Marian2017
Registered User
- Messages
- 15
Hi. I'd be grateful if anyone experienced with pensions could look over these figures and give me their opinion. I'm self-employed and a broker recommended by my accountant is steering me towards an Irish Life MAPS Complete Solutions pension. I'd be starting with a lump sum of €20,000 and €500 per month thereafter.
Net allocation of regular premium 100%, 98% on the single premium.
Fund management charge on regular premium of 1.40% including 0.25% trail commission to broker.
Fund management charge on the single premium of 0.75%.
Monthly fee of €4.63.
So I'd be paying 2% of the €20,000 to set up the pension. I thought Irish Life might have been paying the broker's fee for that but maybe not? Is the AMC of 1.4% higher than average?
Any thoughts appreciated as I'm just starting to look into this. Thanks.
Many thanks, Steven. Those are exactly the kind of details I was looking for. If I could just ask one more thing, please? Which companies could you suggest would give me a better allocation rate and lower AMC? Thanks again.
I think insurance companies/brokers take advantage when self employed/company directors are putting money into pension funds as a means to reduce their tax bills.
It's like the detail of the pension is lost among the rush to get the supposed massive tax relief.
Just for reference, I have part of my deferred fund in a Ir Life Maps fund with 0.80 amc. No contribution charge obviously.
It's still high though and I assume there is about another 0.5 % that I don't see in explicit charges for the underlying funds.
Need to do something about it soon !!
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?