# PRSA - non standard set up



## ronaldmc (27 May 2013)

I was looking to set up PRSA with a once off contribution NOW and regular contributions some time in the future. 

I looked at doing this through 'execution-only' but can't see that this would work as I can't find all the info on the respective sites.

I spoke to a pension adviser and the rates he quoted was 5% for regular contributions, alongside an additional 1% annual management fee.
[max fees chargeable]

Could somebody advise whether these rates can go lower and/or recommend a broker in Dublin?


----------



## Dave Vanian (28 May 2013)

If you're confident that you can choose the correct product for your needs, the correct fund(s) for your needs and the correct provider for your needs, I don't see why you can't get this done by an execution-only broker with no advice, for a lower cost than the standard.

You can set up a PRSA with a once-off contribution and add more to it later if you want.  Zurich Life have an irritating system limitation that insists on generating a second policy number when you try to add a regular contribution to a lump sum PRSA, but the extra policy number doesn't cost you anything - it's just irritating to have two, needlessly.  I'm not aware of other PRSA providers that do this.  

There's a list of discount brokers on Askaboutmoney .


----------



## ClearFinance (31 May 2013)

Hi Dave

A policy that has a single premum payment set up cannot take regular premium payments however a regular premium policy can take single premium payments. That is more a systems issue, I worked in a few life offices and that is a systems draw back.


----------



## barryc (21 Feb 2014)

Dave
Try labroker.ie
The rates look good.


----------



## Steven Barrett (21 Feb 2014)

Ronald

There is nothing you can do about the 1% on the standard PRSA. You can get the 5% reduced however by paying a fee for the work done instead of a commission. 

Also, cheapest is not always best. An adviser can tell you to stick it in a managed fund, send you out a form and get paid. 

Or you can work with an adviser you will assess your needs, what you need to do to achieve them. He will also assess your risk profile, ensuring that you are not invested in an asset mix that might give you sleepless nights. He will also match your risk profile to your needs and identify any mismatches. 

...or you can do it yourself.


Steven
www.bluewaterfp.ie


----------

