Executive Pension - Pension Board Fees

[wowser]

I've just got a letter from Quinn Life telling me I owe E9.50 for Pension Board Fees. They say this is a yearly charge and has just been introduced. This is the first I've heard about it.

Does anyone else know what it's about ?

 

[RainyDay]

From [broken link removed]

INCREASES IN FEES FOR OCCUPATIONAL PENSION SCHEMES
The Pensions Act specifies that trustees of most occupational pension schemes must pay an annual fee to the Pensions Board from the resources of the scheme. The basis for calculation of fees is prescribed in Regulations. The fee due is based on the number of active members in the scheme at the commencement date of the preceding scheme year.
The fee payable is in respect of the calendar year on which the commencement date of the scheme year falls. For example, where the scheme year commences on 1 October 2002, the fee for 2003 is based on the number of active members as at 01 October 2002. The current fee of €6.35 per member has been in force since January 1998. The new fee, effective from 1 January 2003 will be €9.50.

The recent Review of the Pensions Board carried out by consultants on behalf on the
Department of Social and Family Affairs recommended a strengthening of the Board’s role concerning the regulation of occupational pension schemes, which involved increased staff and other costs.
.
While it cannot be guaranteed, it is hoped to keep the fee at this level for a number of years.

 

[Conan]

As the note says, the Pensions Board fee has been in place for many years. Some life companies charge the fee directly whilst others simply pay it out of the plan charges.It seems that Quinn Life has now decided not to carry this charge any longer but to bill clients directly.

 

[wowser]

It seems that Quinn Life has now decided not to carry this charge any longer but to bill clients directly.

I suspected as much. Thanks! I wonder does that constitute a change in the terms and conditions after I've bought the product ?