transfering AVC into AVC PRSA

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television

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I am thinking of opening a AVC PRSA with eagle star through labrokers.I have a AVC with MArsh through the TUI. How do I transfere this fund into my new PRSA
 
Once you have the new AVC PRSA set up, contact Marsh and tell them you want to transfer your fund from the old to the new. They'll send you the forms.
 
LDFerguson said:
Once you have the new AVC PRSA set up, contact Marsh and tell them you want to transfer your fund from the old to the new. They'll send you the forms.
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Hi LDFerguson
Do you know if the full value of the fund will be transferred or will Marsh apply some penalty for pulling out of their scheme.
 
Hello Television,
I am a teacher also with an AVC with Marsh. Do you mind me asking, Why are you changing?
 
There charges are huge. For every 100 E you put in they invest 95 for you and pocket the rest (as well as a 1% management fee). There are companies where you can get 100% of money invested. This makes a huge difference over 30 years. From my calculation (50 grand or more) I have not actually changed yet becuase I am changing jobs in sept. Waiting until then. instead of having a AVC you will have to take out a PSRA AVC. from my reading exacly same as an AVC. The only problem is that you do not get advice as towhere to invest as you doit yourself. However there was another company who used to to work for marsh. they came to our school and told us that they have smaller charges than Marsh but you have to take out a prsa avc with them. Yes they have smaller charges but their still quite high. So what I have done is talked to the guy from the alternative company to marsh asked him where he suggested investing the money and then used this advice to go through a discount broker. Such as ebrokers.another complication (miinor) is getting the tax sorted out but this is minor.
 
television said:
Yes they have smaller charges but their still quite high. So what I have done is talked to the guy from the alternative company to marsh asked him where he suggested investing the money and then used this advice to go through a discount broker.
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Did you pay this guy a fee for his time and advice?
 
From your post above, it appears that you have deliberately wasted the time of the "other" broker you refer to, by seeking advice about where to invest the money, only to then transact the business through a discount broker. You seem to be suggesting that willbee adopt a similar approach.

If my interpretation of your posts is correct, I don't think it's a very nice thing to do. Would you tell the broker up-front that you have no intention of actually transacting the business with him and are just looking for free advice?
 
okay fair point. And to be fair I had intended to go with him. the only reason I did not was that his charges were quite high, and at his meeting witha ll the staff he siad his charges were significanly reduced. the reality when i got talking to him was a small reduction.
 
Thanks for clarifying. I've no problem with people speaking to several advisors looking for the best deal. I just wouldn't like to hear anyone promoting the idea that one should try to obtain free advice from one broker under false pretences and then transact the business with another.
 
LDFerguson said:
Thanks for clarifying. I've no problem with people speaking to several advisors looking for the best deal. I just wouldn't like to hear anyone promoting the idea that one should try to obtain free advice from one broker under false pretences and then transact the business with another.
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Why not? Don't brokers believe in the law of the jungle?
 
Eggball said:
Okay. My opinion is that I wouldn't have the slightest problem wasting the time of a broker by using him as a check against another.
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That's not what was being discussed in the original point. The original point was about deliberately obtaining free advice from a broker about fund choices / investment strategies using false pretences, then transacting the business through an execution-only service.
 
Sorry folks but I'd like to get back to the origional post. After reading alot on AAM and other links on AVC's and PRSA's, I got the pack through LA brokers for the Eagle Star PRSA. I rang Marsh to enquire if I wanted to transfer all of my acummulated fund from my Marsh AVC (about 10K) to my Eagle Star PRSA would there be any transfer fees. The girl sounded bamboozled and has now given my details to their consultant who is going to ring me to enquire as to my reasons for moving. I was only making an enquiry. Aside from their high admin charges and fees already highlighted on this web-site, are there other reasons from anyone out there why I should move from TUI/Marsh to Eagle Star or another PRSA.
 
willbee said:
Sorry folks but I'd like to get back to the origional post. After reading alot on AAM and other links on AVC's and PRSA's, I got the pack through LA brokers for the Eagle Star PRSA. I rang Marsh to enquire if I wanted to transfer all of my acummulated fund from my Marsh AVC (about 10K) to my Eagle Star PRSA would there be any transfer fees. The girl sounded bamboozled and has now given my details to their consultant who is going to ring me to enquire as to my reasons for moving. I was only making an enquiry. Aside from their high admin charges and fees already highlighted on this web-site, are there other reasons from anyone out there why I should move from TUI/Marsh to Eagle Star or another PRSA.
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it depends,

do you know enough to DIY it? if you do then i dont see any reason not to. all the info is available through your employer and online if your willing to do the research and educate yourself. on the other hand if you havent a clue about your superannuation now and are unlikely to keep up with the changes as they happen then you might be better off getting someone to advise you so it gets done right.

Using televisions method wont work in the long run for 2 reasons. firstly the guy he tapped for the advice is unlikely to waste his time again and secondly you'll run out of guys/girls to call as there are very few companies advising on the superannuation aswell as avcs and even fewer that are any good.

mula
 
Ok Mula, I take your point, but there are 'Default investment Strategy' as an available option on the Eagle Star PRSA form that would move the fund accordingly as it would mature over the years. At worse would this be ok as opposed to paying the high charges to Marsh over lets say, 20 years. What would you advise???.

By the way when I rang Labrokers Helpline to get advice on a query filling out the form I found 'John' most helpful.
 
willbee your doing all the right things. Default is where i was going too. Keep me posted and well done.
 
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