AVC Fees

[MunstermanCork]

Hi,
I'm looking around AVC providers at the moment (I'm in the public service).
Do these fee's look acceptable?

• No contribution charge (i.e 100% allocation).
• No monthly policy fee.
• Set up fee of €595 - you will receive 40% relief on this also, so this equates to €357 spread over the first year and the first year only.
• Tiered Annual Management Charge (hereafter AMC)-
  
  • 1% AMC up to a fund value of €40,000
  • .75% AMC up to a fund value of €140,000
  • .5% AMC on anything over €140,000

 

[Marco 1972]

Maybe enquire do fees reduce after say 10 years etc in the scheme and if you get a bonus if you remain after 60.

 

[Protocol]

Your AVC Scheme | Cornmarket

Learn everything you need to know about your AVC, Public Sector PRSA or get in touch with our expert retirement consultants today.

www.cornmarket.ie

I'm not the biggest fan of Cornmarket, but their AVC fees seem to have become more competitive?

If people are happy paying 595 for advice, then the 1% AMC is not bad.

https://cornmarket.cdn.prismic.io/cornmarket%2F9664aa53-335c-47e3-b5af-deca11cb6534_14010+avc+charges+statement+-+irish+life+multi_11-18_form.pdf

 

[GSheehy]

Cornmarket is paid initial and renewal commission out of the opposite referenced charges for the ongoing administration and marketing of your AVC Scheme. They are not additional charges.

If there's initial commission paid out of that structure then there are likely to be exit charges, maybe even a minimum investment term. It would be clearer if they disclosed that.

Plus, adding SPs @ 4% isn't competitive.

There's not enough information on that sheet to make a fully informed decision.

Gerard

www.prsa.ie