# Fund Switch - New Ireland Assurance



## magsrosebh (5 Jul 2010)

We have recently switched funds from high risk funds to a deposit fund within new ireland , The original investment was 50k - value now 39k .  Any advice on what to do with this 39 k now , Seems to me there is no point leaving it in this Deposit S9 when there is a management fee of 1.5 % ? Thanks in advance


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## gussy (6 Jul 2010)

I am no expert but if you are paying 1.5% in a deposit account I would get out of it unless you are getting a very good rate as you can see from the deposit page there are two institutions paying 3.5%. What is the rate you are getting and how long were you with the institution that lost you 11k. I am curious to know because I was thinking of going down the investment route myself


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## mercman (9 Jul 2010)

It doesn't finish at the 1.5% Management Fee. The real figure for  expenses is far higher, Called the TER (Total Expense Ratio) and it  covers all the other expenses incurred in the fund. So do not be fooled  by the crap they will tell you. 

I have had five Policies with  New Ireland over an 11 year period and guess what -- problems with every single one of them. Being to the Ombudsman, the High Court and to go back to the HC  again. On an open forum, the only thing I can say is to get away from  these Bandits. And in case any of you think i am jesting the Mods (Brendan) is  fully aware of my case and they will not step down my post.


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## Barbie doll (10 Jul 2010)

Does anybody know what the tax implications are for encashing an investment.  I am having trouble with New Ireland as well.  I have had to go to the Data Protection crowd in order to get paperwork out of New Ireland.  Their Customer Service is terrible.  I know nothing about investments but am trying to educate myself and even at that I am having difficulties in understanding what I got myself involved in.  I came accross the article about the TER on the internet and since then I have become increasingly worried about all the costs involved in these investments.  Can anybody give advice on the tax implications of cashing out of these funds.


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## gussy (11 Jul 2010)

I just logged on to the new ireland site and the only criticism I would have is they don't tell you what the cost of looking after your account is. I just looked at the evergreen fund. I have no doubt  that you have had it bad with this lot but if I were to be detered from taking out an account with n.i I would want a lot more info than how bad they are in your opinion.


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## mercman (11 Jul 2010)

Gussy, believe me they are bad, very bad. How about attempted extortion, fraudulent providing of figures, request to cease encashment so not to effect commissions, no replies to queries. It just goes on and on and on. All soon to be placed on a Website. At this point in time 44 months of hassle and 5 separate policies in a mess. 

Do you really want more info ??


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## gussy (12 Jul 2010)

No thank mercman I will look at better options than N.I. I wish you well in your case against them because God know the citizens of this state are getting a raw enough deal without this lot making it worse


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## LDFerguson (12 Jul 2010)

Barbie doll said:


> Does anybody know what the tax implications are for encashing an investment. I am having trouble with New Ireland as well. I have had to go to the Data Protection crowd in order to get paperwork out of New Ireland. Their Customer Service is terrible. I know nothing about investments but am trying to educate myself and even at that I am having difficulties in understanding what I got myself involved in. I came accross the article about the TER on the internet and since then I have become increasingly worried about all the costs involved in these investments. Can anybody give advice on the tax implications of cashing out of these funds.


 
When you encash a life-assurance policy (which includes New Ireland investment bonds and savings policies) you pay Exit Tax, currently 28% on the gain you have made (if any).  If you do not cash in your policy, Exit Tax is deducted on the eighth anniversary and you get a credit against a subsequent encashment.  

Liam D. Ferguson


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