“doing a Marc”Brilliant, I missed the clarification in the first post, went straight to the Table! I'm glad I didn't accuse you of doing a Marc
Although, as has been remarked before, this is all very trivial from the punter's perspective and a tad off topic, it is nonetheless interesting to nerds like myself. Like any self respecting duke I will admit that I have been wrong on this.To avoid any confusion, and the subsequent references to 99.99%, I should have been explicit with my premium figure.
I don't know what methodology other providers use in the way they arrive at the investment 'premium' but the actuarial alchemy used by this provider is as follows :
Divide the €10,000 by 101% = €9,900.9901 and if you then apply the allocation of 101% to that 'premium' you're made whole again.
If you look at the policy cerificate it will state that the Single Premium excluding Levy is €9,900.99
Gerard
www.bond.ie
Folks, there's a bit of the auld hounding going on in the past while that seem to be purely based on the fact that if you're (still) in the industry and post in your own name then you're not allowed to make a mistake. There's also a certain 'delight' taken in correcting a simple enough error.
It just needs to stop.
This is confusing, and maybe incorrect?To avoid any confusion, and the subsequent references to 99.99%, I should have been explicit with my premium figure.
I don't know what methodology other providers use in the way they arrive at the investment 'premium' but the actuarial alchemy used by this provider is as follows :
Divide the €10,000 by 101% = €9,900.9901 and if you then apply the allocation of 101% to that 'premium' you're made whole again.
If you look at the policy cerificate it will state that the Single Premium excluding Levy is €9,900.99
Gerard
www.bond.ie
Actually, I think Duke’s VAT analogy is a good one.This is confusing, and maybe incorrect?
Surely it's....
Sorry, but at risk of being condemned by the morality police, that is wrong. I am sure @Marc is really pleased by the righteous brigade's patronising defence. Maybe he would prefer if they supported his claim. I actually thought that they included the gratuitous attack on @Steven Barrett, but no it is a selective indignation.This is confusing, and maybe incorrect?
Surely it's....
Customer invests €10,000
1% levy is €100
Investment net of levy €9,900
Underwriter adds 1% (of €9,900) = €99
Actual amount invested on behalf of customer is €9,999 so 0.01% short of their original investment.
It is also consistent with the motor insurance levy. The punter is charged premium + 3% levy. If the insurance company had to hand over 3% of the punter's total payment that would mean a levy on the levy. The key is that the levy is a charge on the punter with the insurance company defined as the "collection agent".Actually, I think Duke’s VAT analogy is a good one.
The punter isn’t actually investing exactly €10k - he’s investing €9,900.99 and paying a levy of €99.01.
If he wanted to invest exactly €10k he would have to make a payment of €10,100 to the life company.
With apologies to the OP, I’m conscious that we have taken your thread completely off track with irrelevant wonkishness.
@
I agree that the attacks on @Steven Barrett are totally out of order. He admitted to an incident in the past which I think he now sees as being a bit OTT - and yet he was pounced upon. Bad form.
I didn't take any offence and was a bit surprised to log on yesterday morning to read that some people accused you of attacking me. Nothing to apologise for.Just seeing this now. @Steven Barrett - it was not my attention to "attack" you at all and certainly not in a manner that was "totally out of order".
Reading back on my posts, I don't think I did what I'm being accused of. However, if you feel that what I wrote was unfair or unreasonable, I apologise. For the record, I think you are a great contributor to this site and I wish you all the best.
I see you are a new boy/girl. You will get used to itThanks Steven
That really was not nice, Duke - seriously unimpressed
Maybe I have become too cynical but I took this as a sarky swipe at Steven who had used the term "hump". I still think that is what you meant but Steven has either not taken it that way or he has taken the mature approach of letting such puerile sarcasm be water off a duck's back.Robzig said:What I didn't get is why a financial adviser would get the hump regarding a one-off charge of 0.01% when most financial advisers I've come across have tried to charge me an on-going charge of 0.50% p.a.?!
To be honest Duke, when I saw it, this thread was locked, so I couldn't reply. I don't care either way and am not bothered at this stage.I see you are a new boy/girl. You will get used to it
Tone down the sarcasm ("in the parlance of this thread - take the hump (parodying Steven?)", "with all their brain power...").
We don't do sarcasm here.
Maybe I have become too cynical but I took this at a sarky swipe at Steven who had used the term "hump". I still think that is what you meant but Steven has either not taken it that way or he has taken the mature approach of letting such puerile sarcasm be water off a duck's back".
Personal detailsHi All, I’m looking for somewhere to invest a lump sum of 300K while minimising Annual Management and other charges. Does anyone have any suggestions? Risk appetite of Irish Life Map 4 / Zurich Prisma 4.
Age: 55
Spouse’s/Partner's age: 45
Number and age of children: 3 (12,10,7)
Income and expenditure
Annual gross income from employment or profession: 65K
Annual gross income of spouse: zero
Monthly take-home pay €4000
Type of employment: Permanent in Pharmaceuticals
In general are you: Saving ~€500 per month
Summary of Assets and Liabilities
Family home worth €400k with no mortgage
Cash of €300k
Defined Contribution pension fund: Zero
Company shares : zero
Other Property: None
Family home mortgage information
None
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
Buy to let properties
None
Other savings and investments:
Do you have a pension scheme? Company pension fund ?220K
Other information which might be relevant
Life insurance: None
What specific question do you have or what issues are of concern to you?
€100k in Raisin Bank @ 3% (12mth term) will leave you with €2,010 after DIRT. Pay for the guts of a family holiday.100k in Raisin perhaps
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