42 no pension - where to start

[Schtuck]

I need to set up a pension - where do I start?

Do you work for a company?
If so, their pension is usually the best place to start - due to employer contribution, and often lower management fee. If you don’t meet the threshold for automatic enrolment you can sometimes still opt in.
If you’re self employed, there are several options and you need to give more detail.

Are you employed? Self employed? What's your NI record like?

Step 1 is probably to understand if you're on track for state pension. Step 2, if you're employed, would be to make sure you're opted into your employer's pension and maximise any employer contributions. If you're not employed, step 3 would be to look into a SIPP.

How much do you think you can afford to pay into a pension monthly?

Are you in Ireland? There’s no point in people giving you advice that’s for the U.K., as I just did.

Hi, yes I am employed but only managers and above are eligible for the pension so I don't qualify.

Yes I'm in Ireland now. I moved here from the UK and have 10 years NI contributions so will get a partial state pension. I've checked the 10 years are complete. I will also quality for the all/some of the Irish state pension.

Is it worth speaking to a financial advisor to find out what I should be looking for?

I think there's an Ireland/ Irish board here. Ask there. The rules there will be different from the UK.

Thanks!

Is it worth joining the public sector to get a few years defined benefit pension

It sounds as if you'll need to start a personal pension fund. This is a UK site which can help you work out what you may already have racked up and what you may need to save in order to reach your desired goal at 66 (or whatever your retirement age is set at in Ireland).

www.which.co.uk/money/pensions-and-retirement/options-for-cashing-in-your-pensions/overview-of-options-for-cashing-in-your-pension/pension-calculator-how-much-money-youll-have-a1jxm4d809k8

See this, too: there's loads of stuff around and much of it is generally applicable wherever you live:

www.thetimes.co.uk/money-mentor/article/money-sos-40-build-a-pension/

I have a friend a few years older than you who has worked in relatively low-paid administrative roles — some public sector, some private sector, some with pension provision, some without — for years. When she realised that for the kind of retirement she wants she'd need a pension fund of £250,000+ on top of her state pension and the small pension pots she's accumulated over the years, she started working three evenings a week at her local supermarket and putting all her earnings from that job (around £6k pa) into her pension fund. She hopes that by doing this for a few years she'll be able to retire in relative comfort in her early 60s.

@Schtuck if you join the forum www.askaboutmoney.com you can ask the posters there for pointers on Irish pensions.

Also look into the option of paying voluntary uk national insurance contributions as a way to optimise your entitlements to both the UK and Irish state pensions.

Take 41 years to pay £250k into a pension pot at a rate of £6k a year!

If you're already in your 40's, you're kind of screwed!!!

Askaboutmoney.com is a good Irish resource as a previous poster said. There's also r/irishpersonalfinance on Reddit.