Executive pension plan vs occupational pension

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cronjl

New Member
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5
Hi,

I have my own limited company and am looking for the best way to contribute to a pension. Is there any difference between an executive pension plan and an occupational pension?

I currently have an executive pension plan with Davy & was wondering if the fees are competitive. I found a listing of all PRSA Products and Charges on the Pensions Authority site, is there anything similar for executive pension plans?

Even with the listing, the various charges are complex & difficult to navigate, does anyone know of a site that say let's me put in my current pot, what I contribute per month, how many trades etc. and gives me what the total cost/fees are for each provider? Like bonkers.ie but for pensions, "you're with Davy but you'll save X in fees if you switch to Conexim".

Thanks very much!
 
cronjl said:
Hi,

I have my own limited company and am looking for the best way to contribute to a pension. Is there any difference between an executive pension plan and an occupational pension?

I currently have an executive pension plan with Davy & was wondering if the fees are competitive. I found a listing of all PRSA Products and Charges on the Pensions Authority site, is there anything similar for executive pension plans?

Even with the listing, the various charges are complex & difficult to navigate, does anyone know of a site that say let's me put in my current pot, what I contribute per month, how many trades etc. and gives me what the total cost/fees are for each provider? Like bonkers.ie but for pensions, "you're with Davy but you'll save X in fees if you switch to Conexim".

Thanks very much!
Click to expand...
They are the same thing. An executive pension is an one person occupational pension plan.
 
cronjl said:
I currently have an executive pension plan with Davy & was wondering if the fees are competitive. I found a listing of all PRSA Products and Charges on the Pensions Authority site, is there anything similar for executive pension plans?

Even with the listing, the various charges are complex & difficult to navigate, does anyone know of a site that say let's me put in my current pot, what I contribute per month, how many trades etc. and gives me what the total cost/fees are for each provider? Like bonkers.ie but for pensions, "you're with Davy but you'll save X in fees if you switch to Conexim".
Click to expand...

All PRSA charging variations must be registered with the Pensions Authority. The Pensions Authority then publishes all the variations on their website.

Occupational Pension Scheme variations do not need to be registered with the Pensions Authority. So if a client comes along with a huge pot of money to invest, a product provider might cut their charges to win the business without having to seek approval for a new version from the Pensions Authority. For this reason, there's a much greater choice of Occupational Pension Scheme charging permutations and combinations as well as broker commission variations than there are with PRSAs. The numbers of possible permutations and combinations are huge.

There's also the related point that each broker has flexibility in what they charge you for their services and if you are paying your broker via commission, then the commission will be reflected in the product charges. So Broker A could arrange a Zurich Life Occupational Pension Scheme for you and Broker B could arrange a similar Zurich Life Occupational Pension Scheme for you and if Broker A charges more than Broker B, then the charges on the two schemes will be different.

For these reasons, it would be difficult to compile a comparison website unless you were willing to ask every broker, every bank pension salesperson and every tied agent what they charge for each product.
 
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