r/irishpersonalfinance Sep 21 '21

What age are you, and how much is in your pension(s)? Retirement

With pensions in the news, I thought this would be an interesting discussion.

I am 30, and have 1 pension that currently contains €62,399.

I currently contribute 15% and my employer contributes 6%. Come January, I will up my contribution to 20%. I would have 2 pensions, but I merged them as my current one has much lower fees. My pension is 100% in Indexed Global Equity.

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u/rebellious-rebel Sep 21 '21
  1. About €177k in a mostly global equity fund. Contributing the full amount up to allowable limits.

Also have a €3k DB annual pension from an old pension scheme at work. That would cost c.€70k as an annuity.

2

u/0mad Sep 21 '21

That would cost c.€70k as an annuity

Hi, what does this sentence mean? Does it mean that your €3k pension will be worth ~€70k when you retire? Thanks

2

u/rebellious-rebel Sep 21 '21

No it means that €70k would "buy" you an annual pension of about €3k.

1

u/0mad Sep 21 '21

Ah, gotcha