Prime Time on public service "Union appointed avc providers Vs Notional Service"

Status
Not open for further replies.
extopia said:
Mula, you've changed your profile... your location is now "Ireland" instead of "Cornmarket". Any reason for this?
Click to expand...

my location has has been corrected and no i dont work for cornmarket
 
Last edited:
Also contained in the Cornmarket statement is the state appointed Pension Ombusmans finding on the AVC vs NSP debate, the Ombusmans has directed Cornmarket to inform nut "not to advise on NSP" see below

“…the main scheme in a public service employment is purely the responsibility
of the employer, which must ensure that members have access to information
on the scheme, including PNS.
The AVC scheme is totally separately constituted, with its own trustees, and they can inform (not advise) members on the AVC arrangement.
[Cornmarket] will advise on AVCs, but they cannot (must not) advise on PNS – because they are not authorized to do so. PNS is not a regulated financial product.”
As far as the limitations of PNS are concerned:
“An assumption is often made (notably by those involved in PEPS) that PNS is
always the answer. It is not. It is simply not available to anyone with 40 years’ potential service, or to those with less than 9 years’ potential service.
It’s no use to anyone who just wants a bigger tax-free lump sum, or better benefits for his dependants, or to pension non-pensionable pay such as overtime – all you can do in PNS is to buy added service, which comes as a complete package – pension, lump sum, spouses’ and children’s – whether you need them all or not.
The TUI AVC trustees commissioned a report from Tony Gilhawley on all of this –
I believe it’s worth a read.”
 
The pension Ombusman has directed Cornmarket to not to advise on NSP as it is not a regulated financial product. The job of informing employees about their pension is the employers role, you might argue its the union should advise also their members. But I personally believe they have no business in getting involved in financial advice of any kind their records are very poor at getting any value for their members.

from the ombusman “…the main scheme in a public service employment is purely the responsibility
of the employer, which must ensure that members have access to information
on the scheme, including PNS.
The AVC scheme is totally separately constituted, with its own trustees, and they can inform (not advise) members on the AVC arrangement.
[Cornmarket] will advise on AVCs, but they cannot (must not) advise on PNS – because they are not authorized to do so. PNS is not a regulated financial product.”
 
Dave Vanian said:
I agree with Tom123. It appears that Cormarket are attempting to discredit George O'Sullivan on the grounds that he's not regulated by the Financial Regulator. As he dispenses his pearls of wisdom on a voluntary basis through his free helpline, he simply falls outside the scope of the Financial Regulator. No "investigation" required there. :rolleyes:
Click to expand...
this is featured on the cornmarket website as a reply to PM program, the Pension Ombusman and Regulator have investigated bad advice from George O Sullivan and PEPs

it reads from CM - In a subsequent email to RTE (again which was not mentioned in the
programme), the Pensions Ombudsman went on to say:​
"I have… come across people who were wrongly advised to take out
their AVCs and transfer them across to [NSPs]. I was so worried about
that, that I reported it to the Financial Regulator…
The matter I referred to the regulator arose from the perception that
people were being advised to transfer to NSP years in advance of their
retirement age, when it was not clear at all that that was in their best
interest. I was also concerned that these people were possibly receiving
advice from persons who were not regulated at all, and worse still, carry
no professional indemnity insurance.
The Financial Regulator has power to prosecute people who are giving
financial advice without authorization, but is powerless to control the
activities of people who give advice without charging for it. "​
 
Hawkeye sounds like another Cornmarket fanboy or employee.

The Cornmarket refutation to Prime Time does not say that the person you named is under any kind of investigation at all. There is an implication (and a sneaky one at that), but one can only assume that the reluctance to make an outright accusation means there's no basis to this.

Based on their refutation to Prime Time alone, I would never do business of any kind with Cornmarket.
 
The Cornmarket refutation to Prime Time does not say that the person you named is under any kind of investigation at all.[/quote]

Ive no connections there, interesting to see anyone with a different to the frequent posters gets this question - playin the ball not the man - only joking!! extopia! The link is below and posters can read for themselves in the [broken link removed]

Pensions Ombusmans does refer to PEP's. Your right the example the don't name names, but I looks very like the Pension Ombusman is wagging his finger in that direction, do you not think?
 
Last edited by a moderator:
Independent Pensions guy with glasses 'X' accountant who was on prime time.
Click to expand...

Listen, all we want is straight advice. Your saying NSP's and Cornmarket/Marsh are saying AVC's. So if you ask me, you guys are playing one off against the other and it is us in the teaching profession that are loosing out. It looks to me like a cock fight at this stage. You are reporting them, they say PEPS is being investigated by the regulator. You all lack professionalism and integrity, you in particular if you resort to smartness and you actually put me off. It's MY MONEY and how dare anybody make a joke of that.

Very angered teacher.
 
tmurr said:
Independent Pensions guy with glasses 'X' accountant who was on prime time.
Click to expand...

Listen, all we want is straight advice. Your saying NSP's and Cornmarket/Marsh are saying AVC's. So if you ask me, you guys are playing one off against the other and it is us in the teaching profession that are loosing out. It looks to me like a cock fight at this stage. You are reporting them, they say PEPS is being investigated by the regulator. You all lack professionalism and integrity, you in particular if you resort to smartness and you actually put me off. It's MY MONEY and how dare anybody make a joke of that.

