Currently on 65yr old retirement DSP payment - Options for my existing PRSA+PRB

[Milkman]

Hi all, I have retired since last July and receiving the 65yr old DSP payment until this coming May when I shall get the full contributory state pension. I currently have a PRSA (Paid up) and a PRB, both with Zurich via LA Brokers.
My question is should I try to get a better deal at this stage by moving to RL for example or is it really worth it for the sake of probably 1 to 2 years when I intend to draw down the lumpsum and take the 4% or 5% annually then. I may of course look elsewhere if moving to an ARF at that stage.

I have enough funds in cash to supplement my state pension until then, although it's unlikely to be more than 2 years unless I get a mad notion to do some more work again.

The PRB is 88k with AMC of 0.75 + 0.01% other charges in Blackrock Indexed Global Equity Fund
PRSA is 185k with AMC of 1% +0.03 other charges in Zurich 5*5 Global Fund

I understand that Zurich offer an AMC of 0.75 on a PRSA currently but it requires 5 years contributions (before retirement). As I am not currently making payments, this would seem to not be an option and also the time factor.

I'm sorry if this seems like a stupid question but any thoughts would be appreciated as it's not a time to be making foolish errors.

Thanks to everyone who contributes to these pages as it is very helpful and an objective view of many complex subjects.

 

[S class]

It seems that you might not be making full use of your tax credits.
Currently these are 4245 euro. You can earn 21225 euro before becoming liable to pay income tax.

The yearly total for BP 65 is 12740 euro.
The yearly total for COAP is 15043 euro.

You could be missing out on the opportunity to gain extra tax free income by holding off drawdowns from your PRSA.

 

[Milkman]

Thanks S class, it's a fair point. I am married on joint assessment, my wife is employed and earning appx. 40k p.a. My tax credit has been adjusted to her advantage, she's happier.... of course.