Davy fees on Multi-Asset Funds of Funds

[Blackrock1]

i have a few old pensions in a davy account, one is a PRB, value of circa 80k and the other is a PRSA value circa 30k, both are invested in Multi-Asset Funds of Funds.

I'll admit i havent paid huge attention to these but it appears from recent correspondence that they will be charge 3% annual fees on these kinds of investments which seems a lot.

For the life of me i cant see where the fees i have been charged to date are hidden on my davy, can anyone assist in that regard?

 

[davyselect]

Hi Blackrock1,

Are your pension accounts with davyselect? Are the multi-asset funds you are invested in the Davy GPS funds?

If this is the case the annual management charge on the GPS funds is 1%. When you invest in these funds through your pension, the management charge on your pension is switched off so you only pay the 1% annual charge in the fund.

There are additional 3rd party charges within the fund which differ depending on the funds that are selected (Blackrock, Vanguard etc). These typically range between 0.3%-0.5%.

There are no entry or exit fees so it is not possible to have annual charges of 3%. Full details are provided on the fund factsheet.

We would be happy to explain this to you in more detail if you wish to give the pensions team a call

Thank you for choosing Davy

Best regards
davyselect