What does this documentation say?i have all the documentation but just dont understand in € terms how much its costing me
Are you still making regular contributions into the ES pension? If so and the charges are higher than the IL pension then it would probably make sense to stop and make the contributions to the IL pension instead. What charges apply on the IL pension?2. should i put my money into the PRSA instead so avoiding the high charges and then looking at how should i take my pension fund from Eagle Star and move it to Irish Life costs in doing this etc etc
When the same or similar funds are available for a lower charge elsewhere then it is a bad thing in my opinion. But if this is the one that your employer has chosen then you don't have much choice if you want to avail of their contributions. Just make sure that the higher charges don't erode the benefit of the employer contributions to the extent that they might cancel out and you may be better off with a "standalone" 0%/1% PRSA of your own. I'm not sure if you can contribute the bare minimum to the employer PRSA and then have a separate standalone (e.g. 0%/1%) PRSA for AVCs (in which case you would have to claim tax and PRSI relief yourself).this was all done by the company i work for so no imput into the type but having a non standard its not a bad thing just a slightly higher charge ??
To make such a rash conclusion (that the decision was made to "generate more commission for the sales guy") as the one made above seems unfair IMO.
This sort of practice does no favours for the pensions industry. As you say, the Irish Life Non-Standard PRSA is not a bad product, but you're paying an extra 0.35% to 0.85% per year for a benefit (of arguable, if any value) you never even requested.
It's the Employer's decision (not the individual) to appoint the PRSA provider to whom the Employer is willing to make contributions.
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