PRSA and Bitcoin

Steven Barrett said:
You have to use a self directed PRSA which are not suitable for your small monthly direct debit pensions.
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And I still see many people here and elsewhere confusing "self directed", "self administered", "execution only" etc. Possibly on foot of misguided content elsewhere on Reddit/social media etc...
 
ClubMan said:
I still see many people here and elsewhere confusing "self directed", "self administered", "execution only" etc.
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We like it that way! ;)

Self admin is more or less obsolete now and SSAS's gone. Self directed is the term used for PRSAs, so that should be the term used going forward.

I've lost count of the amount of times people have asked if I'll do an execution only pension for them and them having no idea what provider to use or what funds to invest in.
 
@ClubMan - I may have contributed to this confusion.

In my head I think of "self-directed" as being one of the "insured" PRSAs that allow a certain level of investment decision-making, e.g. Standard Life allow you to mix a Stocktrade trading account with other fund choices and you can choose your own assets within the Stocktrade account while mixing with other off-the-shelf Standard Life & Vanguard fund choices. (As it happens, Standard Life are in the process of phasing out this functionality on PRSAs at the moment.)

I would tend to call the likes of ITC or Quest PRSAs "self-administered" as they are set up that the client chooses the assets 100%, often shares or ETFs on a platform and/or physical property. These don't have off-the-shelf funds to choose from like the life companies do.

In my defence, I don't think that self-administered or self-directed are formally defined anywhere and they seem to be used interchangeably. It's possible that @Steven Barrett is about to contradict me now and show me that I've been doing it wrong for years...
 
LDFerguson said:
In my defence, I don't think that self-administered or self-directed are formally defined anywhere and they seem to be used interchangeably. It's possible that @Steven Barrett is about to contradict me now and show me that I've been doing it wrong for years...
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No I won't :) I don't think there's any formal definition. I've always gone with self directed PRSA if using the likes of ITC or Quest. Insured product if using a life company.

Keep 'em guessing Liam. The more confused the public are, the longer they'll need us ;)
 
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