Your Personal Financial Questions – Can I buy a property with my PRSA retirement fund?

The directive means lending to an annuity is no longer allowed and no more than 50 per cent of the annuity can be invested in unregulated assets such as property, Mr Gaughran said. However, since the changes only apply to occupational or company pension schemes, you can use your PRSA to invest in real estate without restrictions if you wish.

This also applies to buy-out bonds and ARFs. Home loans are usually arranged with the lender in cooperation with your financial and mortgage advisors. Annuity loans are always granted with limited recourse, which means that in the event of a default, the lender cannot pursue the assets of the trustees or the pension scheme member.

Only the property purchased can be used as collateral, with the maximum loan term being 15 years, Mr Gaughran said. You mention that you’ll be retiring next year, so it’s important to know that all loans must be paid off in full before retirement. He recommends that you discuss investment decisions with your financial advisor.

Due to the favorable income tax regulation for rental income and the exemption from capital gains tax on the profit if the property is sold, buying real estate with your pension fund can be an attractive investment opportunity.

Q I recently had a minor outpatient procedure to remove a skin tag. The counselor charged me a consultation fee and I also filled out an application form for my health insurance. Is that correct and is this fully covered?

A The outpatient fee is the standard consultation fee, according to TotalHealthCover.ie’s Dermot Goode. So you were billed correctly for the consultation, he said. However, many minor surgeries will be covered by your insurer because they are listed by insurers as approved day treatments. These are treated like a hospital or inpatient claim.

That is, you fill out the claim form that is sent to the insurer, and the insurer will pay directly to the hospital or doctor concerned. Most plans cover these day case procedures, subject to a small deductible per claim, Mr Goode said.

If you have a good corporate rate, you should be able to reclaim 50 to 75 percent of the outpatient consultation fee with no deductible.

You can usually “scan and send this to your insurer” for an immediate refund, and any uncovered portion can be included in your year-end tax claim. If you don’t have a good business plan with that outpatient benefit, make sure you do a full review of your coverage before your next renewal date, he said.

Q I’ve been with the same auto insurer for five years. My friends keep telling me their premiums have gone down since they switched, but mine hasn’t. I know I should probably switch, but I still think I’m a pretty good deal. Is a change worth it?

A The message here is clear – shopping is the only way to ensure you’re getting the best deal on car insurance, said Jonathan Hehir, Managing Director of Insuremycars.ie.

You may have found the best deal when you signed up with your current provider five years ago, but it’s very unlikely that the company now represents the best value for your insurance needs, he said. If there have been changes in life circumstances during this time that could affect your car insurance rates, there is a better chance of finding a cheaper rate with another provider.

For example, you may have bought a new car, put a named driver on your policy, or moved. Go with a reputable broker as they have the ability to scour the market for you each year and take advantage of offers and discounts from vendors that are not usually directly available to clients.