I’ve recently taken up a job in Ireland after decades abroad, and I’m struggling to understand how to get a PRSA (my first pension) up and running with my new employer, or to understand the charges associated with the PRSA they are offering me access to.
They are offering me access to a Zurich PRSA via a broker and the costs are listed as:
I’m also trying to understand employer contributions to PRSAs. My employer offers a 5% contribution, but, frankly, I’d rather find a different PRSA that’s better value than the one offered. Is there any rule that says employees can direct their employer to pay the employer contribution to a different PRSA than the one the employer offers?
If there isn’t, is there a way I can preserve the benefit of the employer contribution into a different PRSA?
Sorry if all of this is very basic - you can probably tell I’m struggling to understand how this all works
Thanks all for any help.
They are offering me access to a Zurich PRSA via a broker and the costs are listed as:
- 95% allocation
- 1% Annual management Charge
- Initial Commission 1.5 X term to age 60, max 15%
- Renewal commission 2% (2% of continuing annual contribution from year 2 onwards)
I’m also trying to understand employer contributions to PRSAs. My employer offers a 5% contribution, but, frankly, I’d rather find a different PRSA that’s better value than the one offered. Is there any rule that says employees can direct their employer to pay the employer contribution to a different PRSA than the one the employer offers?
If there isn’t, is there a way I can preserve the benefit of the employer contribution into a different PRSA?
Sorry if all of this is very basic - you can probably tell I’m struggling to understand how this all works
Thanks all for any help.