prsa or occupational pension

S

seantheman

Registered User
Messages
932
my wife is employed by the dept. of ed. as a s.n.a. her ssia matured recently and she is keen to put €7500 into a pension plan to avail of the €2500 revenue add on. my questions are, would she be better opening an execution only prsa with an online broker or putting the money into the company pension? does she still avail of the top up with company pension? i dont even know who administers the dept of ed pension schemes, or their charges. does anyone out there know?thanks in advance
 
The Government's Pension Incentive Tax Credit (PITC) scheme is available for Additional Voluntary Contributions so she does have the choice of either making an AVC in the existing scheme or choosing her own standalone PRSA AVC. She should check with her union as to who administers her AVCs - it may well be Cornmarket - and then she should check the charges for going that route.

My conflict of interest here is obvious but I think she'll find that the charges by going to an execution-only broker will be lower than going to Cornmarket - there are several threads in the Pensions forum here on Askaboutmoney where Cornmarket charges are discussed.

However, Cornmarket provide advice while an execution-only broker will not - she will have to choose her own provider and fund.

Liam D. Ferguson
www.ferga.com
 
thanks liam, i'm checking out cornmarket charges. still has time on her side as regards investing it
 
The Dept of Ed also charges an additional 1% for collecting ASTI teacher's AVC funds before passing them on to providers.

I believe that the same fees apply to other Depts but you'd need to confirm that yourself.

http://www.irlgov.ie/debates-03/11Nov/Sect8.htm
262. Mr. Kenny asked the Minister for Education and Science the charges or levies a company (details supplied) impose on teachers with respect to the AVC scheme. [26448/03]
Minister for Education and Science (Mr. Dempsey): My Department currently takes a 1% handling fee by way of a deduction from the total contributions of members in respect of all the products operated under the deduction at source arrangements for Cornmarket. The role of my Department is to operate the deduction facility. The issue of any charges or levies that the company referred to by the Deputy may impose on teachers is a matter between the company, the individual teacher and the relevant teacher union.​
 
You must log in or register to reply here.
Back
Top