T
ThomasB
Guest
Hi all,
First post here, thanks to all members of AAM for posting such useful advice which has been of great benefit to me over the past few months.
I have been doing some research about PRSAs as I am unhappy with my current provider, Ark Life, due to 5% contribution charges and funds with lacklustre performance.
Like others on this site, I have decided I want to invest all my PRSA in index-tracking funds and I want to avoid the 5% contribution charge.
I have found a broker who is willing to give advice on a fee basis (as opposed to commission).
I have trawled through many posts in this section, including SPC100's excellent thread entitled "Advice on Cheap PRSA, ~100 per cent equity, Tracking Global indices"
However, much of the information in that thread is now quite old. I can only find two PRSA products which are currently offering index tracking funds: New Ireland and Irish Life.
Problem is, my broker says New Ireland will not offer that product on a nil commission basis (i.e. they will not knock off the 5%). The Irish Life product is available with 0% contribution fee, but the management fee is 1.35%, which, according to my calculations, would end up being half-way between 0%/1% and 5%/1% in terms of charges.
Would appreciate any advice on what I should do, either a way that I can access the New Ireland product on a nil-commission basis, or details of any other providers offering index-tracking PRSAs that I've missed.
Certainly it points to a severe lack of competition in the sector if Irish Life can get away with charging 1.35% management fee on an index tracker...
First post here, thanks to all members of AAM for posting such useful advice which has been of great benefit to me over the past few months.
I have been doing some research about PRSAs as I am unhappy with my current provider, Ark Life, due to 5% contribution charges and funds with lacklustre performance.
Like others on this site, I have decided I want to invest all my PRSA in index-tracking funds and I want to avoid the 5% contribution charge.
I have found a broker who is willing to give advice on a fee basis (as opposed to commission).
I have trawled through many posts in this section, including SPC100's excellent thread entitled "Advice on Cheap PRSA, ~100 per cent equity, Tracking Global indices"
However, much of the information in that thread is now quite old. I can only find two PRSA products which are currently offering index tracking funds: New Ireland and Irish Life.
Problem is, my broker says New Ireland will not offer that product on a nil commission basis (i.e. they will not knock off the 5%). The Irish Life product is available with 0% contribution fee, but the management fee is 1.35%, which, according to my calculations, would end up being half-way between 0%/1% and 5%/1% in terms of charges.
Would appreciate any advice on what I should do, either a way that I can access the New Ireland product on a nil-commission basis, or details of any other providers offering index-tracking PRSAs that I've missed.
Certainly it points to a severe lack of competition in the sector if Irish Life can get away with charging 1.35% management fee on an index tracker...