Hi all,
I have a relative with an old Irish Life plan (S3/S4 Balanced). They pay 250 every month since 1989. I am trying to get my head around the tax and fee structure. I have spoken to Irish Life and they say there is no Exit Tax applicable as the plan redates 2000. They claimed that the only fee is a 6 Euro fee and the only tax is a 1% gov levy on contributions. I asked how much are they as a percentage but the representative claimed that he didn't know what the fees would work out as a percentage but it was only six Euro. The plan is now worth about 100,000 and it seems implausible that fees and taxation would be so slow, especially in a plan that predated the drive for lower fees. Do such plans have hidden fund management charges? I feel I should keep ringing asking as many reps as possible to I get more detail.
I have a relative with an old Irish Life plan (S3/S4 Balanced). They pay 250 every month since 1989. I am trying to get my head around the tax and fee structure. I have spoken to Irish Life and they say there is no Exit Tax applicable as the plan redates 2000. They claimed that the only fee is a 6 Euro fee and the only tax is a 1% gov levy on contributions. I asked how much are they as a percentage but the representative claimed that he didn't know what the fees would work out as a percentage but it was only six Euro. The plan is now worth about 100,000 and it seems implausible that fees and taxation would be so slow, especially in a plan that predated the drive for lower fees. Do such plans have hidden fund management charges? I feel I should keep ringing asking as many reps as possible to I get more detail.