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Pension - Annual Fees whichever route I take!
Options
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09-12-2010 10:45pm#1Hi,
My pension scheme is winding up, I don't have another scheme I can join and won't be setting up a PRSA. I seem to have 3 options-
(i) Buy-out Bond
(ii) Self Directed Pension
(iii) Self Administered Pension
No matter what route I take, I get hit with annual fees.
I've 30 years to go before I hit retirement age, all I want to do is stick my lump sum away in a government bond and forget about it till I retire.
But to do this, I have to take one of the 3 options above, (iii) sounds to be too expensive and too much hassle for what I want, and (i) and (ii) attract annual charges so I'm faced with paying around 1% a year for the next 30 years.
If I'm lucky and the value of my pension doesn't fall (it's down 14% already and I have to cash in
) the annual fees alone will eat up 25% of the original lump sum.
If I'm even luckier and it makes 1% a year I might breakeven..
Is there any way of just buying a bond and not incurring these fees for the rest of the life of the pension?0
Comments
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Hi,
My pension scheme is winding up, I don't have another scheme I can join and won't be setting up a PRSA. I seem to have 3 options-
(i) Buy-out Bond
(ii) Self Directed Pension
(iii) Self Administered Pension
No matter what route I take, I get hit with annual fees.
I've 30 years to go before I hit retirement age, all I want to do is stick my lump sum away in a government bond and forget about it till I retire.
But to do this, I have to take one of the 3 options above, (iii) sounds to be too expensive and too much hassle for what I want, and (i) and (ii) attract annual charges so I'm faced with paying around 1% a year for the next 30 years.
If I'm lucky and the value of my pension doesn't fall (it's down 14% already and I have to cash in) the annual fees alone will eat up 25% of the original lump sum.
If I'm even luckier and it makes 1% a year I might breakeven..
Is there any way of just buying a bond and not incurring these fees for the rest of the life of the pension?
The 3 opptions is all you have to go with, But you Need to see a independent assurance broker like myself and give options, Good options, and you will pay Fees but you can also make your money work for you.0 -
Hi,
My pension scheme is winding up, I don't have another scheme I can join and won't be setting up a PRSA. I seem to have 3 options-
(i) Buy-out Bond
(ii) Self Directed Pension
(iii) Self Administered Pension
No matter what route I take, I get hit with annual fees.
I've 30 years to go before I hit retirement age, all I want to do is stick my lump sum away in a government bond and forget about it till I retire.
But to do this, I have to take one of the 3 options above, (iii) sounds to be too expensive and too much hassle for what I want, and (i) and (ii) attract annual charges so I'm faced with paying around 1% a year for the next 30 years.
If I'm lucky and the value of my pension doesn't fall (it's down 14% already and I have to cash in) the annual fees alone will eat up 25% of the original lump sum.
If I'm even luckier and it makes 1% a year I might breakeven..
Is there any way of just buying a bond and not incurring these fees for the rest of the life of the pension?
The 3 opptions is all you have to go with, But you Need to see a independent assurance broker like myself and give options, Good options, you will have to pay Fees, but no Broker fees, as the broker get commissions from the life assurance company, but a good broker, can also make your money work for you.0 -
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