Originally Posted by Static M.e.
I'm also interested in this and while I don't have any answers for you here are some things to consider.
If you work in the Public Sector then your HR Dept should have a company that you go do an AVC with, which is usually Cornmarket. If you call Cornmarket they can do an assessment with you over the phone or in person to see how suitable you are for an AVC. It's free so I would do that as a starting point.
My understanding is that as you are already receiving tax relief on your Public Sector pension (Check payslip) so this amount would be deducted from the percentage limit for tax relief on pension contribution. Please see the following link from Revenue for more information.
Please post back if you find out any useful information.
I've been doing a bit of research over the last few days. I still have a few questions but it seems Cornmarket have a monopoly on the public sector as they have the contract and access to that market through the unions.
Cornmarket act as an intermediary for Irish life and have quite a lot of commission and fees.
In my case they'd want €595 for that initial consultation. They do have a no advice pathway which bypasses this.
And a 4% charge on every contribution plus a 1% management fee.
In my case, had I got advice from them I'd be paying over half my first year's AVC contribution in fees to Cornmarket and not into the AVC where I want it to go.
I found this thread on here (albeit from 3 years ago). But this was an interesting point from a poster who had sought independent financial advice:
"The summary: my Cornmarket AVC was bad value - it was an Irish Life AVC and, as he put it, Irish Life are 'C students', and he recommended that I move to Zurich where the returns are higher."
The drawback with Zurich is its not taken at source so you'd have to set up a direct debit and sort out the tax back yourself with revenue. Not all that complicated to do.
Personally, I think I'm going to see an independent financial advisor at some stage. I'd steer clear of Cornmarket as they're obviously biased trying to sell you their product and you'll pay them extremely well for any advice they give you even if you don't realise you're paying them.