There is 4% allocation rate if it is a once off payment (such as if I put 10k inside)
That means they will take away €400, like if I deposit €10,000 in one go, rather than deducting from my gross salary each paycheckDoes this mean that if you put in €10k, they up it to €10,400?
They seem cheaper than the execution only PRSAs
Brendan
I’m not sure that makes sense and personally I would run a mile.That means they will take away €400, like if I deposit €10,000 in one go, rather than deducting from my gross salary each paycheck
Comparing labrokers or prsa which Brendan suggested. They still charge 1% and 0.75%.
Cornmarket still seems to offer the best pension for AVC, where it has a structure of 1% below 40k, 0.75% 40k-140k and 0.5% after 140k
The minimum contribution he said is €75 per month(or per two weeks I forgot) and €397 max (Due to my age and revenue limit)
I think a lot of people from the public sector using Cornmarket at the moment and they come to us for advertising quite a lot, they also seems to partner with Forsa.I’m not sure that makes sense and personally I would run a mile.
That means they will take away €400, like if I deposit €10,000 in one go,
from the booklet terms of business Noverber, 2023, page 6.
Overall, this Cornmarket just look way too promising and I can't think of any other companies do offer AMC as low as 0.5%, is there a catch here I didn't see?
Did he mention anything about any conditions attaching to the scaled AMC? The reason I ask is that pricing actuaries design these and it's highly likely that it's weighted in favor of the pension provider, if X, Y, and Z conditions are not met. If there are conditions like this and the advisor failed to mention them at the point of sale then choose another advisor.
It's an Occupational Pension type AVC where there are no disclosure requirements on commission AFIK. It's not a PRSA AVC.
"He claims that there are no other fees" - I'd read that as no other fees that he has to disclose, because those funds will have other ongoing costs and those tend to be higher for non PRSA products.
My guess is that it's with Irish Life but you should establish who the provider is first and then request a copy of the policy conditions. Look at what funds are available @ the 'typical' 1% AMC.
If the fund you wanted was 1.6%, would you end up with an AMC of 1.1% after reductions for fund value? What other conditions apply to the reductions eg. If you pause, skip or reduce the amount you're contributing are all bets off? If you put in a lump sum of €50K on top of the regular contribution, and paid your €2,000 to do that, do you qualify for the 0.75% immediately?
Gerard
www.prsa.ie
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