That's interesting and definitely good for consumers to have more choice [for transparency, I should add that I work for Zurich].
That's interesting and definitely good for consumers to have more choice [for transparency, I should add that I work for Zurich].It was misreported by the Independent. Vanguard are not coming here on their own. They are operating through Standard Life.
Overall account fees for a policy of this type would be:
(1) Allocation rate of 99% (1% Government levy is deducted).
(2) Standard Life management fee of 1.5% per annum.
Is this good value? 1.5% managemrnt fee for a passively managed index seems high in my opinion.
You mention a 1% government levy. Is this a pension product or an investment subject to exit tax? There's a few things here that aren't adding up.I just received a quote from a broker (they were involved in setting up my company's pensin with Zurich).
Initially they wanted a zoom meeting, which I declined. Told them I prefer to communicate by email.
Explained what Standard Life Investment fund(s) I wanted and as per GSheehy post above, told them I want an exection only service. Asked for total charges for a €200p/m contribution.
He got back to say they typically charge €199 fee (but will waive this given my connection to the company pension scheme they halped set up... )
Overall account fees for a policy of this type would be:
(1) Allocation rate of 99% (1% Government levy is deducted).
(2) Standard Life management fee of 1.5% per annum.
Is this good value? 1.5% managemrnt fee for a passively managed index seems high in my opinion.
One of the funds I specified was the Standard Life Vanguard Global Index Fund.
As per their own documentation theie Annual Management Charge is 0.95%.
It's page two on the document ini the link above (it won't let me copy and paste".
Why the difference? I will ask him this question myself but would like some input before I query him..
Thanks
I just received a quote from a broker (they were involved in setting up my company's pensin with Zurich).
Initially they wanted a zoom meeting, which I declined. Told them I prefer to communicate by email.
Explained what Standard Life Investment fund(s) I wanted and as per GSheehy post above, told them I want an exection only service. Asked for total charges for a €200p/m contribution.
He got back to say they typically charge €199 fee (but will waive this given my connection to the company pension scheme they halped set up... )
Overall account fees for a policy of this type would be:
(1) Allocation rate of 99% (1% Government levy is deducted).
(2) Standard Life management fee of 1.5% per annum.
Is this good value? 1.5% managemrnt fee for a passively managed index seems high in my opinion.
One of the funds I specified was the Standard Life Vanguard Global Index Fund.
As per their own documentation theie Annual Management Charge is 0.95%.
It's page two on the document ini the link above (it won't let me copy and paste".
Why the difference? I will ask him this question myself but would like some input before I query him..
Thanks
You mention a 1% government levy. Is this a pension product or an investment subject to exit tax? There's a few things here that aren't adding up.
My understanding from the Standrad Life site is that this is an investment product. It is listed under their investments tab.
It's a pity that I canot deal diect with Standard Life and am being forced to pay .5% AMC to the broker when it's an executin only service.
There's nothing stopping you going directly to SL.Thanks for the replies guys.
Here's what I got back from him:
"In relation to AMC, the base AMC for the Vanguard range is 0.9%, however, Standard Life pay us a set-up fee towards to costs of opening the account for clients & build this cost into the AMC then which brings it to 1.5% total.
The 1.5% fee is payable fully to Standard Life, we receive no ongoing fees.
For investments above €500+ per month, they have a more attractive charging structure."
My understanding from the Standrad Life site is that this is an investment product. It is listed under their investments tab.
It's a pity that I canot deal diect with Standard Life and am being forced to pay .5% AMC to the broker when it's an executin only service.
There's nothing stopping you going directly to SL.
All you can do is ask. From looking at the application form on their website, it seems there's more than one commission route. A different option might give rise to the same commission payment, but potentially at less cost to the customer.Will Standard Life add an element of commission to a product if you approach them directly? Not a rhetorical or smart question. I genuinely don't know. Other life/pension companies won't undercut brokers if a customer approaches them directly. I don't know what Standard Life's policy on that is.
Except they don't have a direct sales team and won't deal with the public directly.There's nothing stopping you going directly to SL.
I would normally agree with you, but the poster above is getting bad value on the commission option offered (allegedly for execution only) so going to SL direct would possibly give a better deal. This is more like going to adidas.ie to pay full retail for some Stan Smiths that the local Lifestyle Sports are charging a premium on.Except they don't have a direct sales team and won't deal with the public directly.
I am blue in the face saying this, you can't ring up Nike and order a pair of runners off them directly. Like it or not, it is the same with financial products. There is someone who does all the compliance paperwork and the insurance company just sells the product.
A €200 a month savings plan isn't going to pay the advisor much. You are better using Ger's online execution only service with Zurich. He's has everything set up to process these cases.
Steven
www.bluewaterfp.ie
I presume you mean standard life? A couple of years back they were offering all their products execution only, but I haven't kept details of the pricing.Did anyone contact SLAC to find out the exact terms that they offer on an execution only basis?
Will they faciliate any product in their range or is it a limited offering?