Looking for adviser to set up ARF with once-off flat fee — no trail commission

Hi all,


I’m in the process of transferring a pension into an ARF and would prefer to manage it myself going forward. I’ve already taken steps to remove my old broker and am now looking for someone who can help me with the ARF setup on a once-off flat-fee basis — ideally without any trail commission, entry charges, or ongoing advice fees.


Most of the big names (Zurich, Irish Life, etc.) seem to push commission-based models with 5% clawbacks and 1% annual fees, which I’m trying to avoid. Davy Select is clean but has a €1,000/year minimum fee, which doesn’t make sense for my fund size. My ARF will be around €47,000, so low annual cost is important.


I’m happy to pay a reasonable once-off fee (e.g. €500–€800) for someone to:

• Set up the ARF,
• Help with the paperwork,
• And step away, leaving me in control to invest as I wish.

Does anyone know an adviser or firm in Ireland who offers this kind of clean, transparent setup?


Thanks in advance!


— Andrew

There are execution-only providers who post regularly on AAM that you could look to. You would probably have to complete the ARF paperwork they send you yourself but you will typically get the lowest costs going that route.

Kevin
www.thepensionstore.ie

Theblockof said:

And step away, leaving me in control to invest as I wish.

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What exactly do you mean by this?
Control which funds are selected?
Or control which specific assets (e.g. shares, property, etc.) are bought and sold?
If you mean the latter then you probably need a self administered pension and they don't come cheap as far as I know.
You should also resist the temptation to "day trade" using your pension if that's something that you're considering.
You might want to search Askaboutmoney for existing threads/posts about self directed and self administered pension schemes.

kevhenry said:

There are execution-only providers who post regularly on AAM that you could look to.

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E.g.

www.ferga.com
www.labrokers.ie
www.prsa.ie

Theblockof said:

a once-off flat-fee basis — ideally without any trail commission, entry charges, or ongoing advice fees.

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Contributor @GSheehy answered an identical question to this, quite recently.

Basically it's not possible, owing to regulatory constraints.

Theblockof said:

a reasonable once-off fee (e.g. €500–€800)

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For an ARF of €47,000, you are better off going to the direct sales team of a life company and getting it set up by them. 1% isn't an unreasonable charge. With an ARF of that size, you aren't in a strong bargaining position on fees. I don't know any advisor who would do it for the fees you are looking for.

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Thanks for the replies — very helpful.


To clarify, I’m not looking to self-administer or pick individual shares/property. I just want:

• To transfer my pension into an ARF,
• Choose from a reasonable range of funds (ideally including low-cost global equity options like ETFs or index funds),
• Avoid trail commission and clawback charges,
• And manage it myself going forward.

I’ve already removed my old broker and just want someone to handle the setup for a once-off fee — ideally something reasonable.


So far I’ve looked at:

• Zurich and Irish Life — but their entry fees (up to 5%) and ongoing 1% charges are too high,
• Davy Select — clean but too expensive at €1,000/year minimum,
• And I'm exploring execution-only or flat-fee options.

If anyone knows of a provider or route that worked for them, I’d really appreciate hearing about it.


Thanks again!

T McGibney said:

Contributor @GSheehy answered an identical question to this, quite recently.

Basically it's not possible, owing to regulatory constraints.

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I think that this is the post in question?

You can contact any of the execution only brokers mentioned in post #4 and state your case.

There will always be ongoing yearly fees no matter how you set up your ARF. This fee is used to pay for the administration of your ARF. This includes sending you regular payment slips and managing tax, USC and Prsi deductions.

An execution only broker will probably get you a deal with 1% yearly fee and 100% allocation.

You can ask each broker if they can improve on this.

The broker will usually email you the application forms and ARF policy details. They will assist if you need help filling in the forms.

Thanks everyone for the replies — they've really helped clarify things.


Special thanks to @ClubMan for digging up GSheehy’s post — that must have taken a bit of time and I really appreciate it. It confirmed a lot of what I suspected and gave me the confidence to keep pushing for a clean setup.


Quick update on my side:


I spoke directly with Zurich and they confirmed their clawback structure: 5% in year one, reducing by 1% each year over five years. That’s in addition to a 1% annual fund charge — so not ideal from a flexibility or cost point of view.

I’ve also reached out to a few other brokers and am waiting to hear back from one or two — including FinancialLife.ie, where I was told my email is in their work queue.

Still hoping to find someone who’ll do a once-off ARF setup on a fee-only or execution-only basis with no trail or clawback. If anyone else has managed this, I’d love to hear how it went.


Thanks again to all for the support — it’s a huge help.

Why not Royal London Ireland?

