Fund value | Current Charge | New Charge |
€0-€49,999 | 0.75% | 2% |
€50,000+ | 0.75% | 1% |
Sorry these were documents on my account.Ouch! That’s a big increase for small PRSAs.
Have you got a link for this?
I've also received the same communication from Davy yesterday. This increase is a bit of a sting. I'm a public servant paying into a PRSA AVC with Davy where I've been purchasing a standard Vanguard Global Stock Index Fund. My fees were as you said 0.97% in total, but will now jump to 2.22% come May. Quite a jump.So, for a non-Standard PRSA with a global index tracker the TER is going from 0.97% to 2.22% & 1.22% + transaction costs (if applicable).
Standard PRSAs a winner so.
So trueLots of brochures with smiling happy people, but all of the pension providers excel at that.
Anything better out there?
I'll reply later with a link to Cornmarket fees.Really irritated by this increase. From 0.75% to 2%! And even after I reach €50k, it still jumps by a quarter to 1%. Pah!
Anyone know a better deal anywhere? Even trying to figure out what the charges are with many companies is a Herculean task.
From what I can make out via a quick web search, LA Brokers have a 1% deal with Zurich and 100% allocation but I think you're stuck with some kind of 'Default Investment Strategy'. Call me a cynic but I suspect that's code for Zurich making lots of unnecessary trades to cream off more fees. I'm a civil servant (new crappy pension scheme) and a company called Cornmarket seem to be active in that market, but I can't find any clear description of their fees. Lots of brochures with smiling happy people, but all of the pension providers excel at that.
Anything better out there?
Thanks for the link, Protocol.Your AVC Scheme | Cornmarket
Learn everything you need to know about your AVC, Public Sector PRSA or get in touch with our expert retirement consultants today.www.cornmarket.ie
Scroll down, click on Policy Fees and Charges.
Then select your trade union.
My fees were as you said 0.97%
I wonder is this related to the recent Bank of Ireland acquisition of Davy?
BOI also own New Ireland and I wonder is that where they want to place PRSA clients.
actively managed funds always underperform passive index funds
I'm also a little unclear about where Cornmarket make their money, which probably means they're taking it from me!
Anyone know a better deal anywhere?
You can get a Standard Life PRSA with 100% investment / allocation and 0.9% annual charge for Vanguard index-tracking funds. If you transfer €100,000 or more from another PRSA or pension scheme the annual charge is 0.65%. Portfolio transaction charges come to 0.02% per year for many of Vanguard's index trackers, so total cost (including so-called "hidden" costs) is 0.92% or 0.67%.
Regards,
Liam
www.FergA.com
Will they do an ARF at that price?
I thought Royal London had some very cheap products too?
Re last point, Gerard, I'll have to politely disagree with you. From the Economist (16/10/21):Very few will actually admit this. All they see is the (headline) 0.75%.
Insofar as it being down to margin and profitability I'd say it's very likely that it's 'bank' inspired. Banks don't get into bed with providers that are known for their low-cost / consumer focused products. Probably why most of them are in bed with Irish Life. Seriously doubt that Davy clients would be moved or directed towards New Ireland.
Mixed/Multi Asset funds will underperform a 100% equity tracker because 100% of the Mixed/Multi funds aren't always invested in equities. Actively managed 100% equity funds do hold their own or beat passive indexed funds (on a like-for-like cost basis).
Gerard
www.prsa.ie
I'd say they looked at the self directed PRSA space and the price increases. ITC's LEAP ARF starts at 3% and goes down to 1% on amounts over €200,000.I wonder is this related to the recent Bank of Ireland acquisition of Davy?
BOI also own New Ireland and I wonder is that where they want to place PRSA clients.
ARF's are much more competitively priced than PRSAs!Will they do an ARF at that price?
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