Changing PRSA from one provider to another?

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NicolaM

Registered User
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I wonder if any of you have experience of this?

I have a PRSA with BOI for the last several years.
It had been performing badly, even prior to the economic downturn.
I had been looking (via a broker) of changing my PRSA from BOI to Eagle Star. It seems that it was very difficult to do this.
That broker has now left his position, and I don't have any other contact in the company he was working for (BOI private banking, who actually, I don't think are interested in me any more, as my income has dropped dramatically, as a self employed person, over the last while).

Does anyone know how easy it actually is to transfer a PRSA from one company to another? Are there normally penalties associated with this? From my broker, it seemed that there is, but I had thought that PRSAs could be moved relatively easily?
I presume that this has to be done via a broker?

I haven't been able to afford to put any money into the PRSA for the last several months, but will need to review this prior to the end of the next tax year.

Thanks for any thoughts

Nicola
 
This should be a fairly easy process. You set your new Eagle Star PRSA and get a policy number. You advise Bank of Ireland Life that you wish to transfer your fund to Eagle Star PRSA number XXX. They will probably have a form for you to complete. They send a cheque to Eagle Star.

There should be no charge or penalty for transferring from a PRSA.

Incidentally, I'm sure you've already heard it, but it's worth repeating - past performance is not a guide to future returns.
 
As Liam says this should be a strightforward process. If you have done your homework and know exactly what product you want, check out if any advisers/brokers have execution only PRSA special offers.
If you have had a bad past experience, you might as well do your best to ensure you get a good deal on the way in this time.

p.s I think it is a good thing that someone who is dissatisfied with a product/service takes steps to move to a better provider. Poor service providers rely on peoples inertia. Glad to see you arent letting that happen.
Good luck with it.

Vincent Digby
www.impartial.ie
 
Thanks for the advise.

Gosh, that's strange, my broker was trying to get the PRSA transferred for months, so I thought that it might be quite complicated. There must have beeen a breakdown in communication somewhere along the line


Nicola
 
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