
The aims of this website are:
(i) to set out proposals for a new approach to Defined Contribution pensions and to muster support for that approach; and
(ii) to demystify investing in ordinary shares and to make the world of investing accessible to people without specialised financial knowledge.
I have strong views on both.
Whether you agree or disagree with my views, I would really appreciate hearing from you. Write to me at colm@colmfagan.ie. I will get back to you as soon as possible.
My views on pensions derive from my chequered employment history.
In 1967, aged 17, I joined Irish Life Assurance Company as an actuarial trainee. It was a permanent pensionable job, but the prospect of a 'defined benefit' pension of two-thirds of salary from age 65, which I would attain in November 2014, was not the top priority for this 17-year old. After finishing the actuarial exams, I moved job, then moved again, and again, and again, and again, eventually setting up my own business. Things worked out well in the end, but the promise of a generous pension of two-thirds of salary was a casualty along the way. As far as pensions were concerned, I was left to fend - and to fund - for myself.
Now past my 70th birthday, financial security in retirement is no longer a worry. I realise that I'm lucky though in having a solid background in finance that helped me navigate successfully the world of defined contribution ("DC") pensions. Most aren't so lucky.
The "pensions" tab of this site sets out how I am trying to apply the lessons from my own experience to help others achieve income security in retirement.
2. INVESTMENTS
(i) to set out proposals for a new approach to Defined Contribution pensions and to muster support for that approach; and
(ii) to demystify investing in ordinary shares and to make the world of investing accessible to people without specialised financial knowledge.
I have strong views on both.
Whether you agree or disagree with my views, I would really appreciate hearing from you. Write to me at colm@colmfagan.ie. I will get back to you as soon as possible.
1. PENSIONS
My views on pensions derive from my chequered employment history.
In 1967, aged 17, I joined Irish Life Assurance Company as an actuarial trainee. It was a permanent pensionable job, but the prospect of a 'defined benefit' pension of two-thirds of salary from age 65, which I would attain in November 2014, was not the top priority for this 17-year old. After finishing the actuarial exams, I moved job, then moved again, and again, and again, and again, eventually setting up my own business. Things worked out well in the end, but the promise of a generous pension of two-thirds of salary was a casualty along the way. As far as pensions were concerned, I was left to fend - and to fund - for myself.
Now past my 70th birthday, financial security in retirement is no longer a worry. I realise that I'm lucky though in having a solid background in finance that helped me navigate successfully the world of defined contribution ("DC") pensions. Most aren't so lucky.
The "pensions" tab of this site sets out how I am trying to apply the lessons from my own experience to help others achieve income security in retirement.