# Pension transfer- cost of Certificate of Comparison



## Maggie'sFarm (25 Nov 2010)

I am transferring my personal pension fund (defined contribution scheme) from a previous employer to a Standard PRSA. The main benefit to me is that I can obtain a significantly larger tax free lump sum  (25%)on retirement  in 2011,  than that available under my previous employment  pension scheme ( where amount of  lump sum is dependent on length of service etc) .
In addition a PRSA offers me more options in how I can draw down the fund in retirement.
The current fund is 100% cash and bonds. The PRSA I have chosen is 100% fixed interest- i.e. both are very low risk and consequently low growth – my objective at this stage is to maintain capital. 
I have been informed that the PRSA provider will not accept a transfer from another scheme without a Certificate of Comparison being issued to me. I have been advised that the cost of this certificate is €2,000 including vat. The purpose of the certificate of comparison is to prevent the selling of inappropriate products to customers and it must be issued by an actuary with professional indemnity insurance. While I accept the need for the certificate I do not believe that the level of fees in this instance can be justified, given the comparative simplicity of both funds. Has anyone else experience of this apparently lucrative certification. Surely the fee should be based on the work required to provide the certificate rather than a flat fee. Does anyone know an actuary who can provide the service at a more reasonable fee?


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## LDFerguson (25 Nov 2010)

Michael Leahy of [broken link removed] charges a percentage of the fund, starting at €500.00 + VAT.


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## Sujes (6 Aug 2013)

I recently had the same problem and I rang just about every actuary in  the phone book or that was listed on the society of actuaries.

Here's a list of everybody I found that actually does provide the service:
I  contracted Joseph G. Byrne & Sons and  found them very professional and their charges also start at €500 + VAT.  I found them to be very professional and was happy with their services: (01)2881618

Global pension options do seem to provide the service but I think they're very busy because  they didn't always get back to me.

Lane Clark & Peacock  provide the service and are great to deal  with. Unfortunately their fees start at €1500 + VAT. I'm not sure if  this is negotiable if the value of the fund is small: (01)6144393

O'Mahony  Actuarial & Pensions Legal Services Ltd didn't give me a quote. They  definitely do it but the said they were too busy when I called and  politely apologised because they couldn't help me: (01)2893103.

Apparently Watson Wyatt Ireland Ltd but I didn't investigate fully as I've recently received my certificate.


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