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Self Directed PRSAs
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Thanks for that - what is the GPS fee? As on this :
There is noted no fees.
Whereas on this:
There is a fee noted.
Hi Dardinia,
The total expenses ratios (TERs) for each fund are as follows:
Cautious: 1.46%
Balanced: 1.54%
Long Term: 1.59%
The TER is the most accurate representation of costs and includes the costs of all the underlying funds that GPS invests in. You should always use TER as opposed to Annual Management Charge (AMC) when looking at costs.
Hope this helps0 -
Okay, that's great - much clearer...I'll keep an eye on this TER term more now.davyselect wrote: »Thanks for that - what is the GPS fee? As on this :
There is noted no fees.
Whereas on this:
There is a fee noted.
Hi Dardinia,
The total expenses ratios (TERs) for each fund are as follows:
Cautious: 1.46%
Balanced: 1.54%
Long Term: 1.59%
The TER is the most accurate representation of costs and includes the costs of all the underlying funds that GPS invests in. You should always use TER as opposed to Annual Management Charge (AMC) when looking at costs.
Hope this helps
Is the normal 0.75% for the Davy PRSA account on top again (or is that waived, per what you mention about Pension Management Fee above)?
And for those two funds I linked - they're both your long term growth accumulator - is the only difference € vs. GBP?0 -
Okay, that's great - much clearer...I'll keep an eye on this TER term more now.
Is the normal 0.75% for the Davy PRSA account on top again (or is that waived, per what you mention about Pension Management Fee above)?
And for those two funds I linked - they're both your long term growth accumulator - is the only difference € vs. GBP?
Hi, The PRSA account fee is waived on any portion of your portfolio thats invested in GPS i.e there is no double charge. The 2 funds on your previous post are the A and B class sterling versions of the the GPS Long Term Growth fund. The A class is not available to retail investors.
FYI GPS is available in both Euro and Sterling versions.0 -
Originally Posted by davyselect View Post
Hi Dardania,
Thanks for choosing Davy Select. The pension management fee is not charged on top of the GPS fee. When you invest in GPS you only pay the GPS fees. Also, the funds/etfs which you see on Morningstar and only a fraction of the funds available on the platform. There are over 9,000 ETFs and 20,000 Funds available. Just call the dealing desk and they will advise if a particular fund you want is available.
Great to have Davy on here.
I must check out those GPS funds also.
1 sneaky question and comment here on my first 10mths with Davy Select!
Is there anyway these can be made available online without having to call the dealing desks? In particular there are 100s of iShare ETFs but less than 10 Vanguard ETFs available.
Also it would be great to have more of the LSE ETFS made available. Many of the ones I'm interested in are only available with Davy on the Swizz,German or Amsterdam exchanges but to save on Custody charge I want to buy the LSE versions of them.0 -
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JackieChan wrote: »Great to have Davy on here.
I must check out those GPS funds also.
1 sneaky question and comment here on my first 10mths with Davy Select!
Is there anyway these can be made available online without having to call the dealing desks? In particular there are 100s of iShare ETFs but less than 10 Vanguard ETFs available.
Also it would be great to have more of the LSE ETFS made available. Many of the ones I'm interested in are only available with Davy on the Swizz,German or Amsterdam exchanges but to save on Custody charge I want to buy the LSE versions of them.
Hi Jackie,
Listing the full range of ETFs for online trading is a challenge for us both for regulatory and technical reasons. We have access to virtually all exchange traded instruments on the dealing desk. There is no extra charge for phone dealing if the instrument is not available online so you don't pay any more.
Vanguard is a good example. We have access to more than 3,900 Vanguard ETFs on the platform.
There should be no problem accessing any ETF on the LSE. We have access to them all.
Hope this helps0 -
Hi Davyselect - two topics that come to mind RE the PRSA execution only account that you might be able to advise:
If an invested stock pays a dividend, is the dividend withholding tax applied, or do Davy automatically apply an exemption as this is a pension account?
