Query is very much similar to this thread
http://www.askaboutmoney.com/showthread.php?t=186964
Details are;
- Fathers old employer winding up DC fund
- Value of his fund is €173k
- Aged 55
- No pension in current job
- Option of transferring to PRSA (doesn't have one) or PRB/BOB
The PRB/BOB he is being offered is with Irish Life and a 0.65% annual management. Their range of funds is reasonable and he is happy with them and will manage the split online and transfer as required as he gets even closer to retirement etc.
He is working and doesn't want to take his TFLS and pension for as long as possible but wants access to it.
So my questions are;
1. In these circumstances is there any negative to a BOB as compared to having to set up a PRSA and investing it in there? I've done some reading and most of the disadvantages quoted to BOB's don't seem an issue aside from the investment risk one.
- If anything the BOB fees at 0.65% look lower than most PRSA's (circa 1%)
2. From obvious reading he can contact Irish life and take his TFLS and pension at any time. Can someone just confirm this please. There is no MV adjustment or % taken out for doing this - correct?
3. I assume any annuity rate he is quoted won't be affected by it being a BOB as compared to a PRSA etc.
4. The only charge is the 0.65%? correct?
http://www.askaboutmoney.com/showthread.php?t=186964
Details are;
- Fathers old employer winding up DC fund
- Value of his fund is €173k
- Aged 55
- No pension in current job
- Option of transferring to PRSA (doesn't have one) or PRB/BOB
The PRB/BOB he is being offered is with Irish Life and a 0.65% annual management. Their range of funds is reasonable and he is happy with them and will manage the split online and transfer as required as he gets even closer to retirement etc.
He is working and doesn't want to take his TFLS and pension for as long as possible but wants access to it.
So my questions are;
1. In these circumstances is there any negative to a BOB as compared to having to set up a PRSA and investing it in there? I've done some reading and most of the disadvantages quoted to BOB's don't seem an issue aside from the investment risk one.
- If anything the BOB fees at 0.65% look lower than most PRSA's (circa 1%)
2. From obvious reading he can contact Irish life and take his TFLS and pension at any time. Can someone just confirm this please. There is no MV adjustment or % taken out for doing this - correct?
3. I assume any annuity rate he is quoted won't be affected by it being a BOB as compared to a PRSA etc.
4. The only charge is the 0.65%? correct?