Self-Directed Pension Provider for a 200k PRB

B

Board1

Registered User
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Irish Life are shutting down their self-directed pension service and I need to move provider. I have a €200k pot to move and will invest in 5 to 10 equity positions (mostly Nasdaq) and hold for 3 to 5 years, sometimes longer. Any suggestions on a low cost provider. The annual fee with Irish Life is currently 0.75% with a €30 per trade plus foreign exchange fees. I'm looking for something similar to replace it. Some of the fees elsewhere look crazy (e.g Davys has a 1%+ per trade fee, uncapped, WTF!). Any suggestions?
 
You could look at the Friends First https://www.friendsfirst.ie/pensions/do-it-yourself-pension/ (SDIO) platform (Self Directed Investment Option) as an alternative which offers a trading account through Cantor Fitzgerald. €15k min deposit.

Kevin
www.thepensionstore.ie
 
Thanks Kevin, what are the fees like I cant see them on the web link.
 
ITC/ Conexim Buy Out Bond. Base AMC is 0.4%. Trading costs are 0.2% to a minimum of €40. FX is 05%





Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
Board1 said:
Irish Life are shutting down their self-directed pension service and I need to move provider.
Click to expand...

It's a bit odd that ILAC are letting business walk out the door (on their current platform) if they've bought the Conexim platform.

Gerard

www.prsa.ie
 
Base AMC on the SDIO platform is 0.75% with access to a trading account with Cantor Fitzgerald. You can opt for an advisory or execution only service with them. 0.25% trading cost to a minimum of €100 per trade on an advisory basis, €35 execution only and would be done as an ‘in-specie’ transfer.

Kevin
www.thepensionstore.ie
 
thanks Kevin
 
Degiro can't be used for pensions. I don't know of any trustees that have them on their panel. No idea if DeGiro accept pensions. Given the reporting requirements, I doubt they would as it's an additional cost to them.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
Board1 did you decide to go with friendsfirst in the end?

I am starting my research now as I got the same letter from Irish Life.
 
As an FYI, the deadline for moving out of the Irish Life Self Invested Fund (SIF) has been extended from the 5th May 2020 to the 15th September 2020. If you're a SIF investor then you can expect a letter confirming same this week.

Kevin
www.thepensionstore.ie
 
It seems to me that ITC/ Conexim are the best value fees wise. Has anyone come across anyone cheaper?
Thanks
 
mangled85 said:
It seems to me that ITC/ Conexim are the best value fees wise. Has anyone come across anyone cheaper?
Thanks
Click to expand...

Hi,

What do you mean by the best value - the cheapest?

Cost should always be a consideration, but not the only one
 
Yes the cheapest really. Like the platform IrishLife had was piss poor but they still had hefty charges so I'm prioritising their fees. Cheers
 

On Davy Select platform for self directed PRSA they state the fee is .75% per annum of your fund total. I don't see any mention of 1% per trade other than the 1% Stamp Duty?

 
Thanks for the post, and the followups Lads,


I am in the same boat as the two boys who are having their self directed fund closed. Are their fees attached to moving it to either of the Pension Providers mentioned?

DAVY and ITC / Conexim are the providers above, with ITC having lowest costs ...
 
I've just about completed my pension transfer from Irish Life to ITC Conexim for the same reason as OP.

For me it has been an extremely painful experience. For the first time in my investment career, I tried to time the market by going to cash in late March -- thinking the transfer process would only take a couple of weeks and that markets were likely to dip further in that time. Several months later I've missed out entirely on the recovery.

Had Irish Life simply moved all their self-directed customers onto the Conexim platform which they purchased, I'd certainly have ridden out this volatility and been much better off. To add insult to injury, they were going to charge several grand in exit fees (which IMO should not exist on any kind of self-directed plan in the first place). Fortunately I managed to get these waived, at least.
 
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