And if a stock offers it, is it okay to elect for SCRIPS rather than dividend income? If so, how to do it? (I'm guessing directly with the company in question?)0 -
davyselect wrote: »Hi Jackie,
Listing the full range of ETFs for online trading is a challenge for us both for regulatory and technical reasons. We have access to virtually all exchange traded instruments on the dealing desk. There is no extra charge for phone dealing if the instrument is not available online so you don't pay any more.
Vanguard is a good example. We have access to more than 3,900 Vanguard ETFs on the platform.
There should be no problem accessing any ETF on the LSE. We have access to them all.
Hope this helps
As much as I like DavySelect I'll be honest having to call the dealing desk to make purchases of perhaps only 1-2 shares depending on my allocation is not something that I'm going to do and is probably my biggest disappointment with the service.
Make all or at least many more iShares/Vanguard ETFs that are traded on LSE available online and I will be very happy!!0 -
JackieChan wrote: »Hi Dardania,
Those gps funds have ongoing fees between 1.46% and 1.6% ( I'm assuming the pension charge of .75%/.9% is on top of this also!)
The fund from the last link has a 1% annual charge but the TER is not given so probably higher again.
I'd say keep it relatively simple (and cheaper )with a geographic spread of low cost ETFs
Came across this before on the Davy GPS funds fees from their own Key Info Document. Real eye opener in terms of fees charged(13 in total, some of which are open and not quantified)
Investment Management Fee A fee of up to 1% per annum of the value of each Fund is payable to the Investment Manager. The Investment Manager is also entitled to its reasonable out-of pocket expenses out of the assets of the Funds.
Commission There may be a charge of up to 5% entry commission on any subscription for units in the Funds and up to 3% exit charge on redemption's.
Director’s Fees A maximum fee of €40,000 plus VAT per annum will be payable to each Director of the Company from the assets of the Funds. All Directors will be entitled to reimbursement of expenses in connection with the business of Davy Funds plc or the discharge of their duties.
Custodian Fee The annual fee of the Custodian is up to 0.015% of the net asset value of each Fund, subject to a minimum monthly fee of €600 per Fund as well as a transaction fee for each transaction conducted. The Custodian is also entitled to its reasonable out-of pocket expenses out of the assets of the Funds.
Administrator’s Fees The annual fee of the Administrator is 0.085% of the net asset value of each Fund, subject to a minimum annual fee of €30,000 as well as a transaction fee for each transaction conducted. The Administrator is also entitled to its reasonable out-of pocket expenses out of the assets of the Funds.
Money Laundering Reporting Officer’s Fees
An annual fee of USD20,000 and any applicable taxes will be paid out of the assets of the Fund in respect of the Money Laundering Reporting Officer.
Establishment Expenses All fees and expenses (estimated to amount to approx. €75,000) in relation to the establishment and organisation of the Company and the initial Funds will be taken out of the assets of the Funds.
Fees payable within the Underlying Investment Funds
The Underlying Funds in which the Funds may invest will bear their own fees and expenses. They will also be subject to management fees and other expenses of a similar nature to those applying with respect to the Funds such as redemption fees, subscription fees and the fees of service providers such as the custodian, trustees and administrators. The Funds will typically only invest in Underlying Funds, which charge management fees of up to 3% of the Underlying Fund’s net asset value.
Anti-Dilution Levy Upon the recommendation of the relevant Investment Manager, an Anti-Dilution Levy may be imposed. Please refer to the Prospectus for further detail.
Operational Expenses The Funds will be liable for certain fees and expenses related to the provision of these services including but not limited to Agent Fees, Distributor Fees, sub-custodians and sub-investment managers fees. Please refer to the “Fees & Expenses” section of the Prospectus for additional information.0 -
Fees sound crazy. Also beyond ridiculous to not have all of the funds online. I will take a wild guess that the ones they allow you to switch between online are the ones that they charge you a fortune for the privilege of owning.0
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The price of someone else doing your thinking for you I guess...JackieChan wrote: »Hi Dardania,
Those gps funds have ongoing fees between 1.46% and 1.6% ( I'm assuming the pension charge of .75%/.9% is on top of this also!)
