No different. Most if not all unit linked funds are structured as life assurance policies.First off, these savings funds are structured as life assurance policies, what does this mean in comparison to a regular savings fund?
Have a read of the AAM and IFSRA guides to savings and investments linked from the key topics thread at the top of this forum.What is the difference with funds which buy "units" as opposed to buying shares directly?
Tax on most or all unit linked funds is 23% of any growth automatically deducted on exit with no other tax liability.It states that the exit tax on encashment is 23%, but I thought I saw something before about life assurance policies being taxed @ 40%, which is correct? Any other tax issues?
They are invested back into the fund. Tax is normally taken care of.How are dividends handled, are they reinvested back into the fund and are you required to pay income tax separately on these?
No.I noticed revenue are involved in some form of clampdown relating to life assurance policies. Does this mean I would need to inform them if I opened a fund, as in declare the fund on some tax form?
Depends on the fund/provider but I think that QL allow arbitrary lump sum top-ups whenever you like (maybe subject to some minimum amount).Also, can I invest different amounts at different times as I see fit or does it have to be regular fixed amounts?
Depends on your investment goals, timeframe, attitude to risk/volatility. No easy answer without more details and no general one size fits all answer. For pure investment advice on which funds to select etc. it's a good idea to talk to an independent, professional advisor.Is it generally better to split the % invested between several funds or stick to 1 or 2 and hold out for a positive return?
I would agree with Taximan that you need to watch charges carefully when investing. I do think that the Quinn Freeway products come in at the lower end of the scale, and would not be as expensive as those quoted above.....
Be extremely vigilant on costs they might tell you, you an make regular payment but they will fleece you blind on charges on them 5 % is not uncommon. So you are automatically down 5% plus annual manage mat charge of aprox 1.5%. Other expenses can be another .5%.
Ask are there any upfront charges?
Any Exit Charges?
Total Expense ratio for Fund? ( Annual mgt fee + other exp Audit, Trustee etc)
NB. Regular premium what are the charges for these.
Nelly the person who is selling this product to you should be answering these questions for you.
Why? If there is no per contribution charge (as with QL for example) then there is no cost advantage in making a single lump sum contribution versus drip feeding it over a period of time. Of course the lump sum approach means that the total amount is invested for longer but the drip feeding approach may benefit from euro cost averaging...IMHO unit funds are far better if you have a lump sum to kick them off.
Can't find any mention of this product on their website. Do you have any links?Re. their new 'Pride And Joy' savings plans, are these in any way different from what is already on offer via Freeway?
Can't find any mention of this product on their website. Do you have any links?
Can't find any mention of this product on their website. Do you have any links?
IWhen I rang they sent me "Pride n Joy" brochure instead with complete details.
Total Expense Ratio is a term used for what are usually listed funds. The total charges on quinn funds are as shown in the charges section of the website i.e. 1% on Euro Freeway. I checked this before investing.
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