limerickmick
Registered User
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What's to prevent her taking out a PRSA with no commission on contributions and an annual 1% charge with a very small set-up fee rather than Cornmarket's huge set-up fee, 5% on contributions and c.1.5% annual fee?limerickmick said:My wife is due to commence an AVC scheme and cornmarket are charging commisssion of 865 euros initially prior to other charges.
...my understanding is that anyone in employment can effect a standalone PRSA AVC plan even if there is an AVC facility on offer from the employer.
I am working for local authority and my wife is a nurse.
I am in an AVC scheme with Marsh for the last 2 years and the value of my funds are less than my contributions - the charges seem huge, e.g Marsh charge 5%, Irish life charge 5% of each contribution, annual charge of 1.65% and an admin charge of 3.09 for every contribution which i pay fortnightly!
My wife is due to commence an AVC scheme and cornmarket are charging commisssion of 865 euros initially prior to other charges.
I would appreciate any advice as to our best option given that we will both be short circa 7 years on retirement.
I appreciate anybody taking the time to respond.
Nobody else has the expertise thats required, and this is why the unions have appointed these brokers. Fees used to be a lot higher.The high commission on local authority, public service, etc . . . pension schemes is something I still don't understand.
Does anyone have any ideas on that ? Where is the benefit for a union member in going for one of these negotiated group schemes when they could get a cheaper deal going to a broker or going direct ?
z
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