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/Either-Welder-1034 Sep 22 '21

Is it normal for employers to contribute to your pension? Is that part of your salary? I'm moving into my second job since finishing college and neither employers have a pension scheme that I can avail of. Environmental industry.

I started a personal pension last year through bank of Ireland in which I put 200 a month and that's it. Don't know much about it because I've never asked about it. I see Zurich and Aviva are the popular choices here... I guess I'm getting screwed by BOI too.. can you move pensions if you so choose?

Also now we're on the topic I know that pensions are not taxed. But 200 is taken out of my account every month regardless, how would I go about getting the money that shouldn't be taxed back?

Thanks.

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u/0mad Sep 22 '21

I am not sure if it is "normal", it is probably considered a benefit. Companies don't have to. Might be worth having/starting the conversation with your employer.

I think fees matter a lot with a pension. Compare your BOI fees with others suggested and see if it is worth while. Consider just how much 1%/year extra could cost you over 30+ years.

If your employer does not deduct the contributions, use myAccount to complete and file an income tax return.

Source. I believe there is a section on your balancing statement for the previous year(s)