Change of funds with respect of teacher AVC's

1eyeonthefuture

Registered User
Messages
47
My wife got her AVC statement in, and it's currently in the Cornmarket Balanced Fund.
Growth compared to my own Pension has been relatively poor.
We would be happy to expose it to a higher risk strategy for a number of years in the hope of better gains given that her pension is golden.
Current projections of the fund she is in allows for only 3.13% P. A which when you take into account inflation is pretty dire IMO.

Is there anything to stop her
1) amending the current fund to incorporate other funds of her choice within the Irish Life suite of products or
2) moving the fund completely.

Thanks
 

Max Power

Registered User
Messages
12
Those funds even the "Adventurous Fund" have awful returns. They have other funds apart from Cautious/Balanced/Adventurous but don't seem to overly advertise them as much. Also important to remember no one in the public sector is confined to Cornmarket schemes only.
 

Dave Vanian

Registered User
Messages
888
Current projections of the fund she is in allows for only 3.13% P. A which when you take into account inflation is pretty dire IMO.

There are regulations which dictate the assumed future growth rate that any company must use in preparing a projection. These rates are calculated by the Society of Actuaries and are reviewed from time to time. They vary from one asset type to another - e.g. an all-equity fund is allowed to use a higher growth rate in projections than a cash fund. But the rates that are used are intended to be reasonable assumptions at a point in time and uniform across all providers. So any fund from any provider with the same asset composition must use the same assumed growth rate of 3.13% as Cornmarket / Irish Life.

It also stops a provider from using an absurdly high rate of future growth. "If your fund grows at 30% per year for the next 25 years, you'll have €1.75 million by then. Doesn't that sound lovely? Sign here."

The growth rates used in projections are NOT forecasts.
 

mula

Registered User
Messages
123
My wife got her AVC statement in, and it's currently in the Cornmarket Balanced Fund.
Growth compared to my own Pension has been relatively poor.
We would be happy to expose it to a higher risk strategy for a number of years in the hope of better gains given that her pension is golden.
Current projections of the fund she is in allows for only 3.13% P. A which when you take into account inflation is pretty dire IMO.

Is there anything to stop her
1) amending the current fund to incorporate other funds of her choice within the Irish Life suite of products or
2) moving the fund completely.

Thanks
 

Nowwhat

Registered User
Messages
2
Have the same query on my wife's AVC's. We have emailed Cornmarket as per the booklet but no response coming a month later. Would be interested to hear others experience with switching AVC funds with Cornmarket or is it best take it elsewhere?
 

TheBarbarian

New Member
Messages
3
Have the same query on my wife's AVC's. We have emailed Cornmarket as per the booklet but no response coming a month later. Would be interested to hear others experience with switching AVC funds with Cornmarket or is it best take it elsewhere?
Sent email to Cornmarket, switching Cautious and Balanced funds to Adventurous, on 27th October 2021 and got reply on 29th October 2021 confirming my instruction had been received, was in order and advising that Irish Life had been informed to switch the funds.
 
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