Self Admin Pension Scheme - costs making it unsuitable.

N

NTB

Guest
Dear All

I am a co-director of a small limited company . About 4 years ago I purchased a small residential investment property using pension contributions through a newly set up Self Administered Pension Scheme through one of the larger pension & investment consultant firms. The intention was to add 1 or 2 more properties over time but that plan has changed and I will only stick with what I have. The problem is that the pension manager is seeking to charge admin fees of 2k per annum +vat and needs me to get an updated valuation on the property (at more cost) on which value has fallen by c. 40% and there is significant difficulty in getting tenants. The latter 2 points are issues for me to deal with but I would be very grateful for any advice on how to minimise admin costs - or if there is a more suitable scheme for me.

Thankyou
 
NTB you might consider discussing the fees with the self admin provider or look around other providers that may charge less for the service. Admin fees on these schemes tend to be based on % of the value of the assets in the fund (subject to a min annual fee).

You should be able to get a self admin provider to change around the 0.5% mark p.a.

Check the terms of business issued to you at the outset and see what the actual fee structure was.

Note moving the scheme would incur legal fees as there is a property involved.
 
NTB you might consider www.macdonaldfc.ie no connection but they are the only Self administered provider I know who cap their fees and charges and can help with the legal transfer of the scheme.
Think they charge 0.3% capped at €3k per annum
 
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