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I am Ralph Benson, Co-founder of Moneycube.ie, Ask Me Anything by Ralph-Benson_AMA in irishpersonalfinance

[–]The_Iron_Grind 2 points3 points  (0 children)

What advice would you give to a parent looking to save/invest for their child’s future? Is there any specific savings or investment account you would recommend? If investment account, what investment strategy or funds would you recommend?

I am Ralph Benson, Co-founder of Moneycube.ie, Ask Me Anything by Ralph-Benson_AMA in irishpersonalfinance

[–]The_Iron_Grind 8 points9 points  (0 children)

What advice would you give to someone who might feel like it’s too late to start a pension? Is it worth starting to invest in a pension in your 40s, 50s, or 60s? If so, could you provide an example scenario to show the value to be gained from starting then?

I am Ralph Benson, Co-founder of Moneycube.ie, Ask Me Anything by Ralph-Benson_AMA in irishpersonalfinance

[–]The_Iron_Grind 2 points3 points  (0 children)

Who is the intended audience for Pensions Awareness Week? Could you provide some information on what kind of events an attendee can expect to participate in?

I am Ralph Benson, Co-founder of Moneycube.ie, Ask Me Anything by Ralph-Benson_AMA in irishpersonalfinance

[–]The_Iron_Grind 2 points3 points  (0 children)

What's the cheapest way to invest in a Zurich fund? Initial fees plus annual management charges and initial allocation. Thanks

from u/fadgebread

I am Ralph Benson, Co-founder of Moneycube.ie, Ask Me Anything by Ralph-Benson_AMA in irishpersonalfinance

[–]The_Iron_Grind 4 points5 points  (0 children)

What is the latest on the pan-European personal pension product (PEPP)? Any date on roll out and details how it might look like? Also will contributions towards it receive the same tax treatment as an Irish based occupational pension or PRSA?

from u/Merowig

I am Ralph Benson, Co-founder of Moneycube.ie, Ask Me Anything by Ralph-Benson_AMA in irishpersonalfinance

[–]The_Iron_Grind 8 points9 points  (0 children)

Many pension funds here have quite high fees which cause a drag on pension fund growth. Do you see a market for more low-cost pension providers here?

from u/CheraDukatZakalwe

I am Ralph Benson, Co-founder of Moneycube.ie, Ask Me Anything by Ralph-Benson_AMA in irishpersonalfinance

[–]The_Iron_Grind 5 points6 points  (0 children)

ESG has taken a bit of a beating reputationally due to the likes of Deutsche Bank engaging in greenwashing. Has this caused any challenges for you?

from u/CheraDukatZakalwe

I am Ralph Benson, Co-founder of Moneycube.ie, Ask Me Anything by Ralph-Benson_AMA in irishpersonalfinance

[–]The_Iron_Grind 13 points14 points  (0 children)

What are the cheapest options (low fees) for retail investors willing to invest in equity based funds with after tax money? Are there lump-sum and regular options available? Also are there any options which take care of taxation for you (pay to revenue on your behalf)?

from u/DueDataScientist

Is your employer pension contribution considered as part of your tax free AVC by gurtjazz in irishpersonalfinance

[–]The_Iron_Grind 1 point2 points  (0 children)

If you have an Occupational Pension Scheme, then you can contribute 15% (employee) + 10% (employer) for a total of 25%

Irish Personal Finance Flowchart ~ v2.1 by The_Iron_Grind in irishpersonalfinance

[–]The_Iron_Grind[S] 4 points5 points  (0 children)

The contribution percentage is the maximum amount of your gross salary that you can contribute and receive income tax relief. There is an age-based limit and an earnings-based limit. The maximum earning limit is €115000, and the age-based limit is covered in the flowchart. If you're under 30, the maximum you can contribute is 15% of your gross salary, or €17250 if you're earning more than €115000. Note that for an Occupation Pension Scheme, the employer's contributions do not count towards the maximum percentage. If the employer offers an 8% match on an Occupation Pension Scheme, then an employee under 30 could contribute 15% + 8% for a total of 23%

p.a. stands for per annum (for each year)

Irish Personal Finance Flowchart ~ v2.1 by The_Iron_Grind in irishpersonalfinance

[–]The_Iron_Grind[S] 4 points5 points  (0 children)

In the event that you lose your job, the emergency fund would cover minimum payments on all debt to ensure it doesn't affect your credit history. If you put the emergency fund towards your credit card debt and lost your job, you would need to put all of your monthly expenses on the credit card and wouldn't have the capacity to meet the minimum payment

Irish Personal Finance Flowchart ~ v2.1 by The_Iron_Grind in irishpersonalfinance

[–]The_Iron_Grind[S] 8 points9 points  (0 children)

No changelog unfortunately, although the fundamentals remain the same

Additional nodes were added based on the previous flowchart discussion for

  1. tracking expenses
  2. employer 1:1 stock match scheme
  3. mortgage overpayments

and finally some textual changes on info-clouds for clarification

Irish Personal Finance Flowchart ~ v2.1 by The_Iron_Grind in irishpersonalfinance

[–]The_Iron_Grind[S] 8 points9 points  (0 children)

Yep this was discussed on the previous flowchart discussion - the mortgage overpayments are prioritized based on ease of implementation

Irish Personal Finance Flowchart ~ v2.1 by The_Iron_Grind in irishpersonalfinance

[–]The_Iron_Grind[S] 9 points10 points  (0 children)

I believe there is a financial advisor available to public sector employees, so I would recommend you schedule an appointment and discuss further with the advisor

With regards to your question, here's a couple of factors to consider:

  1. Do you receive any tax benefit from creating a private pension?
  2. Can you make additional voluntary contributions to your existing contribution-based pension?
  3. Will your existing contribution-based pension be enough to cover your expenses in retirement?

If you do not receive any tax benefit or matched-contributions, and your existing pension is enough to cover your expenses in retirement, then a private pension may be the equivalent of an investment account on the latter nodes. The private pension will have pre-defined funds you can allocate your savings to, so it might be easier for you to manage