Doing your futur e self a favour
The group pension trust scheme recently appointed Acuvest as its pensions advisor
Dr Charles O’Malley is enjoying his retire returned to Ireland after a trip to San He and his wife were on one of their v see their daughter, who has been li there for 15 years with her husband an two children
A retired dentist, Charles relishes his free time and being able to travel to see his children and grandchildren in the US or the UK (his son lives in L o n d o n w i t h h i s w i f e a n d t h r e e children) These trips are also a great excuse to travel and explore different places – something that was often out of reach during the busy days of running a dental practice in Limerick
T h e f a c t t h a t h i s p a r e n t s , b o t h employed professionals, had made ve provision for retirement and worked on 70s, made Charles acutely aware of h invest in a retirement fund, while still practising as a dentist “After working so hard all their lives, they had very little to show for it,” says Charles “Like most people, life took over, other expenses took priority and a pension was put on the long finger My dad was forced to work until the age of 70 and my mother to 72 ”
Group pension trust scheme
group retirement savings schemes it has ise to ensure that the group scheme is as s it can be Acuvest is independent of fund agers and administrators, which means at its sole focus is on looking out for the nterests of members of the scheme
“Pensions are Acuvest’s only focus,” says Charles “They don’t earn commission or sell products, and simply provide good advice and oversight With clients such as AIB, Dublin Airport Authority and Jones Engineering Group, they are well positioned to take the dentists’ scheme to the next level ”
One of Acuvest’s first jobs is to make provements to the administration platform hat members will be able to view their ent savings information online the process of completing a comprehensive und choices available to members and the associated fees
Paul King, Pension Manager with Acuvest with responsibility for the dentists’ scheme said: “The improvements we are making are designed to help dentists save efficiently for retirement Along with the trustees, we aim to encourage dentists to start a retirement savings fund, no matter how small, with the reassurance that the scheme and its advisors are looking out for their best interests”
When the group pension trust scheme was instigated in 1978 specifically for Irish dentists, Charles was one of the first investors The aim of the scheme is to encourage members to build a personal savings pot that they could convert into an income on retirement
He and other dentists knew that a group scheme (as opposed to individual plans) was the most efficient and cost-effective way for over 1,800 dentists to build individual retirement funds One such cost reduction came by way of fees While often ignored by investors, fees can have a serious impact on the size of a fund A report on pension charges in Ireland indicates that a reduction in fees of 0 2% can increase the amount of the final fund by 3%-4% Another advantage of the group scheme is the constant oversight of its performance and management from its six trustees, practising dentists and retired ones, including Charles
Appointment of Acuvest
In the late 1990s the original scheme was revamped, and late last year a further review was completed Following this review, it was decided to go out to tender for a pensions advisory company
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management of the scheme and assist with its oversight As a company
Charles, who didn’t start his pension until he was 40, speaks with the benefit of hindsight:
“I didn’t start a pension until very late and wish I’d started earlier I can’t stress enough the importance of regularly contributing to a pension fund to have something to show for your hard work In later years, you want to be able to smell the roses! With these thoughts in mind, and recognising that several of us who have served as trustees of the Dentists Trust Scheme (Boyne Trustees) are rapidly reaching our sell by date and wish to step down, we would appeal to present members of the scheme, or indeed any members of the Association, who wish to learn how pensions work, to volunteer as trustees of the newly updated scheme You will receive training and gain a lot personally, as well as giving service to your fellow members ”
For more information on the Dentist’s Group Scheme, contact Paul King, Tel: 01-634 4800
The Association is not making any representation or warranty in general or in particular, as to the suitability of any scheme for any particular individual, given that individual circumstances vary We recommend that every individual, given that individual circumstances vary, should take independent professional advice in relation to any investment decisions Members should make an informed choice as to the benefits of any particular scheme and whether it is suitable to their requirements