PRSA commission charges

Re: LA PRSA at 0/1%

I have asked ES and IL for months about cheaper PRSAs and they act as if excecution only PRSAs were illegal and basically didn't exist. I even brought a catalogue into IL and it clearly stated 0/1% but I was told that kind of product simply did not exist! An ES Cork adviser said that the fee the brokers charge would be an annual fee of 150EUR and that they were screwing me! It is amazing. All the guys who signed up via our company scheme are on 5%/1%, and we were told it was supposed to be easy to change a PRSAs, but it is not.
I am glad I found out about the 0/1% execution only product and that it is more or less the same, only my company does not support it and IL and ES don't want to talk about it...

Fanny[/quote]
 
Fanny, this is so great to read as I thought I was the only one with suspicions. I had a meeting recently with a senior Irish life advisor and he deliberately fended off any questions I had about this product. He then went on to tell me that he had just come from a meeting about invsting in irish poperty and how this was a "growth area" and his advise to me was to invest my funds there. The whole experience was insettling and to be honest I didnt trust the guy. I know enough to judge that he probably earns a nice annual bonus for directing pensions into certain funds.... if only I could find a broker I could trust!!!!!
 
Fanny,

You get an 'Execution Only' service from an 'Execution Only' Broker. ILAC ans ES are not interested in charging customers fees for setting up nil commission plans directly with them.

vue11,

What suspicions do you have about the product?
 
Well, I know that they would not be interested in selling them. But they actually go as far as saying nothing like that exists or if it was it was illegal! That is the confusing part. So if I close a deal with a broker and he sends me back to Irish Life what will happen, will they still ignore the product exists and give me alot of hassle if i want to invest the SSIA into it next year, or will i deal with someone else altogether (obviously not the broker!), or will they just change around and treat me like a customer who has found the silver spoon? Once you have a 5%/1% PRSA you are not supposed to find out there is the same for cheaper, and if you ask, they lie. that cannot be right either...?

Fanny
 
Let me get this straight.

You don't want to deal with the company directly because they make you feel bad.

You don't want to deal with a broker because you feel the charge on the contribution is too much for the service that they would provide you with.

So what you have to do is find a very nice broker who will meditate between you and the company and charge you nothing for the service.
 
F. Kruger said:
(You don't want to deal with the company directly because they make you feel bad.)

This is rubbish, Kruger! They gave me wrong information, wrong facts in the hope I would not find out. Talking about my bad feelings is inaccurate here! I cannot see what IL/ES is responsible for and what not, they told me nil commission PRSAs simply don't exist and warned me not to close my PRSA because I could not get a better deal, it does not leave a good impression. They gave me the impression Execution only brokers were kind of illegal! Now, you might know better after reading the threads, but when you are out there on your own it is not easy to digest.

(You don't want to deal with a broker because you feel the charge on the contribution is too much for the service that they would provide you with.)

I never said that, please re-read carefully! you made this up. I can get an irish Life PRSA for 150 EUR and that is a good deal, i know the broker is not an advisor, but i need to know who I could talk to if i needed more information on funds could invest a lump sum at a later stage. The brokers website says go to IL/ES but after my experience with them i am not sure if they would deal with it. Does that mean i need to hire an advisor, or is it easy enough to deal with once you have the contract. i'm simply trying to get this information BEFORE signing the new PRSA. What is wrong with that?

(So what you have to do is find a very nice broker who will meditate between you and the company and charge you nothing for the service)

Is this serious or ironic? It does not help, sorry, I don't think that you understand me correctly. Your opening: "Let me get this straight" sounds like you cannot believe how stupid I am asking these things.
PRSAs need not be so confusing, I believe others who have been through this experience might understand what I mean. Or... they just leave PRSAs alone and avoid talking about pensions altogether. When you look at the bad success of the government scheme you can see that people don't take it up and everyone I know thought pensions were confusing.
It is NOT easy to find the right advice or learn about this, but the least I need is someone to make it more confusing and making fun of people who admit they have problems with PRSA procedures.

Fanny
Click to expand...
 
Fanny

Irish Life and Eagle Star will only sell you the PRSA with a standard charge - they need this charge to recoup their salesperson cost.

You can hardly expect them to tell you that you should go somewhere else for a 0% cost PRSA - that would not be very smart of them.

We can only go on your word that they said they were illegal, but if they did say such a thing then I think you should have taken the detail of the person who said this and put in a letter to them/their manager for clarification of this.
 
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