C
cbisto
Guest
Hi - this is my first post so please be patient!
I'm female, self employed, age 29 and set up an Executive Pension with Arklife 3 years ago. I didn't pay much attention to it at the time - friend of the family worked there so told me what to do and I didn't ask too many questions or make any comparisons with other products - was only concerned with getting it started for the tax breaks involved. I was, however, contributing a reasonably substantial amount each month as I didn't have any other plans for the cash and the idea of lowering my top rate tax bill gave me minor kicks!
I finally got around to reviewing it recently and realised that I hadn't received any report on the progress of the pension in the 3 years since I started it. Each year I'd get a letter saying they were increasing my contribution by 5% and would do so automatically unless I asked them not to. This was the only correspondance I received.
So I contacted them to discuss the current value of the fund - and over the last 6 weeks must have phoned 5 times requesting that my account statement/ breakdown be sent out. Each time I was assured it would be done immediately and they expressed surprise that I hadn't been receiving it annually as they claimed this was standard procedure. It was only at the fifth attempt and after leaving an irate voice message that I finally got my statement this week.
To my disappointment all the much awaited report included was a total of my contributions to date and the current value of the fund. No detailed breakdown of charges etc. The reason I'm posting is just to see whether this is standard practice ? Do other banks have good transparency in highlighting the charges, fund performance etc on their pension statements?
I am aware of the upfront charges - its 3% on all contributions (over €800pm), 1% of fund value annually and I think a €5 monthly 'account charge' ............ as if they are not getting enough off me! I was told these were non negotiable within Arklife - is this the case or has anyone had any success in bargaining them down a little?
Incidentally a colleague has just had a similar experience with BOI. Realised he wasn't getting annual statements and had to phone several times before he finally got his very basic report - each time they acted like it was unusual for this to happen and swore they would be on the case straight away! Why they are so un co-operative when it comes to this or have I just had an unlucky experience? Are they afraid we will revolt en masse when we see exactly how much they are creaming off us ?
Anyway - thats my rant - dunno if anyone is still reading ? Overall value of the fund is up 22% on my total contributions - is this a good yield considering the bull market we've been having for the past 3 years?
Please let me know if anyone has any insight/ advice/ similar experieces
thanks!
cbisto
I'm female, self employed, age 29 and set up an Executive Pension with Arklife 3 years ago. I didn't pay much attention to it at the time - friend of the family worked there so told me what to do and I didn't ask too many questions or make any comparisons with other products - was only concerned with getting it started for the tax breaks involved. I was, however, contributing a reasonably substantial amount each month as I didn't have any other plans for the cash and the idea of lowering my top rate tax bill gave me minor kicks!
I finally got around to reviewing it recently and realised that I hadn't received any report on the progress of the pension in the 3 years since I started it. Each year I'd get a letter saying they were increasing my contribution by 5% and would do so automatically unless I asked them not to. This was the only correspondance I received.
So I contacted them to discuss the current value of the fund - and over the last 6 weeks must have phoned 5 times requesting that my account statement/ breakdown be sent out. Each time I was assured it would be done immediately and they expressed surprise that I hadn't been receiving it annually as they claimed this was standard procedure. It was only at the fifth attempt and after leaving an irate voice message that I finally got my statement this week.
To my disappointment all the much awaited report included was a total of my contributions to date and the current value of the fund. No detailed breakdown of charges etc. The reason I'm posting is just to see whether this is standard practice ? Do other banks have good transparency in highlighting the charges, fund performance etc on their pension statements?
I am aware of the upfront charges - its 3% on all contributions (over €800pm), 1% of fund value annually and I think a €5 monthly 'account charge' ............ as if they are not getting enough off me! I was told these were non negotiable within Arklife - is this the case or has anyone had any success in bargaining them down a little?
Incidentally a colleague has just had a similar experience with BOI. Realised he wasn't getting annual statements and had to phone several times before he finally got his very basic report - each time they acted like it was unusual for this to happen and swore they would be on the case straight away! Why they are so un co-operative when it comes to this or have I just had an unlucky experience? Are they afraid we will revolt en masse when we see exactly how much they are creaming off us ?
Anyway - thats my rant - dunno if anyone is still reading ? Overall value of the fund is up 22% on my total contributions - is this a good yield considering the bull market we've been having for the past 3 years?
Please let me know if anyone has any insight/ advice/ similar experieces
thanks!
cbisto