Lowest cost PRSA with all charges combined?

[Seven7]

As a freelancer, I have accumulated lump sum of capital over the year that sits in the company accounts. I'm looking to avail of the 100% tax relief on pension contributions that came in with the 2022 Finance Act and move this all into a PRSA.
For this I'm looking to keep things relatively simple: a pension fund with maximally diversified portfolio (global ETFs) and lowest annual cost. Don't really want to look at it for the next 30 years.
Perhaps with this I'm a bit of a financial advisor's worst customer as I don't think there really are finances that really need to be managed over this period. I'm struggling to find an advisor/broker that will just set everything up for a once-off fee. Would anyone have any recommendations on how to find one?

As mentioned, priority is low cost. I'm aware of execution-only PRSAs, but it also seems that financial advisers/brokers can get lower rates than I may be able to, which cancels out their commission (somewhat).
However there are also PRSAs such as offered by Standard Life that don't seem to have a management fee, but on the individual funds (e.g Vanguard Global funds), their AMC is significantly higher than what the fund itself charges.
I'm wondering if anyone else has faced a similar dilemma and if you may have some advice?

 

[GSheehy]

You're not really an execution only candidate.

You don't know exactly what fund you want to invest in and you don't know what PRSA provider you want to place it with.

You need advice or direction on those.

You've contacted some brokers and asked for their best price (AMC)? Where are you with what you've been quoted?

If the sum is substantial then I can't see how you've not been quoted something competitive.

For the record, if an intermediary sets up a plan for you then that plan is on their agency for its duration and they own the servicing of it.

Gerard.

 

[Seven7]

You're not really an execution only candidate.

You don't know exactly what fund you want to invest in and you don't know what PRSA provider you want to place it with.

You need advice or direction on those.

You've contacted some brokers and asked for their best price (AMC)? Where are you with what you've been quoted?

If the sum is substantial then I can't see how you've not been quoted something competitive.

For the record, if an intermediary sets up a plan for you then that plan is on their agency for its duration and they own the servicing of it.

Gerard.

Thanks Gerard.

Perhaps you're right. What I've been offered so far is with Zurich through a broker at 1% (inclusive of management fee by the broker) with 100% allocation. I'm aware that the funds I'm more interested in at Zurich have an additional AMC that hovers around 0.2%.

 

[GSheehy]

PRSAs are different to other products insofar as the provider has to apply to the Pensions Authority for a new/separate pricing structure for each regular, single and transfer contribution contract. That process takes about six months.

They don't have the flexibility to price/win lump-sum business that would have on, say, an RAC. The additional costs to the provider are circa 0.10% more on a PRSA.

Maybe email a few more intermediaries in that space, laying out your stall in terms of the amount you want to invest (honestly, it would have to be in the hundreds of thousands range) the product you want and the fund/s you're interested in. Not saying that it's possible to get it lower but you should ask anyway.

You'll have no entry/exit charges so you can move it if you find something with a lower cost.


Gerard

www.prsa.ie

 

[Seven7]

PRSAs are different to other products insofar as the provider has to apply to the Pensions Authority for a new/separate pricing structure for each regular, single and transfer contribution contract. That process takes about six months.

They don't have the flexibility to price/win lump-sum business that would have on, say, an RAC. The additional costs to the provider are circa 0.10% more on a PRSA.

Maybe email a few more intermediaries in that space, laying out your stall in terms of the amount you want to invest (honestly, it would have to be in the hundreds of thousands range) the product you want and the fund/s you're interested in. Not saying that it's possible to get it lower but you should ask anyway.

You'll have no entry/exit charges so you can move it if you find something with a lower cost.


Gerard

I'll do that. Many thanks Gerard.