kramer2006
Registered User
- Messages
- 214
Hi folks. I need some advice on pensions. Would appreciate some comments from anyone familiar with "Executive" pension plans, that is, pensions aimed at company directors & self-employed.
I am self-employed. I have an executive pension plan with one of Ireland's largest life offices. In short, I'm concerned that I am being fleeced by excessive charges. I am paying 5% on every contribution I make, both regular and single premiums. I am also paying an annual management fee of 1.35% for all of the funds I have invested in. These charges seem to be a lot higher than those I've read about on AAM.
Many of the posts I have read on AAM have mention "haggling" with pension providers over charges. I wasn't aware this was acceptable practice. In addition, when I took the plan out 2 years ago, I (foolishly) did not question the charges, believing them to be pretty standard.
So, my questions are:
1) are these charges excessive? and just HOW excessive are they?
2) can I transfer my company pension to another provider? how easy/difficult is this likely to be?
3) many AAM posts have suggested taking out a pension through a broker who will negotiate a better rate? Is this the done thing?
I would appreciate any information as I am concerned these charges might obliterate my (modest) pension fund.
Many thanks indeed.
I am self-employed. I have an executive pension plan with one of Ireland's largest life offices. In short, I'm concerned that I am being fleeced by excessive charges. I am paying 5% on every contribution I make, both regular and single premiums. I am also paying an annual management fee of 1.35% for all of the funds I have invested in. These charges seem to be a lot higher than those I've read about on AAM.
Many of the posts I have read on AAM have mention "haggling" with pension providers over charges. I wasn't aware this was acceptable practice. In addition, when I took the plan out 2 years ago, I (foolishly) did not question the charges, believing them to be pretty standard.
So, my questions are:
1) are these charges excessive? and just HOW excessive are they?
2) can I transfer my company pension to another provider? how easy/difficult is this likely to be?
3) many AAM posts have suggested taking out a pension through a broker who will negotiate a better rate? Is this the done thing?
I would appreciate any information as I am concerned these charges might obliterate my (modest) pension fund.
Many thanks indeed.