# Saving/Investing with Zurich (via Cornmarket)



## Khublei (21 Nov 2013)

I posted this over on another board. I didn't get many responses there and I'm very worried about handing over part of my life savings. So thought I should check with some people here first. 

Basically a person from Cornmarket visited our school and spoke to us all about our options for saving. Told me about three funds Zurich have that often perform well. I chose the medium risk one (but am pretty sure my capital is safe). I'm giving over a small lump sum (less than 10k) and then will be saving with them every month.

There's a 300 euro fee to set this up but apparently the 5% contributions fees doesn't apply if I go through Cornmarket. Was told I can expect about a 6% return but can't be guaranteed obviously. I can't find anything about these three accounts online which bothers me.

Does this all sound normal? Should I have any hesitations? What questions should I ask before handing over the money? I forgot to ask how easy/ hard it is to access the money. I know there's so fee for changing the amount I give each month. Also, why is there very little mention of Zurich on Askaboutmoney? Are they not popular to deal with? 

Any advice would be appreciated! Thanks


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## breakonthru (21 Nov 2013)

*Put your savings into a pension..*

Personally I wouldn't trust Cornmarket with my savings. Have a look at threads concerning Cornmarket here on AAM.

If you think you won't be accessing the savings till you retire then have a look at the Notional Service Scheme where you can purchase your shortfall of 40 years service at retirement age 60 or 65.  All primary or secondary full time / CID Teachers are eligible for this scheme. - 

See more at: http://www.education.ie/en/Education-Staff/Services/Retirement-Pensions/Teaching-Staff/Notional-Service-Scheme/FAQs.html#sthash.IxeJfQhV.dpuf


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## MysticX (21 Nov 2013)

Hi there,
Sounds like you're looking at the Zurich product / set-up I have.
At the time I went through an execution only broker which was Investandsave.ie (originally discovered via http://www.askaboutmoney.com/showthread.php?t=71014 -very old thread but an interesting read which gave leads on the various brokers offering / were offering deals).

Key term here is _execution only_. As it sounds you make all the decisions. 

What really helped me choose him was this (not sure if this offer is still active):
http://prsas.blogspot.ie/2011/11/improved-charging-structure-from.html

The broker himself is good on communication and details so no complaints there.

I found Zurich pleasant enough to deal with with myself. That said I haven't had many reasons to contact them myself aside from the odd lump sum top-up which was usually executed in good order.

Anyway don't rush into anything. Take your time to research all your options and that you're happy before committing.


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## GH82 (26 Nov 2013)

Hi there,

Mystic makes a very good point about the execution only option. You can also do it this way through Cornmarket in which case they cannot charge the €300 fee. They may be reluctant to do this as they will feel they have given you the advice already.

As for Zurich, they are a very reputable pension and investment company. They were previously Eagle Star which you may be familiar with.

The policy you have mentioned would be designed as a medium to long term savings plan (Ie 5 years plus). It doesn't mean you cannot get access to your money but there may be exit penalties for the first 5 years, this should have been disclosed to you by Cornmarket.

You can also get access to the fund information if you visit zurichlife.ie

I would not have any concerns over dealing with Cornmarket as long as you understand the product. Check out the capital guarantee aspect, this may only apply on a certain date for example the 5th anniversary, so it is important to know how it works.

Also check what allocation rate you are getting. Is 100% of your money being invested? If they are charging you for setting up the policy you would expect 100% to be invested.

Hope this helps in some way.


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## Steven Barrett (29 Nov 2013)

All sounds very one size fits all to me and you are paying €300 for someone to fill out forms with you. 

Who defined what medium risk is and was it explained to you so that you understand it and are happy to proceed on that basis. From your post, it doesn't sound as if the possible downsides were explained to you (if there are just 3 choices and you went for the middle one, it probably isn't a capital guarantee).

You'd be better off either doing it yourself or paying someone to do a proper job for you. You obviously aren't comfortable with the advice you have got so far so I wouldn't go ahead with something you're not sure about. 


By the way, Zurich are a perfectly good company and have performed well. It's the advice that sounds poor.


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