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Self Admin Pension

  • 14-09-2008 6:39pm
    #1
    infocenter
    Closed Accounts Posts: 1 ✭


    Hi All :)

    I have opened self admin pension a few years ago. back then it did make sense since i could transfer once off sums of money from my business, however the situation have changed last year, and the problem is - the pension providers fee are too high ( over 1500 euro per year even though there wasn't any transactions in 2007 )
    When i brought up this issue with the pension provider, I was told that

    a) i cannot freese the scheme and leave it that way, they will stil have to file annual reports for me ( could anyone advise if it is so, and if i could perhaps do it myself or if my accountant could do it for me - or this is only something that registered pencion provider can do)
    b) i could transfer the funds i have into normal pension fund, but they will still charge around 800 euro to close the self admin scheme and open the new one. Again, the question is - can anyone else do it or it has to be pencion provider

    Thanks a lot.


Comments

  • #2
    kaiser sauze
    Registered Users, Registered Users 2 Posts: 1,558 ✭✭✭kaiser sauze


    a) i cannot freese the scheme and leave it that way, they will stil have to file annual reports for me ( could anyone advise if it is so, and if i could perhaps do it myself or if my accountant could do it for me - or this is only something that registered pencion provider can do)

    They are correct. Think of your self-administered scheme as a mini-company that has obligations to Revenue.

    It is not possible for your accountant to do this as the funds are being held in trust for you.
    b) i could transfer the funds i have into normal pension fund, but they will still charge around 800 euro to close the self admin scheme and open the new one. Again, the question is - can anyone else do it or it has to be pencion provider

    If you are not going to be making at least annual, large, payments into this type of pension plan it is not going to be worth it. Yes, there is far more flexibility in what you can invest in, but many people don't take advantage of this flexibility.

    When you say open a new one, are you talking about opening another self-admin scheme?

    If it is not, then you can transfer these funds into any pension provider's plan, after paying the fees.

    My suggestion would be a PRSA, although you will lose a lot of flexibility, but at least you won't take a huge hit for your transfer in.


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