The cheapest PRSA?

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Guest

Guest
the cheapest PRSA

> Does the 1 % annual charge on managing a PRSA apply to the overall fund at each year end or just on that years contributions?

Annual management fees are charged on the full fund value and not just on an individual year's contributions. They may be calculated/deducted daily (e.g. 1%/365 each day on that day's unit value) rather than in one go at the end of the year - I'm not sure but that's generally the way that it's done on normal non pension unit linked funds anyway.

> Say the fund was worth 1 million euro at age 60,in that year would the provider hit you for a 10,000 euro charge?

More or less albeit within the constraints of the caveat I mentioned above.

Apart from the annual management fee, for PRSAs up front charges (to a maximum of 5%) are deducted from each contribution on a once off basis.
 
N

no name

Guest
the cheapest PRSA

I have read through the last 2 pages on this thread and it seems to me that the cheapest pension is The New Ireland Personal Pension with no commission,a 0.75 % annual mangement charge and 100 % allocation rate..executed through a discount broker like LABrokers for a once off fee of 70 Euro.Is this correct and is the only downside that say in 5 years if New Ireland was not performing as well, what with top brass having been poached away by the people from Down Under,one could not switch to another provider as one might if they had a PRSA?
 
P

PRSA investigator

Guest
Cheapest PRSA

HI,thanks to this thread I think I have sourced the best PRSA deal.With LA Brokers,for a once off 70 euro fee,the deal was 100 % allocation and 0.75% annual management charge for the dynamic high equity exposure fund with Eagle Star.Many thanks.
 
G

Ginelli

Guest
Re: Eaglestar

Hi
I have almost signed up for a personal pension with a Broker (permanent TSB broker) and here is the deal
pay broker 25pc of contributions in year 1 and 3pc for every other year after that
pay 1.5pc per year of total invested.
Am I mad?
Ginelli
 
R

rainyday

Guest
Re: Eaglestar

Yes - You should certainly be able to get better options by shopping around.
 
C

Chord of Souls

Guest
Re: Eaglestar

Small point about Permanent TSB - their pension sales staff are not brokers but tied agents for Irish Life - they can only sell you Irish Life products. A broker can give you a choice of a number of pension providers.

There are a number of good brokers who post on this forum - have a look back through some of the threads to find some of the previous advice.
 

ClubMan

Registered User
Messages
45,302
Re: Eaglestar

Small point about Permanent TSB - their pension sales staff are not brokers but tied agents for Irish Life - they can only sell you Irish Life products. A broker can give you a choice of a number of pension providers.

See here for more background on independent advice.

I have almost signed up for a personal pension with a Broker (permanent TSB broker) and here is the deal
pay broker 25pc of contributions in year 1 and 3pc for every other year after that
pay 1.5pc per year of total invested.
Am I mad?


These are crazy charges given that it's relatively easy to get a PRSA with no charges on contributions and a 1% annual management fee - or perhaps even lower charges - for the once off payment of a few hundred € arrangement fee.
 
C

Capet

Guest
STANDARD PRSA PENSION CHARGES

What is the story? Are standard PRSA pension providors all charging the same ? (5% on contributions 1% mgmt charges) If not who is charging less?
 
M

mjmcgovern

Guest
AVC / PRSA to supplement Occupational Pension Sch

I am a public servant with a defined Benefit scheme. I have been given 10 years notional service (due to my professional qualification) & am aged 39 (with 3 years actual service - late entry to a local authority). I wish to retire at 60 & I'm in the higher tax bracket "by a long shot". Can I take out a PRSA / Personal pension (was told that these are not available to me as a union negotiated AVC is available to me). MyAdvisor talks about minimal charging / commissions far less that my current "high cost" Union negotiated AVC @ 5% Bid/offer, 1.75% Management fee & €3.81 monthly admin charge. Is there anybody that can advise considering that there may be 1000's of public servants unaware of Pension options & being fed possible misinformation by existing AVC providers. M.
 
M

mjmcgovern

Guest
PRSA / AVC

Corko, Yep , I got almost 10 years Professional added service. The Sunday Business Post article refertred to is my Letter to them in 2003. Things have moved on & now pension legislation is such that Public servants have greater choice. My query still stands. Can anybody assist?
 
A

Alan Moore

Guest
Re: PRSA / AVC

If there is scope for AVC's you can take out a stand alone PRSA AVC (as recently pointed out to me on AAM).
 
B

BA

Guest
PRSA / AVC

I'm a public sector employee and at a recent meeting with the person who specialises in pensions for the healthboard - I was told that a civil servant is no longer tied to the union avc. You can choose any PRSA avc from any provider.
 
S

silver

Guest
Re: >>The cheapest PRSA?

u can choose any prsa instead of your union avc scheme but u will not be able to have your contributions deducted from your payslip thus losing out on the 2.9% di or 6% a1 prsi relief
 
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Short Souls

Guest
Re: >>The cheapest PRSA?

But you can claim back a refund of PRSI yourself so you're not losing out.
 

ClubMan

Registered User
Messages
45,302
Re: >>The cheapest PRSA?

Yes - see here for details of claiming PRSI relief on "standalone" PRSA or personal pension contributions.
 
U

Unregistered

Guest
Re: >>The cheapest PRSA?

having read the above thread I am still at a bit of a loss

Is it possible to get an "Eagle Star PRSA -- RFAJ" with 0% entry charges and a 0.75% fund charge through a discount broker like LABrokers.ie or MyAdvisor.ie ?
 

Odhran

Registered User
Messages
12
Re: Key Post: The cheapest PRSA?

Hi

I've got my PRSA with Irish Life. I only recently checked what I was paying. Found out it's 5% of what I put in + a management charge of 1.35% per year. I've got my own company. Is it easy to switch out of this and into some with no contribution charge?
 

ClubMan

Registered User
Messages
45,302
Re: Key Post: The cheapest PRSA?

It should be - part of the point of PRSAs is that they are easy to transfer from one provider to another.

Seeing that your charges are more than the Standard PRSA cap of 5% on each contribution and 1% annual management fee it looks like yours is a Non Standard PRSA (see the Pensions Board website for an explanation of the differences) Why did you choose this in the first place? I presume (but don't know for sure) that one should be able to transfer a Non Standard PRSA to a Standard PRSA without hassle or penalties.
 

Odhran

Registered User
Messages
12
Re: Key Post: The cheapest PRSA?

Thanks for that - I'll follow up with Irish Life.
 
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