I'm afraid life companies don't disclose the TER on their unit linked funds and are under no regulatory obligation to do so.
Personally I think it's extraordinary that our Central Bank allows this lack of transparency to continue but there it is.
As a very rough estimate, you can probably add around 0.15% to the AMC to arrive at the TER of a global equity fund.
Sorry Marc but your example is very misleading.You can obtain a pretty accurate number if you know exactly the fund you are invested in and the index that it is supposed to be tracking.
But then, not all TER's are equal either as there is no set definition on what fees can or cannot be included, so just because a fund may say that their TER is low, there may be fees levied that are not included.
Sorry another question. At what point would it make sense to switch to a small self administered pension scheme with a fixed annual fee rather than %. I currently have about €150k in my PRSA and my wife has about €80k
A lot of Pensioneer Trustees charge a percentage of the value of the fund as a fee, subject to a minimum cost. Others that charge a flat fee usually charge €2,000 a year. Do you have your own company so you can set up a self administered scheme?
Steven
No I don't have my own company didn't know that was a requirement.
Could I just setup my own company? Although that is probably just adding another layer of costs to make it too expensive to be worthwhile.
A self administered pension scheme is for company paid pensions (you can make AVC's). Most employers don't allow employees to set up their own SSAS as it's too much hassle.
If you don't have a company, you have to go down the Self Directed PRSA route. PRSA's aren't allowed by legislation to charge a flat fee for anything. All fees must be expressed as a percentage.
Steven
Could i setup my own company and transfer pension from an existing standard PRSA.
What would the typical charges be?
A fixed monetary charge seems like it could be cheaper as the pension pot gets larger
What are your circumstances? Are you self employed or an employee?
Setting up a company is pretty cheap, a few hundred quid. But you have director's responsibilities and submission requirements to the CRO each year.
Steven
Just to let people that the advisor appointed by Company contacted Irish Life about the TER on my behalf and he said that the 1% charge was inclusive of all expenses.
I don't believe that
Steven
I doubt the broker was deliberately trying to mislead your company representative - I've no doubt he honestly thought he was providing correct information.Either do I but the broker was insistent that there were no other charges
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