AVC V saving scheme

[Brookner]

I am currently putting €30 each week into my avc and cornmarket are charging me €5 each week to do so.My question is would i be better off putting this money each week into a 10year saving account or a similar account rather then with cornmarket

 

[queenlex]

I am currently putting €30 each week into my avc and cornmarket are charging me €5 each week to do so.My question is would i be better off putting this money each week into a 10year saving account or a similar account rather then with cornmarket

Cant answer your question as such would be interested in the answer though. I would say that the charges sound very high to me unless some expert corrects me?

 

[Protocol]

If correct, then this 16.67% ongoing entry charge is the highest I have ever heard of.

It is savage, extremely high, and means your savings / investment will lose money.

Why don't you switch broker?

 

[Brookner]

Having chequed my wages slip i am paying €60 into my avc each week and cornmarket % is €10.33. I am paying cornmarket 278.91 each year just to have my avc and am also paying them 1% of my investment when i retire. Can this be correct and if so what can i do to save myself money?

 

[dafmurray]

Brookner, I'd advise you to contact your union and advise them. These are ridiculously high charges and your union, who obviously contracted Cornmarket need to be held to account. Union should be able to direct you to another broker, i.e. Marsh. Which area of public service are you in? Teaching? Nursing?

 

[Guideline]

Brookner, I'd advise you to contact your union and advise them. These are ridiculously high charges and your union, who obviously contracted Cornmarket need to be held to account. Union should be able to direct you to another broker, i.e. Marsh. Which area of public service are you in? Teaching? Nursing?

Marshes charges are high too. 5% of money invested and 1% yearly admin charge.

 

[G123]

i am paying €60 into my avc each week and cornmarket % is €10.33. I am paying cornmarket 278.91 each year just to have my avc and am also paying them 1% of my investment when i retire. Can this be correct and if so what can i do to save myself money?

These figures don't look correct. A 5% bid-offer spread is €3 by my calculation.

The 1% is I think an additional charge for Salary Deduction which would be another 60c

 

[adviser]

Brookner it is very likely that you are in your respective salary protection scheme and that percentage is a component of salary protection scheme. Would you mind checking that out before you make such a comment as somebody who has no idea about charges might tend to believe you. Why dont you ring them who knows they might actually tell you

 

[adviser]

Also sorry obviously you dont get any tax relief on a savings plan. Switching broker may not be your best opotion as you will pay a new set of charges entering through another broker. You will pay new commissions and you will still be charged a 1% managment charge regardless. Definatly shop around though but please just remember to match like products. LA Brokers will provide you with as execution only option AVC their charges are much lower without a doubt so if thats important to you then weigh up your decision but please just remember their is no advice provided you do it off your own back. You meet no adviser hence they have much lower fees . So i guess its simple . Think as well the 1% salary deduction does not exist anymore depends where you work
Regards

 

[ULS]

Having chequed my wages slip i am paying €60 into my avc each week and cornmarket % is €10.33. I am paying cornmarket 278.91 each year just to have my avc and am also paying them 1% of my investment when i retire. Can this be correct and if so what can i do to save myself money?

Brookner perhaps you should contact your broker to clarify these contributions, the charges do not come out of you payslip seperately. You have clearly signed up for something else and the onus is on you to find out from your broker what it is for not assuming they are ridiculous charges. How long has this conrmarket % been coming out of your payslip it is more than likely that it has been coming out quite some time and on examination of your payslip you have only noticed it recently. YOU signed up for something that is costing you €10.33.........

Perhaps it is about time that you took some responsability for your finances rather than finger pointing and accusing "the big bad broker" for ripping you off. Ignorance of your personal finances and laziness is costing you money.