Eoin McGee/ Prosperous Pension Advice

D

dublingirl

Registered User
Messages
5
Hi there, am hoping I can get some good advice. So I am looking at setting up my pension. I run my own company and am a company director.
I spoke with Prosperous about setting one up with them and they directed me to an Irish Life plan managed by Eoin McGee. It is heavily weighted towards US Equities (which I understand a lot are ) but there are fees and a trailing commission. I would prefer (I think) to have access to a Vanguard Index Fund (S&P 500). And ideally I would also like to invest in individual stocks as part of my retirement plan (more European and Asian stocks). So my questions are:
1. is it possible to set up a retirement plan with the Vanguard Index fund in Ireland?
2. Can I also pick my own stocks as part of a retirement plan or does that have to come from after tax income.
Thanks a lot
 
dublingirl said:
but there are fees and a trailing commission
Click to expand...
What are they?
dublingirl said:
And ideally I would also like to invest in individual stocks as part of my retirement plan
Click to expand...
You mean a self administered pension? There are existing posts/threads on the that might be worth checking out - search for "SSAP" for example. As far as I know these don't come cheap and you also have the risk that you think you know better than the market in terms of picking winning stocks on a consistent basis - rather than, say, just going with a low charges index tracker that will likely beat most or all actively managed investments in the long term.
dublingirl said:
is it possible to set up a retirement plan with the Vanguard Index fund in Ireland?
Click to expand...
Yes. Or BlackRock. Several pension providers offer passively managed index funds from both of these via a PRSA. MSCI World Index trackers would be a common option. Again, a quick search for existing posts/threads will give you some useful information.
 
dublingirl said:
I spoke with Prosperous about setting one up with them and they directed me to an Irish Life plan managed by Eoin McGee.
Click to expand...

This makes very little sense as you have written it.

Prosperous Financial Planning Ltd is the company owned by Eoin McGee.

I don't think he "manages" an Irish Life plan. But maybe this is a new development which I had not heard of.

They are just recommending a bog standard high charges Irish Life fund.

So your financial advisor is recommending a fund you don't want.
No problem, change your financial advisor.

What fees are Prosperous charging you?
 
kevhenry said:
You can get the vanguard S&P500 fund on the PRSA from Royal London.
Click to expand...
Vanguard isn't listed here. Did you mean BlackRock?
www.royallondon.ie

Our fund range - Royal London IE

It's always good to understand your investments fully, as investing does mean your money is at risk. Here you can read more about our fund range.
www.royallondon.ie www.royallondon.ie

This thread may also be of interest.

Probably the best (cheapest) PRSA in the world?

The launch of Royal London Ireland's new pension product in late November 2024 seems to have finally offered customers accessible, lost-cost PRSAs. Through an execution-only broker, it is relatively easy to access a passive fund AMC of 0.55% or significantly lower on larger transfers. Taking...
www.askaboutmoney.com
 
Thanks for the info on Standard Life. Very helpful. I am meeting with them again next week and will see if they will open the pension there instead. Can I ask if they dont do I need to find another advisor? It is not possible to set up yourself? Thanks
Yes Eoin McGee does have a managed fund under the Irish life banner.
 
This is all a bit confusing. You're dealing with an advisor but they don't seem to be answering your questions and you don't seem to know what they actually do. (You also haven't clarified what sort of charges they're talking about). You're asking about passive index trackers but then say that you want to be able to choose specific shares yourself - two arguably diametrically opposed investment approaches. It might be better if you clearly set out here what exactly you're looking for and the feedback that you get here might help you deal more efficiently/effectively with this crowd or another intermediary. I would second the earlier suggestion that you might be better off talking to the likes of the following:
BTW I can't find any information online about any Irish Life pension fund managed by Eoin McGee. Surely something like that would be listed here?
www.nkmanagement.ie

Eoin McGee - Profile

Eoin McGee is a Certified Financial Planner CFP© and qualified financial advisor QFA. He has been working with clients and businesses for 20 years. He started his career with Irish Life assurance where he learned the inner workings of a large life company
www.nkmanagement.ie
In any case, any managed fund, even if it's managed by some celebrity financial personality, is likely to be beaten by a passive diversified index tracker over the long term.
 
Last edited:
Perhaps he's recommending a particular blend of existing Irish Life funds?

The Irish Life fund choice when I was selecting funds from them for myself was large and some funds were essentially just near duplicates of other funds - wouldn't be surprised to see financial planners stepping in to help their clients.
 
You must log in or register to reply here.
Back
Top