Is Gold still a good investment?
Gold is a scarce asset. For millennia it has held its value and shown to act as a safe haven during uncertain times. Currently, we are facing exceptionally uncertain times as a decades-long experiment to print money and exist in debt-based economies is beginning to backfire. Whether thanks to countries challenging US dollar hegemony, or markets refusing to support debt-laden economies, we are certain that our portfolios will need some level of insurance in the coming years, if not months. We believe gold is the best asset to do this.
What kind of gold can I hold in my pension?
Current regulations mean you can hold gold bars and coins in your pension. The bullion held must meet a certain criteria.
In Ireland, gold bullion is permitted in pension funds as long as it is investment grade gold, defined as gold with a purity of at least 995 thousandths or 99.5% and in the form of a bar or coin with a weight recognised by the bullion markets.
How do I hold gold?
The bullion must be immovable and kept in a secure location with a reputable storage facility, like the Perth Mint in Western Australia. It is not permissible to possess it and utilise it as a "pride in possession" item. It is not possible to physically ship or take possession of the underlying precious metal. Instead, the investor's pension plan owns the real bullion, which is kept by the Perth Mint.
If you are looking to hold gold as part of your pension then please see the above steps as to how you can go about doing so. If you would like to hold gold outside of your pension then please visit this page to find out how to get started.
Do I own the gold in my pension?
When you own gold in your Irish pension, you are the registered owner of the gold. However, your pension provider is the trustee.
Can anyone hold gold in their pension?
You can hold gold as part of your Personal Retirement Savings Account (PRSA), Personal Retirement Bond (PRB, also known as a Buy-out Bond) or Approved Retirement Fund (ARF).
My current pension provider does not allow me to hold gold as part of my pension. What should you do?
If your current pension provider does not allow you to hold gold as part of your pension then it is possible to change provider. Please contact us for our list of Irish pension providers that are happy for pension owners to have gold in their pension. Please note fees may apply when changing provider.
Can I hold gold coins in my Irish Pension?
Yes, you can hold physical gold and silver in storage as part of your Irish pension. This means you can hold gold and silver coins. You can also hold Perth Mint Certificates as part of your PRSA, PRB, or ARF
Can I hold silver in my SIPP or SSAS?
Yes, you can hold silver as well as gold as part of your pension. You can own silver bars, coins and silver Perth Mint Certificates. The silver held in your mention must be stored in bonded storage and it must be produced by one of the nine LBMA-approved refineries and of at least 99.5% purity.
What size gold bars can I hold in my Irish Pension?
You can buy any LBMA approved sized gold bar offered by GoldCore from 100g up to 400 oz bars.
How can I buy gold with my pension?
There are three ways you can buy gold bars with your pension:
1) Buy through a new PRSA that is separate from other pensions.
2) Buy gold bullion through your existing PRSA.
3) Transfer part or all of your current pension to either a PRSA, PRB or ARF.
An independent financial advisor can provide you with more information on what is best suited to your requirements.
What is the minimum amount of gold I can hold in my pension?
At GoldCore €30,000 is the minimum investment for a gold bullion pension scheme.
Where is my gold bullion stored?
We offer allocated and segregated, high-security storage vaults in a number of locations, around the globe. You and your pension provider must decide where you would prefer to hold your gold.
Is my gold bullion insured?
Yes, all gold held and stored by GoldCore is insured by Lloyd's of London. We have one of the largest networks of storage, logistics, and insurance partners who work with us to safeguard our clients’ stored precious metals.
Can I take delivery of my gold?
When you hold gold as part of your pension then you cannot take delivery of it. It must be held in bonded storage.
Is gold in my pension tax-free?
You do not pay CGT or VAT on investment-gold and silver bars when held within a pension scheme. Pension scheme contributions are also viable for tax relief (depending on your tax bracket) up to a maximum threshold.
Is it better to buy gold through my pension or with liquid cash?
There are advantages to both and this is definitely something that is worth discussing with a financial advisor. The advantage to buying gold with liquid cash is that you can sell it and realise the gains instantly. Whereas with gold in a pension you cannot do this until you are able to start drawing funds from your pension.
When you buy gold for your pension then you can claim tax relief on the money contributed. You also do not pay Capital Gains Tax on gold held within your pension.
Do I pay storage fees on gold in my pension?
Gold bullion storage fees must be paid with cash from your pension. A bank account that is linked to your accounts can be used to store funds for the purpose of paying fees. We recommend you leave enough money on deposit to cover any future storage fees.
Can I transfer the gold bar from my pension to my personal account?
No, it is not possible to transfer gold bars from your pension account into your personal account.
When I sell the gold in my pension, how is this money taxed?
Please refer to your pension trustee or tax advisor for any tax related enquiries.
Do I need to have an IFA in order to buy gold through my PRSA, PRB or ARF?
It is not a legal requirement for you to have an IFA to buy gold through your pension provider however, the majority of pension providers will not deal directly with individuals.
