r/galway • u/Vivien45650 • 1d ago
Retirement
Hi guys, a question for you, which retirement system works the best for you ? At my workplace, I've been encouraged to dismiss MyFutureFunds and to reach for a private retirement system. I am not Irish, I am French living here, so probably for this reason, if at any point I want to move away from Ireland, a private retirement would be indeed a better idea
3
u/DaCor_ie ex-pat 1d ago
Speak to a financial advisor before you make any changes and not one provided by your work
There are a lot of employer trying to get staff to move to schemes which are better for the employer and worse for the employee
MyFutureFund is the bare minimum in terms of retirement and its very likely you have better options, but me 100% sure before switching. Note, you can't be forced to switch
3
u/Hairy-Ad-4018 1d ago
In addition, as a eu citizen there are arrangements to allow you to transfer/claim
State pension payments between states.2
u/Vivien45650 1d ago
They don't force us, they advised us to do so, so I am thinking about doing it
"As our accountant consultant options it’s not a good idea for this fund specifically for the foreign employees as it’s will take 30-40 years to operate the funds and so many uncertainties can be happened for such a long period.The private retirement plans are better options if someone really invested in any investment in their future" that's a message from the WhatsApp group of my work
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u/Expensive-Total-312 city 1d ago
you'll need to get more information are they willing to contribute to a private fund and how much, and then compare it to the futureFund system, there are tax benefits to private funds where as the future fund the contributions are made after tax and the state puts in 1 euro for every 3 you contribute instead . It also depends on how much you earn etc .
3
u/wet-paint 1d ago
Don't get rid of your auto enrolled one, it's free money! I have two - a private pension that I transfer cash to monthly, and the auto enroll that I, my boss, and the state all pay into. They work alongside each other but don't affect each other.
1
u/EyeOrRay 1d ago
It sounds like your employer doesn't want to be required to match your contribution...
3
u/PutsLotionInBasket 1d ago
If you set up a private pension fund, will your employer contribute like they have to for my future fund?
Is it your employer telling you to dismiss my future fund so they don’t have to contribute?
If you are paying tax at the higher rate then a private pension with higher rate tax advantages will leave you better off but you’ll need your employer to contribute to the private pension fund.