The fund from the last link has a 1% annual charge but the TER is not given so probably higher again.
I'd say keep it relatively simple (and cheaper )with a geographic spread of low cost ETFs
Came across this before on the Davy GPS funds fees from their own Key Info Document. Real eye opener in terms of fees charged(13 in total, some of which are open and not quantified)
Investment Management Fee A fee of up to 1% per annum of the value of each Fund is payable to the Investment Manager. The Investment Manager is also entitled to its reasonable out-of pocket expenses out of the assets of the Funds.
Commission There may be a charge of up to 5% entry commission on any subscription for units in the Funds and up to 3% exit charge on redemption's.
Director’s Fees A maximum fee of €40,000 plus VAT per annum will be payable to each Director of the Company from the assets of the Funds. All Directors will be entitled to reimbursement of expenses in connection with the business of Davy Funds plc or the discharge of their duties.
Custodian Fee The annual fee of the Custodian is up to 0.015% of the net asset value of each Fund, subject to a minimum monthly fee of €600 per Fund as well as a transaction fee for each transaction conducted. The Custodian is also entitled to its reasonable out-of pocket expenses out of the assets of the Funds.
Administrator’s Fees The annual fee of the Administrator is 0.085% of the net asset value of each Fund, subject to a minimum annual fee of €30,000 as well as a transaction fee for each transaction conducted. The Administrator is also entitled to its reasonable out-of pocket expenses out of the assets of the Funds.
Money Laundering Reporting Officer’s Fees
An annual fee of USD20,000 and any applicable taxes will be paid out of the assets of the Fund in respect of the Money Laundering Reporting Officer.
Establishment Expenses All fees and expenses (estimated to amount to approx. €75,000) in relation to the establishment and organisation of the Company and the initial Funds will be taken out of the assets of the Funds.
Fees payable within the Underlying Investment Funds
The Underlying Funds in which the Funds may invest will bear their own fees and expenses. They will also be subject to management fees and other expenses of a similar nature to those applying with respect to the Funds such as redemption fees, subscription fees and the fees of service providers such as the custodian, trustees and administrators. The Funds will typically only invest in Underlying Funds, which charge management fees of up to 3% of the Underlying Fund’s net asset value.
Anti-Dilution Levy Upon the recommendation of the relevant Investment Manager, an Anti-Dilution Levy may be imposed. Please refer to the Prospectus for further detail.
Operational Expenses The Funds will be liable for certain fees and expenses related to the provision of these services including but not limited to Agent Fees, Distributor Fees, sub-custodians and sub-investment managers fees. Please refer to the “Fees & Expenses” section of the Prospectus for additional information.
http://www.thisismoney.co.uk/money/investing/article-4644214/Single-fee-fund-investors-backed-FCA.html seems like it will help address hidden costs...0 -
JackieChan wrote: »As much as I like DavySelect I'll be honest having to call the dealing desk to make purchases of perhaps only 1-2 shares depending on my allocation is not something that I'm going to do and is probably my biggest disappointment with the service.
Make all or at least many more iShares/Vanguard ETFs that are traded on LSE available online and I will be very happy!!
Hi Jackie
If you let me know which funds in particular you wish to access on an ongoing basis and I will check if we can activate them for online trading.0 -
Came across this before on the Davy GPS funds fees from their own Key Info Document. Real eye opener in terms of fees charged(13 in total, some of which are open and not quantified)
Investment Management Fee A fee of up to 1% per annum of the value of each Fund is payable to the Investment Manager. The Investment Manager is also entitled to its reasonable out-of pocket expenses out of the assets of the Funds.
Commission There may be a charge of up to 5% entry commission on any subscription for units in the Funds and up to 3% exit charge on redemption's.
Director’s Fees A maximum fee of €40,000 plus VAT per annum will be payable to each Director of the Company from the assets of the Funds. All Directors will be entitled to reimbursement of expenses in connection with the business of Davy Funds plc or the discharge of their duties.
