# Self-Directed Pension Provider for a 200k PRB



## Board1 (5 Mar 2020)

Irish Life are shutting down their self-directed pension service and I need to move provider.  I have a €200k pot to move and will invest in 5 to 10 equity positions (mostly Nasdaq) and hold for 3 to 5 years, sometimes longer.  Any suggestions on a low cost provider.  The annual fee with Irish Life is currently 0.75% with a €30 per trade plus foreign exchange fees.  I'm looking for something similar to replace it.  Some of the fees elsewhere look crazy (e.g Davys has a 1%+ per trade fee, uncapped, WTF!).  Any suggestions?


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## kevhenry (5 Mar 2020)

You could look at the Friends First SDIO platform (Self Directed Investment Option) as an alternative which offers a trading account through Cantor Fitzgerald. €15k min deposit.

Kevin
www.thepensionstore.ie


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## Board1 (5 Mar 2020)

kevhenry said:


> You could look at the Friends First SDIO platform (Self Directed Investment Option) as an alternative which offers a trading account through Cantor Fitzgerald. €15k min deposit.
> 
> Kevin
> www.thepensionstore.ie


Thanks Kevin, what are the fees like I cant see them on the web link.


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## Steven Barrett (5 Mar 2020)

ITC/ Conexim Buy Out Bond. Base AMC is 0.4%. Trading costs are 0.2% to a minimum of €40. FX is 05%





Steven
www.bluewaterfp.ie


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## GSheehy (5 Mar 2020)

Board1 said:


> Irish Life are shutting down their self-directed pension service and I need to move provider.



It's a bit odd that ILAC are letting business walk out the door (on their current platform) if they've bought the Conexim platform.

Gerard

www.prsa.ie


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## Board1 (5 Mar 2020)

SBarrett said:


> ITC/ Conexim Buy Out Bond. Base AMC is 0.4%. Trading costs are 0.2% to a minimum of €40. FX is 05%
> 
> 
> 
> ...


Thanks Steven


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## kevhenry (5 Mar 2020)

Base AMC on the SDIO platform is 0.75% with access to a trading account with Cantor Fitzgerald. You can opt for an advisory or execution only service with them. 0.25% trading cost to a minimum of €100 per trade on an advisory basis, €35 execution only and would be done as an ‘in-specie’ transfer.

Kevin
www.thepensionstore.ie


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## Board1 (5 Mar 2020)

kevhenry said:


> Base AMC on the SDIO platform is 0.75% with access to a trading account with Cantor Fitzgerald. You can opt for an advisory or execution only service with them. 0.25% trading cost to a minimum of €100 per trade on an advisory basis, €35 execution only and would be done as an ‘in-specie’ transfer.
> 
> Kevin
> www.thepensionstore.ie


thanks Kevin


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## seamless (5 Mar 2020)

I'm in the same position - is it possible to move one's fund to DeGiro ?


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## mangled85 (21 Mar 2020)

seamless said:


> I'm in the same position - is it possible to move one's fund to DeGiro ?


Anyone know if DeGiro can do self trading pensions? I assume not but the info on their website is a bit scant about it.


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## MrEarl (21 Mar 2020)

Hello,

I've read elsewhere that Degiro can't be used.


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## Steven Barrett (23 Mar 2020)

Degiro can't be used for pensions. I don't know of any trustees that have them on their panel. No idea if DeGiro accept pensions. Given the reporting requirements, I doubt they would as it's an additional cost to them.


Steven
www.bluewaterfp.ie


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## mangled85 (26 Mar 2020)

Board1 did you decide to go with friendsfirst in the end? 

I am starting my research now as I got the same letter from Irish Life.


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## kevhenry (30 Mar 2020)

As an FYI, the deadline for moving out of the Irish Life Self Invested Fund (SIF) has been extended from the 5th May 2020 to the 15th September 2020. If you're a SIF investor then you can expect a letter confirming same this week.

