Hi.
I am eager to learn of any informed opinions on these funds.
I am a civil servant. I currently have structured my avcs to attain their maximum benifit upon retirement (circa 6 yrs).
Cornmarket have informed me that 115 k is the max tax free lump sum attainable, upon retirement. This is the combined value of my avcs and my tax free lump sum gratuity. I'm assuming that this is accurate.
I have another 70 k in a cr Union account.
Myself and my wife have agreed that we keep this as a 3rd level education fund. Our eldest child will hopefully be attending 3rd level in 3-4 yrs time.
Cornmarket have suggested we invest these funds on a monthly basis into a Zurich investment plan. Namely the Prisma 3 and 4 plans.
These are unit link saving plans.
Some of the conditions are -
Need to maintain a minimum of 2.5k.
Plan is subject to an exit tax of 41%.
Obviously subject to dirt.
Setup fee of €375.
€20 flat rate for a single withdrawal.
Maintenance charge of 1.5% of the fund value per month.
The fund is not tax writable.
Is this a good option??
My limited financial knowledge suggests that there are a hell of a lot of associated charges involved.
Is there a better option out there for a 5 Yr education saving fund at present?
Appreciate any feedback.
Thanks.
I am eager to learn of any informed opinions on these funds.
I am a civil servant. I currently have structured my avcs to attain their maximum benifit upon retirement (circa 6 yrs).
Cornmarket have informed me that 115 k is the max tax free lump sum attainable, upon retirement. This is the combined value of my avcs and my tax free lump sum gratuity. I'm assuming that this is accurate.
I have another 70 k in a cr Union account.
Myself and my wife have agreed that we keep this as a 3rd level education fund. Our eldest child will hopefully be attending 3rd level in 3-4 yrs time.
Cornmarket have suggested we invest these funds on a monthly basis into a Zurich investment plan. Namely the Prisma 3 and 4 plans.
These are unit link saving plans.
Some of the conditions are -
Need to maintain a minimum of 2.5k.
Plan is subject to an exit tax of 41%.
Obviously subject to dirt.
Setup fee of €375.
€20 flat rate for a single withdrawal.
Maintenance charge of 1.5% of the fund value per month.
The fund is not tax writable.
Is this a good option??
My limited financial knowledge suggests that there are a hell of a lot of associated charges involved.
Is there a better option out there for a 5 Yr education saving fund at present?
Appreciate any feedback.
Thanks.