Confused about Zurich standard PRSA

P

Pensions

Registered User
Messages
3
Hello,

I'm 49 and finally started looking into getting a pension setup.
My plan is to pay 250 euro per month with a 20k lump sum from my savings to get the ball rolling.
After researching posts on here the standard prsa with zero commission and 1% amc offered by Labrokers caught my eye, however after downloading the forms I noticed two options default investment strategy or fund choice and this is where I'm really confused.
I don't have and knowledge of funds to choose which are the better performing ones but I feel this option might give me the better returns.
Any advice on which is the best option or fund choice strategy would be greatly appreciated or should I just sit down with a broker.

Regards Adrian
 
Hi Adrian,

There’s more than a tinge of irony to your query. “I want the cheapest product but I want advice as well”!
 
Gordon Gekko said:
Hi Adrian,

There’s more than a tinge of irony to your query. “I want the cheapest product but I want advice as well”!
Click to expand...
Sorry about that it's not what I set out to do but reading back my post I can see where your coming from.
Thanks for the reply, Adrian
 
LABrokers provide an execution-only service aimed at people who don't need any advice. If you need advice - and it looks like you do - then you need to pay for that advice. A broker will help you to choose what is the most suitable fund or strategy for you, taking into account your own appetite for risk, your personal financial circumstances etc. A broker will not tell you which fund is going to perform best in the future. That would require a crystal ball. Be aware also that past performance is not a guide to future returns.
 
Thanks for that advice, I have setup an appointment for Friday with a broker.
 
Im looking at setting up a Zurich PRSA also, and know what funds I want to select.

I can't figure out the difference in their PRSA and the AVC PRSA? Surely both allow AVC contributions to be made?

I'll be setting this up via my new employer, and they will deduct from my salary so I get tax relief, but on the Zurich letter of Appointment, there's a Direct Debit Mandate to be completed, and there's also a DD Mandate on the Standard PRSA Standalone PRSA- AVC form. I presume only my employer needs to compete the DD?
 
Are you already enrolled in or contributing to an occupational pension arrangement in relation to your current employment? (An OPS is a Defined contribution or defined benefit scheme. A PRSA arrangement is not an OPS.)
If no, you need the standard (non Avc) product as your contributions will be recorded as ordinary employee/ personal contributions.
If you are already in OPS then you need the AVC. The AVC will then be administered in line with your main scheme i.e. benefits will have to be taken at the same time when it comes to retirement.
 
Nope, no pension scheme at the moment as I’m starting a new job. The company I’m working with doesn’t make any contribution on my behalf.

Thank you, standard non AVC it is then.
 
Last edited:
You must log in or register to reply here.
Menu
Log in
Register