AVC's for public sector pensions.

P

penman

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Avc's for public sector pensions.
Started with Irish Life ( Irish Company) At the beginning 15 Years ago. Now
Irish Life (Canadian Company ) Name, Irish Life ,Confusing ?
Cornmarket Nominated by Irish Life to oversee my Avc Fund.
Irish Life ,Have Pension planet ,to Check Your Pension, Review Your Investment , Change Your Fund if you want.
Cornmarket, offer the same choices as above.
Be CAREFUL
I did a switch on my fund through Cornmarket A couple of months ago, i was charged BOTH by Irish Life and Cornmarket.
Cornmarket took TWO weeks to do the transaction.
I did another switch last month, just with Irish Life through there Pension Planet Platform.
Will i be charged by Cornmarket again ?
Can i Quit with Cornmarket and save money .There charge which is now 1.65% on top of Irish Life's charge.
Are these Two many Questions?
 
A fund switch should be actioned with effect from the day they received it. With current working from home things can be slow to process ... but it should definitely have been backdated so that the effective date of the switch was the date you gave the instructions. Was it? If it was then two weeks is reasonable. If it wasn't, then complain.

It's a bit saucy for Cornmarket to charge you for sending on your switch to Irish Life and then Irish Life to charge you again. Most brokers wouldn't do that. Is it in Cornmarket's terms and conditions? Check.

You can replace your AVC with an AVC PRSA if you want.
 
Regarding your confusion about Irish Life, it’s the same company. They were taken over a number of years ago by the company that also owns Canada Life.
 
Homer said:
Regarding your confusion about Irish Life, it’s the same company. They were taken over a number of years ago by the company that also owns Canada Life.
Click to expand...

And Cornmarket was also taken over by Irish Life so they're all owned by the one company now.
 
@penman

A lot has changed in 15 years in term of value for money AVC contracts so you should do a bit of research and establish whether you should redirect/move your current fund/s.

As for switches, some contracts allow you to switch fund/s a couple of times a year for free. Companies are normally pretty quick to act on these as delays can cost them money too. That said, if it was at the start of the pandemic the process would have slowed down dramatically but, my own experience is that, they're back to a few days at the moment.

If you send in a switch request today, the price you are switched at isn't the price on that day. It's normally the price at the close of business the following day.

Not sure I follow the 1.65% charge from Cornmarket? 1.65% of what? Or, is this the Irish Life Annual Management Charge on the value of the AVC Fund/s and you're also beimng charged a fixed sum for the switches (by cancelling units)?

Gerard

www.prsa.ie
 
I'm Public Sector and have a non-standard PRSA AVC that was set up via my employer and their chosen intermediary. . . I don't like the fee structure though 1.5% and then a 98% allocation rate.
1% AMC then 0.5% to Intermediary and then the 98% allocation rate.

The upside is they take the contributions directly from my wages so I don't need to worry about revenue or anything. . . Although is doing the tax that hard? would I be better off getting a better AMC elsewhere and doing the contributions and tax myself?

Can I do better?
 
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