J
joeblogs
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What can you do if you've already signed up for a PRSA and you are paying a 5% commission charge on monthly contributions?
For instance, I am currently with Eagle Star (Default Investment Strategy) and I am paying a 5% commission charge. However, I would now rather change my pension over to an Irish Life one as they are offering a 0% commission option through LA Brokers. Moreover, I have just noticed that they are providing a similar product (i.e. 0% commission) via Eagle Star as well. It's a bit weird if I ask the (new) broker to not change my pension company, but just the pension product within the same company? Would the pension company even allow you to do this? (my current broker mightn't be too happy either)
I would rather stay with Eagle Star if I can, however, I do not want to pay an on-going 5% commission charge.
BTW, do you think that there is any difference between the non-commission based PRSAs and their 5% counterparts? Are they really the same, except that you do not pay commission on the 0% one? I think that the only difference between them is that you get some advice off the broker when setting up the commission based one. However, when you think about it, that advice is quite expensive when the broker is going to charge you 5% for the life time of the product. It may seem that in such instances that no advice may have been the better option!
Other questions:
1) Bid offer spread:- 0%
What does this mean?
2) If you pay at least €6000 a year and less than €12000 a year then you receive an extra allocation of:- .75%.
What does "you receive an extra allocation of .75%" mean?
3) Is there a web page on a comparison of how the different PRSA's have performed over the last couple of years?
Thanks,
joeblogs
[Moved from Re: Execution Only PRSA / Pension Broker]
For instance, I am currently with Eagle Star (Default Investment Strategy) and I am paying a 5% commission charge. However, I would now rather change my pension over to an Irish Life one as they are offering a 0% commission option through LA Brokers. Moreover, I have just noticed that they are providing a similar product (i.e. 0% commission) via Eagle Star as well. It's a bit weird if I ask the (new) broker to not change my pension company, but just the pension product within the same company? Would the pension company even allow you to do this? (my current broker mightn't be too happy either)
I would rather stay with Eagle Star if I can, however, I do not want to pay an on-going 5% commission charge.
BTW, do you think that there is any difference between the non-commission based PRSAs and their 5% counterparts? Are they really the same, except that you do not pay commission on the 0% one? I think that the only difference between them is that you get some advice off the broker when setting up the commission based one. However, when you think about it, that advice is quite expensive when the broker is going to charge you 5% for the life time of the product. It may seem that in such instances that no advice may have been the better option!
Other questions:
1) Bid offer spread:- 0%
What does this mean?
2) If you pay at least €6000 a year and less than €12000 a year then you receive an extra allocation of:- .75%.
What does "you receive an extra allocation of .75%" mean?
3) Is there a web page on a comparison of how the different PRSA's have performed over the last couple of years?
Thanks,
joeblogs
[Moved from Re: Execution Only PRSA / Pension Broker]