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Pension Products

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  • 09-03-2010 9:03pm
    #1
    digzy
    Registered Users Posts: 3,049 ✭✭✭


    I'm looking for advice on pension charges.investing about 1k per month standard fee is about 3% and 1% mgmt fee. I've some other pensions and despite the management fee these pensions aren't actively managed (unless i ring the provider fund allocation is unchanged). is it an option to go self administered and go for cash/gvt bonds. How does one go about this.


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    #2
    [Deleted User]
    Posts: 281 ✭✭ [Deleted User]


    What type of pension? Executive, Personal or PRSA?


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    #3
    digzy
    Registered Users Posts: 3,049 ✭✭✭digzy


    I've set up all 3 already, PRSA when i didn't know better (5% cut), last year personal and I've a small one as acompany director.


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    #4
    Andymfinancial
    Closed Accounts Posts: 60 ✭✭Andymfinancial


    for 1k per month you should definitely not be charged 3%. You should get 100% allocation with a 1% annual management charge. Note that the broker needs to negotiate a special deal for 1k mth. You need to find a good broker and TELL him what charging structure you want. At worst you should only pay 1% entry with 1% annual management charge. Irish Life also have the self invested fund with 1% annual.


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    #5
    digzy
    Registered Users Posts: 3,049 ✭✭✭digzy


    Gr8. any ideas who I could approach. I'm down south


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    #6
    [Deleted User]
    Posts: 281 ✭✭ [Deleted User]


    IMHO, unless someone has accumulated in excess of €250K in funds already I think that they should stay clear of self-directed/administered pensions.

    If you are comfortable choosing your own investment funds and you know what product you want, you can buy the product (PRSA,Personal or Executive) on-line on an 'execution-only' service basis.

    This way, you will not be hit with any entry or exit charges on the product ie. 100% of your money will be invested and you won't get hammered if you want to exit/transfer the fund elsewhere.


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    #7
    Andymfinancial
    Closed Accounts Posts: 60 ✭✭Andymfinancial


    Self invested fund is available under irish life contract. Provides access to deposits on high st banks for low risk investors. With irish life you can also mix and match from their normal funds ie managed funds AND self invested. Self invested is a great option to have in the long term. You can also buy and sell shares under the plan if you fancy a bet!

    Deleted User wrote: »
    IMHO, unless someone has accumulated in excess of €250K in funds already I think that they should stay clear of self-directed/administered pensions.

    If you are comfortable choosing your own investment funds and you know what product you want, you can buy the product (PRSA,Personal or Executive) on-line on an 'execution-only' service basis.

    This way, you will not be hit with any entry or exit charges on the product ie. 100% of your money will be invested and you won't get hammered if you want to exit/transfer the fund elsewhere.


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