I'm not sure that's the case here since the AVC has nothing to do with the employer - it is a private contract between protocol and Irish Life, brokered by Cornmarket. But I don't know if it is possible to move it in any case - I've asked this question in the past and never received an answer....does anybody out there know the situation for public service AVCs and the question of portability into a standalone PRSA AVC?It would not be possible to move your AVC fund elsewhere without at least changing employment and even then it could depend on what you do with all of your pension entitlements (the general rule being that the benefits from an employment stay together).
It does seem a little bit on the rich side but I'd believe anything about these Cornmarket policies....go on, protocol, talk us through the numbers.The contribution charge of 12.7% seems extraordinarily high: are you sure it is that much?
They are and they aren't.... To the best of my knowledge the charges are neither shown in total nor is there a breakdown on the statement. The money is about as easy to track as that of a certain man from Drumcondra in a house purchase.The recent annual statements are more transparent, and now have info on charges
No! No! No!I have read other posts on AAM saying a public service worker can set up a standalone PRSA AVC separate to their employer's AVC.
Check www.myadviser.ie who sell an Eagle Star PRSA AVC that seems to be for people in this situation.
That's an excellent brochure that you've linked to. It is the first time I've seen laid out the %s of existing salary a public servant would need to pay into an AVC to pay for the enhanced commutation and spouse's pension benefits. The scope that these give for buying additional pension cover is huge and all public servants who are otherwise well sorted out financially (i.e house bought etc.) should really look into this idea.The Eagle Star PRSA AVC through www.myadviser.ie has contribution rates from 0.5% to 2%, yes, that's true.
But the Eagle Star brochure is the only one I've found that specifically deals with public service workers AVCs. See here: [broken link removed]
I still can't tell you that but increasingly suspect you can't.What I am asking is: can you transfer your existing AVC fund to the new policy?
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