wherever you like including a self directed pension

Standard Life (Synergy) and Davys have suitable products and hsvebeen mentioned on The pin
The tax relief is now capped at 22% or whatever IIRC at contribution but gains are tax free until withdrawal


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 Post subject: Re: Managing your own pension
PostPosted: Fri Mar 04, 2011 9:06 pm 
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Im currently setting up a forestry fund. Basically investing in land to plant under the department of Agri afforestation scheme will give a 6% yield over 35 years. All set up costs are covered and the land and timber value remains yours.

I currently manage forests throughout the north west belonging to several pension funds, charities and bloody wealthy persons.

Im not making a sales pitch so much as asking advice on how and where i could sell this opportunity.

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 Post subject: Re: Managing your own pension
PostPosted: Fri Mar 04, 2011 10:02 pm 
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I started a thread about this, it might be of use.

viewtopic.php?f=19&t=32030


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 Post subject: Re: Managing your own pension
PostPosted: Fri Mar 04, 2011 10:34 pm 
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Puck may be Famous wrote:
Poodles, relax, Ireland has SSAPs - Small self-Administered Pensions.

However you must be self-employed to start one up. The government has deemed PAYE workers as too financially illiterate to manage their own retirement savings.

Eh, no, you have to have a decent sized fund as charges are usually a fixed cost setup (a couple of grand) and either 1% NAV/year plus VAT or a fixed fee of 1500+VAT, so you'd need about 150k for the fixed fee to be worth it...

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 Post subject: Re: Managing your own pension
PostPosted: Fri Mar 04, 2011 10:44 pm 
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Location: Tullamore
Puck may be Famous wrote:
The self-employed have proven themeselves worthy of the trust placed in their judgement however. During the boom they stuffed a few quid into their SSAP, leveraged it up ten or twenty times and bought property. Just ask Paul O'Connell and his fellow investors.

I meant to say that the decision in 2004 to allow unlimited leverage on SSAPs was astonishing. It, more than any other single decision I reckon, hugely pumped the BTL market with disastrous consequences. We don't, as far as I know, have any information on how much in negative equity some SSAPs are. Or how many bought their PPRs as 'investments'. Or how these are being treated by the banks.

Does anyone want to bet it is a horrible mess, though?

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 Post subject: Re: Managing your own pension
PostPosted: Sat Mar 05, 2011 11:58 am 
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Location: BubbleBurst Ireland
yoganmahew wrote:
Puck may be Famous wrote:
Poodles, relax, Ireland has SSAPs - Small self-Administered Pensions.

However you must be self-employed to start one up. The government has deemed PAYE workers as too financially illiterate to manage their own retirement savings.

Eh, no, you have to have a decent sized fund as charges are usually a fixed cost setup (a couple of grand) and either 1% NAV/year plus VAT or a fixed fee of 1500+VAT, so you'd need about 150k for the fixed fee to be worth it...



Not with me YM, I can do it for less than that.

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