# €400/mth AIB PRSA Regular and was wondering what information do I need to change?



## thomastank (19 Mar 2010)

I have a AIB PRSA Regular and was wondering what information I would need to find out to change it/keep it. 

Currently putting in just over 400per month. Got a letter stating they will be rising soon. 

Is this the usual prsa or is there better ones. Not a clue about these. What kind of question's do i ask if i go to a bank/broker.
Married, 35, low tax bracket.

Any information greatly appreciated.


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## LDFerguson (21 Mar 2010)

*Re: Prsa ?*

Contact AIB and ask them to detail for you: - 

(1) Charges you are paying.

(2) What fund you are in and why this fund was recommended to you.  

Post that information back here and you should get a reply.  

It's fairly standard practice for pension companies to increase your contribution annually, based on the presumption that your income is also increasing annually.  If this doesn't suit you, you can ask them to keep your contributions at their current level.


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## tenchi-fan (21 Mar 2010)

*Re: Prsa ?*

Hi
If you are a paye employee your employer is probably just designated with aib so you might not want the hassle of changing especially if the money being collected by payroll deduction.

The max charges on a standard prsa is a 5% contribution charge and 1% annual management charge. 

Personally I think the 5% contribution charge is far too high - just because the government set a max charge does not mean the life companies should all charge it! €20 down the drain.. imagine how much €20 a month with add up to on retirement if you invested it tax free.

You might get a better deal elsewhere. e.g. with quinn life there is no contribution charge and management charges start at 1% and after 15 years reduce further. They have some high risk funds that might give you a better return too.

As for the increase... it's probably increasing automatically at 5% pa or maybe you asked your employer to put say 8% of your income into a prsa... in which case if you get a payrise they will automatically increase your contributions. Just ask your employer to reduce your contributions, or go directly to the aib if it is being collected from your bank account by DD.


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## thomastank (21 Mar 2010)

*Re: Prsa ?*

Hi i am self employed,i started it after i my ssia finished.just kept it with bank at the time.i will get answer's tomorrow and post them thank's very much.


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## thomastank (22 Mar 2010)

1) Charges you are paying.

(2) What fund you are in and why this fund was recommended to you. 

Post that information back here and you should get a reply. 

Answers
1) Manager Retirement Fund

2)5% Contribution charge
   1% managing fee
These are the answer's from pension customer service Ark Life
they said i would have to ring the person at bank to find out why i am and was recommended this fund!


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## tenchi-fan (22 Mar 2010)

Hi
I think the contribution charge is high as i explained above. 

The fund is probably fine though. It's probably called the "managed retirement fund"


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## GSheehy (23 Mar 2010)

You should be able to reduce the 5% contribution charge to (about) 2% by going through a  who will also offer you some advice on funds.

If you are comfortable choosing the PRSA Provider, Product and Fund/s you can buy a PRSA with a 0% Contribution Charge on an execution only basis (no advice).


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## thomastank (23 Mar 2010)

Can i transfer funds in prsa to another one,person in scheme said i wont be able to get money till i am 65 if i stopped, presume she meant turn it into cash.how do you set an execution only one, i will propably look into changing it to one withlower charge. i will look at brokers more later.
thanks very much


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## tenchi-fan (23 Mar 2010)

Hi, you can switch from one PRSA provider to another without penalty. the age 65 thing is nonsense.
Try quinn life's website for info on taking out a prsa with no upfront charges. I don't use them personally.


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## GSheehy (23 Mar 2010)

tenchi-fan said:


> Try quinn life's website for info on taking out a prsa with no upfront charges.


 
Quinn don't do PRSAs.


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