Theblockof said:

clawback structure: 5% in year one, reducing by 1% each year over five years.

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Double check the details of this with them. Does it apply to ad-hoc withdrawals, or is it only for transfers to another provider?

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Thanks, Fortune — great question.


I actually checked that directly with Zurich. The guy I spoke to confirmed that the 5% clawback (reducing by 1% each year over five years) still applies even if I don’t close or transfer the ARF. So it’s not just for early exits — it’s effectively built into the product as an indirect entry charge, even if I leave the ARF untouched.


I asked him twice to be sure, and he was clear that this charge still applies regardless. So while it’s called a "clawback," it works like a commission-based structure, just spread out over time — even though I’d be dealing directly with Zurich and not through a broker.


They did confirm I don’t need an intermediary, which is helpful, but the structure still has this charge baked in, which doesn’t really suit what I’m looking for.

Theblockof said:

I actually checked that directly with Zurich. The guy I spoke to confirmed that the 5% clawback (reducing by 1% each year over five years) still applies even if I don’t close or transfer the ARF. So it’s not just for early exits — it’s effectively built into the product as an indirect entry charge, even if I leave the ARF untouched.

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Are you absolutely sure about that? I would triple check and get it in writing. I have an Aviva Personal Retirement Bond and (paid up) Personal Pension Plan and both are subject to a similar decreasing clawback in the first 5 years but only if transferred elsewhere or drawn down. If I leave them alone for 5 years (other than fund switches) then the clawback in no longer an issue.

ClubMan said:

subject to a similar decreasing clawback in the first 5 years but only if transferred elsewhere or drawn down.

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I could've sworn someone told me that all providers had either done away with charges on ARF withdrawals that went through payroll (or paid to the customer rather than another ARF/annuity provider) or waiver them on those circumstances. Maybe Zurich are the odd one out here.

Thanks, ClubMan — really appreciate you jumping in again.


I actually asked Zurich directly and was told the clawback applies regardless of whether I exit early or not. I double-checked and specifically asked if I’d still be charged even if I stayed fully invested — the answer was yes. They confirmed it’s not a traditional exit penalty, but something that’s built into the product no matter what I do.


They also told me I don’t need an intermediary and can set up the ARF directly with Zurich — which is kind of ironic, because it seems they’re still charging me as if a broker was involved. So they’re effectively cutting out the intermediary, while still charging what looks like more than what an intermediary might take.


That said, I take your point — I’ll give them another call tomorrow and ask for it in writing or see if they can point me to the section in the Key Features document where it’s clearly explained.

Theblockof said:

I actually asked Zurich directly and was told the clawback applies regardless of whether I exit early or not. I double-checked and specifically asked if I’d still be charged even if I stayed fully invested — the answer was yes. They confirmed it’s not a traditional exit penalty, but something that’s built into the product no matter what I do.

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Still sounds odd to me. A clawback is usually a penalty that applies in certain circumstances. Not an unavoidable charge.

Fortune said:

I could've sworn someone told me that all providers had either done away with charges on ARF withdrawals that went through payroll (or paid to the customer rather than another ARF/annuity provider) or waiver them on those circumstances. Maybe Zurich are the odd one out here.

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In case it matters here my two Aviva pensions in question are a Pension Retirement (Buy Out) Bond into which a former occupational pension transfer value was paid years ago, and a Personal Pension Plan/Retirement Annuity Contract which was not funded via payroll. Neither are we ARF obviously but I just wondered if the 5 year clawback triggered by a transfer or drawdown was comparable to the clawback mentioned on the Zurich ARF...

This post describes how I would expect a clawback to work...

early encashment charges of 5% on year 1 descending to 1% in year 5.

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I would be more interested in what is the overall AMC, allocation rate and set up fee if any.
If the execution only broker was getting a trailing commission included in that AMC, it would be irrelevant to me as I see it.

All else being equal, I would be aiming for the best overall AMC available.

It's often the case that the broker can get you a better deal than going directly to the provider anyway.

I've a Zurich Life ARF through an execution only broker with a penalty period but it doesn't apply to regular withdrawals including up to around 15% pa. ( I'd need to check that as I don't envisage taking more than the minimum deemed distribution myself ).

I like the ZL fund choice and the tools available in their broker section online. You can do all your homework before you approach a broker.
If going execution only, you need to know exactly what you want beforehand.

I agree that you should shop around with a view to providers and brokers. I used one of the guys mentioned earlier.

Usually, the bigger the pot the better the deal the broker can get from the provider.

You're in the right place here to ask questions. The guys are amazingly knowledgeable. I've benefited hugely.
Best of luck with your quest.