Very angered teacher.
Click to expand...
[/QUOTE]
if you want impartial advice pay a fee to an independent advisor whos understands the superann scheme.
 
I think I just got the answer I was looking for. You can move an AVC into the cash fund with Cornmarket which I will be requesting. They sent me out an AVC book (which took a while to understand). The cash fund garauntees (states in booklet) your investment and gives you deposit like interest rates on it. This means my AVC is not exposed to the stock market at all and all my savings are garaunteed. This in my mind is a risk free investment. Yet another call to Cornmarket tomorrow will clear this up and for once and for all I can put this matter to bed!
 
Im genuinely confused, can someone tell me what PEPS is? Is it a person, a poster on AAM, an organistation, or perhaps even a financial product. Or maybe its some kind of an in-joke?
 
my friend Google!



Pensions Entitlement for Public Servants (PEPS). A voluntary "help-line" group of mainly retired financial/legal professionals.
Non career technically oriented public service late arrivals from the private sector such as technical teachers and lecturers, nurses, paramedics, tradesmen, technicians, who need to fund their pension service deficits have been led, with the blessing of their employers and the promotional urgings of their unions into investing huge sums in AVC funds, while the take-up of the vastly superior in-house NSP option is minimal.

3,500 members of the Teachers Union of Ireland alone have invested 65 million euro in AVC funds, most of which, if balanced unprejudiced information/advice/care prevailed, would be invested in the DB/NSP option. Over 15,000 nurses hold AVC funds in similar circumstances.

Primary and Secondary schoolteachers who for decades have had the privilege of buying NSP for early retirement at age 60 have been persuaded to use AVC’s instead of NSP.

PEPS at present are assisting primary teacher F.A. who has complained to his AVC provider. Six years ago he commenced contributing 8% of his salary to AVC’s. He paid to AVC provider over 900 Euro in professional consultancy advice fees. In the six years the same 8% of salary would have earned him TWO years under the NSP option.

Recently having attended a PEPS lecture he decided to switch to buy NSP service where it bought him app. ONE year. He now is faced with paying out close to 30,000 Euro to catch up on where he would have stood if guided into NSP six years ago.
Click to expand...
 
WhistleBlowr said:
PEPS RESPONSE TO TMURR

In the cold war era a Russian KGB Chief sought out their local secret agent, the respectable Micheal O’ Shaughnessy. He enquired discreetly of a turf cutter near Caherciveen ; the retort was “ Is it Mickeen the spy you are looking for”?

Well done, Mickeen, because you knew that Paul Kenny, the Pensions Ombudsman was reporting me to the Financial Regulator {Sunday Times-business section}and I had no idea.

But I had e-mailed the Regulator and Paul on the previous Tuesday pointing out that these teachers of the Marsh TUI AVC plan who moved the €500,000 across to NSP were well into their 50’s and big into AVC’s to retire at 60. They jumped at the chance to cross over when PEPS explained at the Pension Optimisation Talk plus Q&A, because they had been unaware .
They just got out in time before the recent stock market holacoust. It was my concerned letter to the TUI General Secretary about the thousands who did not escape, that prompted TUI AVC Trustees Ltd to threathen law and link with Paul.

And Mickeen ,don't you be worrying your head about about my qualifications because I've been decades at it ;I can shove actuarial data into my financial analyis machine for a pensions decision every bit as fast as I'd push nuts and bolts into a plant replacement decision .

I'm all for being investigated but how about a few more AVC players for company. Maybe Paul would oblige.

Sincerely,
Independent Pensions guy with glasses 'X' accountant who was on prime time.
Click to expand...


Here you have it from the Horses mouth so to speak that the Pensions Ombusman is investigating PEPS advice, unless we have a fake poster, who knows!! Moderator you may want to look into that! Keep up the good work.
 
tmurr said:
I think I just got the answer I was looking for. You can move an AVC into the cash fund with Cornmarket which I will be requesting. They sent me out an AVC book (which took a while to understand). The cash fund garauntees (states in booklet) your investment and gives you deposit like interest rates on it. This means my AVC is not exposed to the stock market at all and all my savings are garaunteed. This in my mind is a risk free investment. Yet another call to Cornmarket tomorrow will clear this up and for once and for all I can put this matter to bed!
Click to expand...
tmurr that is a totally vacuous guarantee. You invest in cash, of course that is guaranteed. If the UCD actuary calculates the NSP as 80% superior to a normal AVC you can bet he will calculate it as 150% better than a cash AVC.
 
Had a consultation with a Cornmarket rep today ..... more confused than ever before.

Any 'independent' financial advisors in Cork?

The Cornmarket 'cash fund' mentioned above .... is this a good or a bad way to go?

With bank stocks etc. as they are .... will AVC funds be decimated?

I can retire at 56 on 33/80 pension .... but only if AVC's can supplement the shortfall ... 16 years away ..... am I being over optimistic or will AVC's be a total washout?

The Cornmarket guy left a lot of questions unanswered ..... he seemed to pose his own questions .... which he had no problem answering .... my queries still remain unclarified.

aaaaagh .....
 
Status
Not open for further replies.
Back
Top