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PRSA Info

  • 29-10-2003 8:10pm
    #1
    thegills
    Registered Users, Registered Users 2 Posts: 1,802 ✭✭✭


    Hi,
    I have to join a PRSA by 31st October and invest a 4-figure sum. Where would I get info on the current performance of the different PRSA's.

    has anybody got personal experience?

    thegills


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    I don't think there is any performance history because they are a new product. Go for a "Standard PRSA" (maximum fees set by law) or one that does lower fees.

    Otherwise look at the performance history of the company's other products. Past performance is no guarantee of future performance.


  • #3
    De Rebel
    Registered Users, Registered Users 2 Posts: 1,109 ✭✭✭De Rebel


    Originally posted by Victor
    Go for a "Standard PRSA" (maximum fees set by law) .......

    Warning........Slightly technical discussion......

    In general that is probably reasonable sound advice, but there are exceptions. For example,

    Standard Life is offering a non standard PRSA only. This is because the asset is a "with profit" fund, and these cannot be offered as Standard, only as Non-Standard. There are many who would say that this non standard PRSA is a better offer than many of the standard PRSAs in the market. (This is not a wholesale endorsement of that product for all people in all circumstances, simply an example of a non standard PRSA that is not entirly evil)

    Another example is the difference in the allocation rates. Some of the non-standard products offer better allocation rates, which for some investors (especially those with larger contributions) will make a non-standard product more suitable than a standard one.

    Victor, I am not saying that you are wrong, simply that this is not always a clear cut choice.

    The joys of off the shelf pensions.........


  • #4
    De Rebel
    Registered Users, Registered Users 2 Posts: 1,109 ✭✭✭De Rebel


    Originally posted by thegills
    Hi,
    I have to join a PRSA by 31st October and invest a 4-figure sum. Where would I get info on the current performance of the different PRSA's.

    has anybody got personal experience?

    thegills

    Back On Topic...........

    If the gun is to your head in terms of making a choice, there are a few things to remember......

    PRSAs are supposed to be easily transferrable. Time will tell, but if your circumstances (and perhaps opinions/knowledge) change, you should be able to transfer from one company's PRSA to another.

    Even within a single PRSA, you may well have differnet asset classes. (Cash, Gilts, Equities, Property, Managed funds, etc). You could open one of these PRSAs with different investment options, and stuff everything into the cash fund for a month or two, and use this time to do LOTS OF HOMEWORK before making an informed investment choice suitable to your needs. New Ireland and Friends First are two companies who have such products. (As have others - so this is not an endorsement, just examples)


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