Yes.If a person has €50,000 cash in their Self Administered Pension Fund account with Bank of Ireland , will it reduce by 0.65% a year?
The opening lines of the article are as follows:I can't access the original article. Can you quote the bit which is misleading?
Well, my pension provider is a life company. If the bank charges a life company negative interest rates (which they do) that directly impacts my pension fund.Your legalistic "The charge is on the trustees" position ignores the impact on the owners of the Small Self Administered Pension Funds.
I agree that people with self-administered pension funds are going to be impacted by negative interest deposit rates for the first time.Do you agree with the following:
People with small self-administered pension funds are going to be charged interest on their bank deposits with Bank of Ireland for the first time.
Thank you.I agree that people with self-administered pension funds are going to be impacted by negative interest deposit rates for the first time.
I guess we will have to wait and see. Here in Switzerland they have walked up to the line, but not crossed it - personal accounts (deposit and current) are not subject to negative interest yet. All other types of account are subject to negative interest - companies, government, pension funds etc...Yes.
If other banks follow Bank of Ireland on this, the person may find it difficult to find any bank that won't charge them for holding their money.