Also, did you get tax relief on the fee? If it was paid out of salary than you would. If you went to a fee based broker they could charge up to 400 with no tax relief, which is the same thing, but they wouldn't have the expertise thats required with Nurses superann rules.
And I work in the industry too, and have looked into targeting public sector employee with the clarification of the PRSA AVC situation, but the amount of knowledge in relation to the rules and regulations of superann for each individual sector is vast.
I know a lot of people will disagree with me re the comments on the site but I would personally rather pay the fee and be safe in the knowlege that my long term investment was being looked after by specialists in their field.
Who said the fee was hidden? Just because it comes out of the contributions this does not mean it is 'hidden'."usually people dislike hidden fees!"
Sorry mate, like i said I've looked into this and it certainly is NOT 'standard pension consultant knowledge' as you describe. I know a lot of brokerages who have steered clear of this area because of the expertise required. If it was that simple everyone would be doing it - and that simply is not the case. (Which is pretty clear if Conrmarket already have 12,000 nurses with AVC's)"Standard pension consultant knowledge, it is certainly not nuclear physics."
- Any fee that is not invoiced separately and comes as a percentage of someone's contribution is not transparent and is not fair
- The fee comes out of their fund, they do not get tax relief on it they get tax relief on their pension contribution ONLY
- It is standard pension consultant knowledge - it may be beyond the brokers that you deal with
the fee is clearly outlined in there TOB and this is signed dated and left with the customer
the fee is deducted in the first year as a top line deduction so how do they not get tax and prsi relief?
standard pension knowledge? you will be hard pressed to find many brokers that would be able to advise a teacher/nurse correctly on the workings of their superann/avcs etc
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