AVC without a broker

[bananas]

Is it necessary to go through a broker for a public sector AVC? I have been paying into an AVC for several years and am not happy with the broker. I now communicate directly with the insurance company when I want statements etc and my salary deduction is sent directly to the insurance company so it seems that the broker is providing no service at all to me.

 

[Protocol]

You can use an execution-only broker to set up an AVC or an AVC PRSA. You may save the typical 5% charge.

So on 200pm / 2400 pa contributions, you save 120 pa, but you get no service from the broker.

Some people like to know they can ring the broker, plus some brokers know a lot about how public service pensions work.

It's up to you.

If you are knowledgeable, maybe you feel that you can save the 5%.

But others know very little, and like to depend on the broker.

 

[LDFerguson]

You can also appoint another broker in respect of your existing AVC if you feel you would get better service from someone else. Alternatively, you may be able to ask your AVC provider to simply remove the broker but you will not benefit financially from doing that as the charges you pay will remain the same - the insurance company will simply keep the commission.

 

[bananas]

Thanks for replies, I'll discuss it with my work colleagues. There's a group of about 20 of us very unhappy with our current broker.