Custodian Fee The annual fee of the Custodian is up to 0.015% of the net asset value of each Fund, subject to a minimum monthly fee of €600 per Fund as well as a transaction fee for each transaction conducted. The Custodian is also entitled to its reasonable out-of pocket expenses out of the assets of the Funds.
Administrator’s Fees The annual fee of the Administrator is 0.085% of the net asset value of each Fund, subject to a minimum annual fee of €30,000 as well as a transaction fee for each transaction conducted. The Administrator is also entitled to its reasonable out-of pocket expenses out of the assets of the Funds.
Money Laundering Reporting Officer’s Fees
An annual fee of USD20,000 and any applicable taxes will be paid out of the assets of the Fund in respect of the Money Laundering Reporting Officer.
Establishment Expenses All fees and expenses (estimated to amount to approx. €75,000) in relation to the establishment and organisation of the Company and the initial Funds will be taken out of the assets of the Funds.
Fees payable within the Underlying Investment Funds
The Underlying Funds in which the Funds may invest will bear their own fees and expenses. They will also be subject to management fees and other expenses of a similar nature to those applying with respect to the Funds such as redemption fees, subscription fees and the fees of service providers such as the custodian, trustees and administrators. The Funds will typically only invest in Underlying Funds, which charge management fees of up to 3% of the Underlying Fund’s net asset value.
Anti-Dilution Levy Upon the recommendation of the relevant Investment Manager, an Anti-Dilution Levy may be imposed. Please refer to the Prospectus for further detail.
Operational Expenses The Funds will be liable for certain fees and expenses related to the provision of these services including but not limited to Agent Fees, Distributor Fees, sub-custodians and sub-investment managers fees. Please refer to the “Fees & Expenses” section of the Prospectus for additional information.
The TERs I referred to earlier are the total on going charges for these funds. There is no commission on GPS, no entry or exit charges, no set up fees, no MLRO fees and no directors fees. The TER includes investment management, custodian and 3rd party fund fees. The key investor information factsheets for funds include lists of fees which may be charged but very often are not. The TER is always the most accurate guide for charges0 -
Fees sound crazy. Also beyond ridiculous to not have all of the funds online. I will take a wild guess that the ones they allow you to switch between online are the ones that they charge you a fortune for the privilege of owning.
There are over 1,000 funds available to trade online. 3 of them are Davy funds!! You can switch between any funds either online or offline on the platform.
As previously stated it is not possible to make all of the funds available for online trading. The vast majority of these funds are not registered for sale in Ireland by the fund manager. Therefore they cannot be listed for sale on a website. The funds can be bought where there is a reverse enquiry from a client but this has to be done over the phone. There is no extra charge for this.0 -
Hi there - just to bump this in case it dropped off the page for Davyselect - any feedback?Hi Davyselect - two topics that come to mind RE the PRSA execution only account that you might be able to advise:
If an invested stock pays a dividend, is the dividend withholding tax applied, or do Davy automatically apply an exemption as this is a pension account?
And if a stock offers it, is it okay to elect for SCRIPS rather than dividend income? If so, how to do it? (I'm guessing directly with the company in question?)0 -
Hi there - just to bump this in case it dropped off the page for Davyselect - any feedback?
Hi Dardinia
Davy Select pension accounts are DWT exempt for Irish dividends. For overseas dividends withholding tax may be deducted at source from the domiciled country. US 15%, France 20%, Germany 26.375% and Canada 25%.
Any client can offer to receive SCRIP dividends provided they are offered by the company. This can be done at either account set up or later on. Otherwise the account will default to accepting dividends as income in Euro. You can also request to receive dividend income received in the local currency (USD/GBP).
Hope this helps0 -
Hi Davyselect,davyselect wrote: »Hi there - just to bump this in case it dropped off the page for Davyselect - any feedback?
Hi Dardinia
Davy Select pension accounts are DWT exempt for Irish dividends. For overseas dividends withholding tax may be deducted at source from the domiciled country. US 15%, France 20%, Germany 26.375% and Canada 25%.
