Small Self Administered Pension

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eamonncurran

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I have requested fee structures from companies that set up Small Self administrated but have only received e-mails back saying they don’t provide this information.
(i)Is there a list of companies that provide this service
(ii) Are there any fee structure comparison of providers in the Irish market. Or can any one give me an indication of fees ?
 
Re: Small Self administrated Pension

Interesting. I thought the promoters of these schemes were always peddling the line that they were great value compared to the 'rip off' of standard PRSAs.

Strange then that they want to hide their light under a bushel. Or maybe I'm just cynical....
 
Re: Small Self administrated Pension

A Small Self-Administered Pension is good value for someone with a fund that will be in excess of €500k in a few years and plans to contribute €40K+ per year.

The fees would be something like this:
Set-up fee (including legal fees for drafting trust deed and rules and initial actuarial report) €5k to €6k
Annual fee (plan admin, triennial actuarial reports, annual report and accounts) €2k to €3k
Your investment fees should be lower than under a PRSA/Personal Pension...maybe 0.5% instead of 1% (makes a big difference to a big fund)
 
Re: Small Self administrated Pension

Thank you for the information, its a pity the set up costs are so high in this country.

For a pension of about € 20k per annum, would a relativately low fee pension like Quinn life be a good option, as they have a good range of funds to choose from? They have no exit fees, so I presume that means if I want to change to a self administrated pension in the future I could transfer the funds from one pension to another without penalty
 
Re: Small Self administrated Pension

Standard Life has a new low product SSAP - did you speak to them?

Their aim is to bring the self-admin pension 'to the masses' and it can allow borrowing, property purchase etc...

Are you sure that SSAPs are cheaper elsewhere?
They are not available in many countries, probably just Ireland and UK.

In relation to Quinn Life, yes that would be an option...it would need to be an Executive Pension (a Personal Pension could not be transferred later to the SSAP).

You might also consider going to a fee-based broker that will set-up a SSAP/Executive Pension for you.
 
Re: Small Self administrated Pension

Sounds like that may be an option.

Do you know what are New Irelands set up costs, allocation, annual fees
 
Re: Small Self administrated Pension

Are you talking about a company pension plan with New Ireland?

If it was set-up on execution only basis and based on the contributions that you were talking about, then the set-up fee and annual fee would be about the €600 mark.

The allocation rate would be 100% - all your money would be invested.

The investment manager fee would usually be about 1% of the fund per annum.

There would be no other fees.
 
Re: Small Self administrated Pension

I enquired last year about setting one up and got a list from the department of finance I think. One that I found very good who actually disuaded me - a company called Meritas in Sandyford. They had a set up fee around €3k and an annual fee of around €1k I think. Apparently you are as well off in normal funds where you are talking less than 20/30k as you won't get a spread otherwise. Sounded good advice to me anywayfor what it's worth.
 
Re: Small Self administrated Pension

Thanks for the advice, I am starting to think that way.
 
Re: Small Self administrated Pension

Does anyone know if you can buy a commercial building through a self administered pension and run a new startup from it.

A colleague of mine seems to think that you cant be the tenant.
 
Your colleague is correct - you could buy a commercial property for letting to an "arms-length" tenant but not for renting to the related company/person.
 
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