Where to get independent advice about public sector pensions

Protocol

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Fresh-Start

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So they give 100% allocation, amc 0.5 - 1% and 595 set up fee.
Does anyone know any other providers offering lower charges for an AVC or PRSA AVC?
 

Dave Vanian

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www.prsa.ie and www.labrokers.ie will do an AVC PRSA with 100% investment and 1% annual charge and no set up fee. They don't give advice.

You could use one of those to accumulate your €140,000 and then transfer to Cornmarket.
 
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Fresh-Start

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do an AVC PRSA with 100% investment and 1% annual charge and no set up fee. They don't give advice.

You could use one of those to accumulate your €140,000 and then transfer to Cornmarket.
Do Cornmarket’s fees include advice. Assume the 595 is probably to cover the advice?
 

bungaro

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I had a Zoom seminar with an advisor from PSRA (expertadvice.ie) just to see if I was being efficient with my AVCs. There was a free follow up individual session a few days later and I was really impressed with the advice and how she went through the options for finishing at different ages. The seminar was focused at teachers but I think they specialise with people in the public sector.
 

Marco 1972

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Could you use some of the AVC to buy notional years i.e. up to 40 years even if only worked 30 or does it work that way ?
 

Early Riser

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It can be used to make a lump sum purchase of notional service if you are in a pre-2013 Scheme. There is no facility to purchase notional service, as such, in the Single Scheme.

"Lump Sum Contributions
14.14 Service may also be purchased by a lump-sum contribution. Officers may
exercise lump-sum options in the first and last 2 years of service ......."
 

chases0102

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Hi all,

About to pull the trigger on a Rebate PRSA AVC with Zurich Life.

I am 35, pre 2013 PS worker. Goal is to retire at 60. Have a middle management and MA allowance on top of salary.

Got impartial advice from experadvice.ie who recommended this AVC. Just wondering if anyone else have used them And whether their product is good - so much contrasting advice. For example, by not going with Cornmafort is it true that there is a tax element that I have to sort myself each year?

The charges sound a bit too good to be true - advisor said that essentially over 25 years there are no charges?

Overpaying mortgage by 10% each month also.

any advice much appreciated.
 

Protocol

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If your AVC is deducted at source, through payroll, then you don't have to claim the tax relief yourself.

I suppose that is one advantage of Cornmarket, don't they have payroll deduction?

Any other broker means making payments from your bank a/c, and claiming the tax relief yourself?
 

Protocol

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3,478
About to pull the trigger on a Rebate PRSA AVC with Zurich Life.

I am 35, pre 2013 PS worker. Goal is to retire at 60. Have a middle management and MA allowance on top of salary.

Got impartial advice from experadvice.ie who recommended this AVC. Just wondering if anyone else have used them And whether their product is good - so much contrasting advice. For example, by not going with Cornmafort is it true that there is a tax element that I have to sort myself each year?

The charges sound a bit too good to be true - advisor said that essentially over 25 years there are no charges?


No charges!!!!!!

No such thing in Ireland.

Of course there are fees.
 

chases0102

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Yes, that’s what I heard anecdotally alright - the advisor never mentioned that. Must revert and ask.
 

chases0102

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Yes, I agree, sounds ridiculous - something about hitting certain criteria throughout would result in very low charges - apologies, I can’t remember the actual details, I have it in a document on another device
 

Gordon Gekko

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I think the Cornmarket spin about being the only one that can attract relief at source is spoof. You can use another PRSA and get it coded into your tax credit cert which gets you to the same place.
 

Dave Vanian

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The charges sound a bit too good to be true - advisor said that essentially over 25 years there are no charges?

The Zurich Life Rebate AVC PRSA product pays the broker commission of 25% of the first year's contributions and 4% of every other year. The allocation rate is 95% and the annual charge is 1.75%. If the contribution is >€500 per month the allocation rate is slightly better. These charges are far too high and you can get much better elsewhere. But, on the rebate they have this to say...

At retirement on the normal retirement date selected at the start of the contract, the cash amount of all management charges deducted in respect of regular contributions is refunded, provided that the selected retirement date is at least 15 years after the start date and at least one regular contribution has been received in each and every 13-month period. The additional management charge applying to the SuperCAPP fund is not refunded.

I'm not familiar with this product, so maybe others can clarify. It looks like this rebate only applies if you retire on the normal retirement date and have paid into the plan without fail for years. It's also not clear if the rebate only applies to the annual charge and not the allocation rate charge on each contribution.

In reality very few people can say with certainty that they will stay in the same job and retire on the exact retirement date specified by the pension scheme. But if you don't, it looks like you lose out on the rebate and therefore end up paying the very high charges.

Maybe someone else more familiar with this product can comment here.
 

Early Riser

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1,110
At retirement on the normal retirement date selected at the start of the contract

I don't know what this means for the Zurich AVC but if it is the "normal retirement age" for the main scheme then this will generally be 65 for post-2004 public servant entrants. If so, it wouldn't apply in this scenario:
I am 35, pre 2013 PS worker. Goal is to retire at 60.

But maybe it has a different AVC-specific meaning?
 
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