Pension charges on new pension

D

douglastubbs

Registered User
Messages
26
Hi,
I am trying to start a pension using my SSIA. A broker has quoted me charges on 25% commission and and 5% renewal afterwards. To me, there is no clarity on exactly what is being charged. e.g. I put in 10k and they charge €2,500 commission - Can anyone clarify is this what they are doing. if so, which brokers / insurance company offer the best entry and exit charges. Any advice is appreciated.
 
Those charges seem outrageous to me. What sort of pension are they offering that they claim to be able to justify those charges? Shop around! Check out the many other posts about low cost (personal and PRSA) pension plans. For comparison it's possible to get a PRSA with 0% charge on each contribution and 1% annual management charge for a fixed once off arrangement fee of a few hundred €s. Note also that some taxpayers (e.g. low rate taxpayers) may benefit from the SSIA to pension transfer incentive scheme offered by the Government/Revenue.
 
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