Arc Life Creditability

M

Michael Herman

Registered User
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Hi
I am wondering about the Creditability of Ark Life.
My wife is in the process of transfering a matured PRSA into a AMRF with Ark Life.
I see that Ark Life is no longer owned by AIB and is closed for new business. They still have offices here in Ireland.
Is it possible to transfer an AMRF or matured PRSA to another provider?
Would that be wise or would it make any difference at all?

thank you Michael
 
There’s no problem with ark life. It’s now owned by Phoenix Group (large uk run off co) which also owns standard life. You can transfer to another life co if you wish.
 
Hi Michael, you can move your AMRF to any provider. You must however move it in full as partial transfers are not allowed. Ypu can only hold one. I advise clients to look at growth in addition to the administration charges. This is a calculation of the actual growth projected taking into account the charges known as reduction in yeild. This is the real figure to consider. Zurich funds are performing well at present. Make sure you shop the market!!! https://www.google.com/amp/s/www.ir...est-growth-of-20-6-in-2019-1.4132985?mode=amp

Just in the interest of disclosure... I dont work for Zurich!
 
Michael Herman said:
Is it possible to transfer an AMRF or matured PRSA to another provider?

Would that be wise or would it make any difference at all?
Click to expand...

It's certainly wise to look at what other providers have to offer. Too many people just take the easy option and leave the maturity with the same provider. There are certainly lower cost options on A(M)RFs than Ark Life.

She can buy an execution only A(M)RF with an annual management charge (AMC) of 0.75% and no entry/exit charges, fairly easily.

If she needed advice, the charging syructure would probably have entry/exit charges and a higher AMC.

Do she know what Ark are charging?
 
Her Statement says the yearly fund maintenance charge is 0.86%.
So say if she would find another company with lower charges how is the transfer technically done?
You just tell Ark to transfer the pRSA to Company xy?
 
When you're filling out the [broken link removed] you tell them where the residual fund (after tax-free cash) is to go - Section 5,Part B.

She'd, firstly, complete an A(M)RF application and submit it to Company XY. They'd set it up on their system and give it a policy/reference number.

Ark would then EFT the residual value to Company XY.
 
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