How can I reduce the 49 euro month administrative charge on my AVC Additional Voluntary Contribution

Rowantree1

I contribute to an AVC that I set up monthly from my wages at my employer. I am 61 and I plan to retire at 65 in 2026.

I see that each month there is an adminsitrative charge of 49 euro from the amount I save that is taken as an administrative charge by the Company who is investing the money that I contribute to the AVC, which totals about 600 a year.

If I stop the account and pay in a lumpsum then there is a 4% service charge by the company.

How do people avoid all these excessive charges?

Buddy Bubs

That's the highest admin charge I've ever heard. Nuts.

Geuze

Personally, I would use a discount broker to get an execution-only AVC.

For example: www.labrokers.ie

https://www.labrokers.ie/prsas-ireland-personal-retirement-savings-account-pension-plan/

The 49 fee is astounding, unreal.

Geuze

Start by asking the broker for a full breakdown of all the fees.

There is such a thing as switching broker, but staying with the same insurer, that might be a possibility.