This is the case as far as I know. Either the cost of getting the required statement is generally prohibitive or else nobody has the required insurance to issue these and I'm pretty sure that it's the latter so the theoretical option is nost actually an option at all in practice.I'm being given all sorts of stories, about professional imdemnity cover etc.
No - not for the > €10K (?) amount anyway as far as I know. You cannot simply waive the need for the relevant statement because you think you know best. The Pensions Board require it and the rule is not negotiable as far as I know.My question is whether there's any way the transfer can me made, and if so how?
You cannot simply waive the need for the relevant statement because you think you know best. The Pensions Board require it and the rule is not negotiable as far as I know.
As far as I know the Pensions Board and/or relevant legisaltion simply requires this statement so I don't think that you can do anything about it given that you cannot get one. Basically transfers from occupational schemes to PRSAs are theoretically possible but practically impossible for all but sums under €10K or whatever the limit is or if the occupational scheme is being wound up etc.I can understand this, but it wasn't a matter of waiving the need for a statement of comparison.
Depending on who you read, either the statment must say "it's in my interest to move" or why "it may or may not be in my interest". What I was trying to say was that even if the comparison said "there's no good reason to move" or even "you're worse off", I'd be happy to proceed. There's no chance I'd go back to whoever gave me the advice and sue them, as they'd be able say is "we told you so!". Or is this impossibly naive on my part?
You should look at switching the occupational fund into a suitable pension retirement/buy out bond that offers the charges and investment flexibility/control and fund selection that you need.By the way, my main motivation over moving (aside from my being simpler administratively) is that I have absolutely no control over the ex-employer scheme: at least with the PRSA I can switch funds or even provider should the need arise.
Bear in mind that you should be able to get a PRB/BOB with at least as competitive charges as a low charges (0%/1%) PRSA and you may even be able to get better than that (e.g. > 100% allocation rate even after any bid offer spread/commission and an annual management charge of c. 1%). Of course there are also other things to consider such as fund selection etc.
You say now you won't sue, but how can the provider be so sure you won't in the future? that's why the indemnity is so huge (last I heard it was about €1M), and that's why no one provides the Certifiactes of Comparison.
Maybe start with some of the discount execution only brokers such as...Any idea on where I should start looking for this?
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