Kevin
www.thepensionstore.ie


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## mangled85 (17 Apr 2020)

It seems to me that ITC/ Conexim are the best value fees wise. Has anyone come across anyone cheaper?
Thanks


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## MrEarl (17 Apr 2020)

mangled85 said:


> It seems to me that ITC/ Conexim are the best value fees wise. Has anyone come across anyone cheaper?
> Thanks



Hi, 

What do you mean by the best value - the cheapest? 

Cost should always be a consideration, but not the only one


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## mangled85 (17 Apr 2020)

Yes the cheapest really. Like the platform IrishLife had was piss poor but they still had hefty charges so I'm prioritising their fees. Cheers


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## AaronK (24 Apr 2020)

Board1 said:


> Irish Life are shutting down their self-directed pension service and I need to move provider. I have a €200k pot to move and will invest in 5 to 10 equity positions (mostly Nasdaq) and hold for 3 to 5 years, sometimes longer. Any suggestions on a low cost provider. The annual fee with Irish Life is currently 0.75% with a €30 per trade plus foreign exchange fees. I'm looking for something similar to replace it. Some of the fees elsewhere look crazy (e.g Davys has a 1%+ per trade fee, uncapped, WTF!). Any suggestions?



On Davy Select platform for self directed PRSA they state the fee is .75% per annum of your fund total. I don't see any mention of 1% per trade other than the 1% Stamp Duty?



			https://www.davyselect.ie/binaries/content/assets/davyselect/pdfs/eswebtcs.pdf#page=101


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## shipibo (25 Apr 2020)

Thanks for the post, and the followups Lads,


                   I am in the same boat as the two boys who are having their self directed fund closed. Are their fees attached to moving it to either of the Pension Providers mentioned?

DAVY and ITC / Conexim are the providers above, with ITC having lowest costs ...


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## Gendrol (21 Jul 2020)

I've just about completed my pension transfer from Irish Life to ITC Conexim for the same reason as OP. 

For me it has been an extremely painful experience. For the first time in my investment career, I tried to time the market by going to cash in late March -- thinking the transfer process would only take a couple of weeks and that markets were likely to dip further in that time. Several months later I've missed out entirely on the recovery.

Had Irish Life simply moved all their self-directed customers onto the Conexim platform which they purchased, I'd certainly have ridden out this volatility and been much better off. To add insult to injury, they were going to charge several grand in exit fees (which IMO should not exist on any kind of self-directed plan in the first place). Fortunately I managed to get these waived, at least.


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## LDFerguson (21 Jul 2020)

Gendrol said:


> To add insult to injury, they were going to charge several grand in exit fees (which IMO should not exist on any kind of self-directed plan in the first place).



Early exit charges usually exist on pension products where commission has been paid to your broker or sales agent in the first year for setting up your plan without being directly deducted from your fund value.  Instead Irish Life (and all the other pension companies) recoup the commission they've paid out over a period of years - often five years - from the annual charge.  If you move your fund away from Irish Life in the first five years they recoup the commission they've paid out through early exit fees instead.  This should have been explained to you at the original point of sale by whoever sold you the original plan.  Was it?


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## mangled85 (5 Aug 2020)

Can anyone enlighten me on what provider you choose with the lowest fees? There seems to be an array with various charges. Thanks


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## Board11 (7 Dec 2020)

sorry for the delay, I got locked out on my hotmail.  In the end I moved to standard life, the process was painful and took 3 months.  Their platform is really old (it uses the previous days closing figure to value foreign stocks and you have to wait a few minutes for trades and funds to be available) and the fees are higher than Irish Life (a $ 20k Nasdaq purchase is ~$60 in commission plus ~$60 in currency charges).  I used Hargreaves Lansdowne for a similar UK SIPP pension, much lower fees, much better platform.   I really wish I hadn't been forced to move.


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## Luckylady (7 Feb 2022)

Hi all - just joining this thread - any update from experience of best fees for Self-Directed PRB (mine is a QROPS)?  much appreciated


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## Marc (7 Feb 2022)

Luckylady said:


> Hi all - just joining this thread - any update from experience of best fees for Self-Directed PRB (mine is a QROPS)?  much appreciated


You have to be careful with QROPs as a transfer within 5 years of the original transfer could incur a 55% tax charge.


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