Who can open PRSAs? Can people in the Public Service open PRSA's?

B

Bosco

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Who can open PRSAs?

I am working in the Public Service at the moment. I was told people who work in the Public service cannot open PRSAs. Is this true?
 
PRSAs

A crowd came imto the office last week. They said that it was not open to people in the public service to open PRSAs.

Their charges were 25% commission in Year 1 and 4% thereafter.

This seemed very high.
 
Re: PRSAs

At first glance those charges are exhorbitant in my opinion. Feel free to name and shame! One of the pension experts can probably answer your question about public servants and PRSAs. I think it might be possible for AVCs only or something like that but I don't know for sure and the [broken link removed] doesn't seem to clarify.
 
Access to PRSA's

Most public servants have access to a pensions scheme already and once it meets the requirements re access then there is no obligation to set up a PRSA for staff. (as far as I know). That said, many parts of the civil service are setting up AVC PRSA's, probably to encourage their use.

The charges mentioned are easily beaten - for example any PRSA in Ireland which pays commission to brokers can be accessed for 100 euro up front and all you have to pay is the annual 1% charge. You save the 5% entry cost for the life of the PRSA.

I hope this helps.

Regards Michael Kiernan
Authorised Adviser and Discount Broker
www.myadviser.ie
 
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