Yes it is possible to move your AVC. If it is under 10k it can be moved to any PRSA AVC provider with no charges expect ongoing management fees levied by the new PRSA provider.
Above 10k and a Actuarial comparsion report is need and is carried out by an actuary. This is then given to the trustees of the scheme and your avc can be moved.
Cost of a Actuarial comparsion are prohibative unless the fund is very large but there are some specialist companies that provide a no/low cost of transferring a AVC.
Mula
Yes it is possible to move your AVC. If it is under 10k it can be moved to any PRSA AVC provider with no charges expect ongoing management fees levied by the new PRSA provider.
Above 10k and a Actuarial comparsion report is need and is carried out by an actuary. This is then given to the trustees of the scheme and your avc can be moved.
Cost of a Actuarial comparsion are prohibative unless the fund is very large but there are some specialist companies that provide a no/low cost of transferring a AVC.
Mula
I don’t think that’s right
Which part?
That a Certificate of Benefit Comparison is required to move one’s AVC PRSA from (say) Cornmarket through Irish Life to (say) Zurich Life, irrespective of its value.
All of it except for the first part. The certificate of comparison is required if transferring out of an occupational pension scheme to a PRSA. You can transfer PRSA providers without a Cert of Comparison. When you transfer, you can't be penalised for transferring, so no early exit penalties and nothing less than the full value of your pension is invested in the new policy.
I wouldn't say the costs are prohibitive either, usually €1,000 plus VAT which is reasonably priced for what you are getting and the high level of qualification that the person doing the work has.
Back to the original question, seeing as the PRSA AVC is "paid up", you have paid most of the costs already. The only fee you will be paying now is the 1% annual management fee, which will be the standard fee for a PRSA anyway.
Steven
www.bluewaterfp.ie
I am aware that there are certs can be arranged for little or no cost in most cases.
Read my post again. I said the AVC can be moved to a PRSA AVC.
Mula
Does anyone know whether it is possible to move AVCs from one service provider to another.
Fact pattern: Nurse (full and pensionable etc) and making standard HSE nurse pension contributions. Individual had paid c. t c. €30K in Cornmarket AVCs through INMO scheme between 2000 and 2008. Ceased contributing to AVC c. 2008 and bought back years. Would like to move AVCs from Cornmarket to another AVC provider where charges aren't so high.
Hi, I was just wondering if you made any progress on this? I raised a very similar issue a few years back... https://www.askaboutmoney.com/threa...hrough-agent-specified-by-trade-union.181805/
I too would like to move my Group Scheme AVC, currently with Cornmarket to another provider. However, there appears to be a significant barrier in terms of the costs associated with the (apparent?) need for an actuarial report?
Cost of a Actuarial comparsion are prohibative unless the fund is very large but there are some specialist companies that provide a no/low cost of transferring a AVC.
Can you identify any of these specialist companies that provide no/low cost of transferring an AVC?
I'll admit that I don't run into the requirement for such a certificate all that often as there are usually alternative options available that will achieve the same aim without requiring a certificate.
What are the alternative options to such a transfer that would not require a cert?
Thanks.
, what will happen to those retiring at cost neutral on A stamp? in terms of coordinated pension?