Any client can offer to receive SCRIP dividends provided they are offered by the company. This can be done at either account set up or later on. Otherwise the account will default to accepting dividends as income in Euro. You can also request to receive dividend income received in the local currency (USD/GBP).
Hope this helps
many thanks for that - just to be 100% clear - when you say Irish dividends, this means those listed on ISE, or does it apply to those that are domiciled in Ireland?
e.g. take this example: https://www.justetf.com/en/etf-profile.html?sortField=ter&groupField=none&equityStrategy=Dividend&sortOrder=asc&from=search&isin=IE00BQZJBQ63&distributionPolicy=distributionPolicy-distributing&assetClass=class-equity ;
listed in the UK etc. but domiciled in Ireland? Would DWT be exempted here as it is domiciled in Ireland (or maybe it would be DWT exempt in any account as it is UK listed?)0 -
Hi Davyselect,
many thanks for that - just to be 100% clear - when you say Irish dividends, this means those listed on ISE, or does it apply to those that are domiciled in Ireland?
e.g. take this example: https://www.justetf.com/en/etf-profile.html?sortField=ter&groupField=none&equityStrategy=Dividend&sortOrder=asc&from=search&isin=IE00BQZJBQ63&distributionPolicy=distributionPolicy-distributing&assetClass=class-equity 
listed in the UK etc. but domiciled in Ireland? Would DWT be exempted here as it is domiciled in Ireland (or maybe it would be DWT exempt in any account as it is UK listed?)
Hi Dardinia,
It is the jurisdiction where the stock is incorporated that is relevant not the jurisdiction where the stock may be quoted.
In the case of the WisdomTree ETF you have referenced, the fund is domiciled in Ireland and would be taxed as an Irish fund. As this fund is held on a clearing system recognised by Irish revenue there is no requirement for them to withhold tax at source.
As your PRSA is marked as Irish tax exempt you would have no requirement to include it in your annual tax return.
Hope this helps0 -
Hi Davyselect,
I just read about EuroNext acquiring the Irish Stock Exchange (which, if I read correctly, Davy is a co-owner of):
www_irishtimes_com/business/markets/euronext-says-irish-exchange-deal-key-to-further-m-a-1.3397529
How is this going to affect (in terms of costs/fees, or any other terms) the self directed Davy PRSAs?
1. things stay as they are (no fees on ISE/LSE listed funds, 0.10% +25e per transaction on other exchanges?
2. no fees for funds on LSE and all exchanges in the EuroNext circuit?
3. no fees on LSE; 0.10% +25e per transaction on other exchanges (including EuroNext and ISE)?
4. any other combination?
i.e. will things get better or worse?
While I understand you may not have a definitive answer at this point in time, please share whatever information you know/are allowed to. :-)
Thanks0 -
Hi panoramix,
Things remain exactly the same. No changes in fees or terms as a result of the ISE sale and none planned.
Regards
davyselect
Thanks[/QUOTE]0 -
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Hi Davyselect,
Is it possible to purchase from some of the http://www.statesavings.ie/ products, to include them in a PRSA?
Thanks,
D0 -
Hi Dardania,
Unfortunately it is not possible to invest in any of the State Savings deposit accounts in the Davy Select PRSA. We are checking with our nominee department if it possible to access the Solidarity Bonds. We will let you know when we have an answer.
Best regards
davyselect
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Hi Dardinia,
Unfortunately it is not possible to access any State Savings products through your Davy Select PRSA. NTMA have confirmed that they do not allow registration of assets in nominee company names and also that their view is that State Savings products are for personal savings only (therefore not pension appropriate)
Best regards
davyselect0 -
Okay disappointing response from them but many thanks for checking it out at least.davyselect wrote: »Hi Dardinia,
Unfortunately it is not possible to access any State Savings products through your Davy Select PRSA. NTMA have confirmed that they do not allow registration of assets in nominee company names and also that their view is that State Savings products are for personal savings only (therefore not pension appropriate)
Best regards
davyselect
It was attractive to see no fees for holding money, with a small bit of partial protection against inflation (in comparison with a bond fund). Oh well0
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