Execution only PRSA - but Entry charge for SSIA

G

geecee

Registered User
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HI All
I have been looking at taking out an Execution only PRSA with either of:
-Eaglestar
-Irish Life or
-Hibernian

Despite there being a 0% entry charge I notice that Irish life will charge me 5% on a lump sum entry such as my SSIA
(P9 of Irish Life PRSA standard)

it is unclear from the Eaglestar and Hibernian Literature if theya also charge this fee...

Anybody have any ideas?

On another note.. If i decide to change my PRSA provider 1 year down the line - would my new provider also charge me an entry cost on entering my existing PDSA into theirs?

Thanks in Advance!
 
Forget about going direct. Surprisingly it may not yield the best deal. Go to one of the discount execution only brokers (e.g. [broken link removed], www.labrokers.ie etc.) who should be able to do a 0%/1% PRSA for you for either a once off arrangement fee of a few hundred euro or, in the case of www.prsas.ie, an optional charitable donation at your discretion. Bear in mind that you need to make sure that other things (e.g. fund selection, quality of service etc.), and not just charges, suit you.

See also this thread:

The cheapest PRSA?
 
Hi Clubman
I am looking at the execution only brokers (e.g. www.prsacentre.com, www.labrokers.ie etc.)

But it seems that whilst i will get 0%/1% on my regular monthly contributions through Irish Life via the execution only brokers ... They will charge me the 5% on any lump sum contributions e.g. on my ssia

I'm wondering if Eaglestar and Hibernians 0%/1% offering are the same?
 
I rang AIB today to see if their 5% charge was negotiable. I was told that if I was paying 600+ per month in it could possibly be reduced to 3%. So it is always worth negotiating with the Banks. Even their rules can be sometimes bent a little bit.
 
geecee said:
But it seems that whilst i will get 0%/1% on my regular monthly contributions through Irish Life via the execution only brokers ... They will charge me the 5% on any lump sum contributions e.g. on my ssia
Click to expand...
Really? The two above? And www.prsas.ie ? I'm surprised if it is the case that they can only offer the SSIA transfer with a 5% charge. :(
 
Just their Irish Life offering...(according to P9 of the Irish Life Blurb)
I can't seem to figure out what their Eagle Star and Hibernian execution only options charge (if at all)
 
Pension Providers do not have 'Advisory' brochures and 'Execution Only' brochures. What you are reading applies to an 'Advisory' service.

A simple e-mail to either of the sites you have chosen will confirm this. I would be amazed if either of the lads would insist on the 5% for a single premium SSIA transfer.
 
Hi F. Kruger
Irish Life would appear to have a separate brochure for Their Execution only PRSA.
On the cover it has a Ref: 1% & 0%
On Page 9 they talk about how the only charge is the 1% to cover management of the pension...

However in the next paragraph they state that there will be an entry charge of 5% if you want to contribute your SSIA into the pension.

I'll e-mail Eaglestar and Hibernian later to see if they do likewise...
 
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