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PRSA 5% Commission /Can I Get Better Deal?

  • 18-01-2009 9:16pm
    #1
    Ginger83
    Registered Users, Registered Users 2 Posts: 3,592 ✭✭✭


    Hi, I recently took out a PRSA pension with Irish Life, I have the standard plan. I was just reading through the books that came to me and have discovered that the guy who set it up for me seemingly forgot to tell me that 5% of all my contributions is being taking out as a commission charge.This is a bit steep dont you think?

    Q? Can I change PRSA from one provider to another?
    Q? Is it possible to obtain a PRSA with 0% commission charges ie: 100% of contributions being invested?

    Thanks all!


Comments

  • #2
    dizzybridie
    Registered Users, Registered Users 2 Posts: 16 ✭dizzybridie


    That's not really a true charge. it's just a bid/offer spread. V different. This bid / offer spread charge for trading in units is pretty much the same as all competing companies. You can switch provider for free if you want.


  • #3
    [Deleted User]
    Posts: 281 ✭✭ [Deleted User]


    Ginger83 wrote: »
    I was just reading through the books that came to me and have discovered that the guy who set it up for me seemingly forgot to tell me that 5% of all my contributions is being taking out as a commission charge.

    You should have received a Preliminary Disclosure booklet that would have expalined the charging structure before you completed the transaction.
    Q? Can I change PRSA from one provider to another?

    Yes.
    Q? Is it possible to obtain a PRSA with 0% commission charges ie: 100% of contributions being invested?

    Yes. You can get a PRSA on these terms on an 'Execution Only' service basis (no advice) from a Discount Broker.


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