Executive Pension

P

Plywood

Guest
I have recently become eligible for a pension within my company. I have been offered

(a) to contribute to an executive pension with 5% and 1.25% charges, and the company contributes 6.5% of my salary.

(b) to set up my own PRSA with the same level of contributions.

Which one is better or is it not that simple??
 
P

plywood

Guest
yes

yes, both are with BOI assett management.

The guy who came to sell me the package informed me that BIAM are in the top three perfoming fund managers over the last 5+ years.

Is this so?
 
A

Alan Moore

Guest
In short.....

.... its not that simple ( regardless of fund manager) . The retirement options under each are different. One may suit better than the other. In addition I'm sure there must be other charges attached to the executive plan.
 
A

Alan Moore

Guest
Most Excecutive plans ....

.... do have a monthly charge. Some don't. Just worth double checking.
 
C

Cindy

Guest
Charges

The cheapest charges are available if you don't need advice, but this presupposes that you've paid for it already or learned the hard way through past experience.

Adviceless products are available, and maybe at no entry cost if you've got a big enough sum, with fund charges at 0.75% to 1%.

The cheapest advice based service products are available from Quinn Direct at zero entry and fund charges at 1%pa. For this you will talk to someone over the phone.

The "Standard" PRSA, thought by many ( though not here) to represent very tight margins for industry take 5% off contributions and fund charges at 1% pa.

If you can get good advice from a good advisor, and that includes visits, and reports for less than this you are doing extremely well. These pricing models might be a flat fee of a few hundred Euro per product in a porettfolio plus Fund charges at 0.75%, or no fees and fund charges at say 1.25% pa.
 
N

Norman Bates

Guest
.... or am I his mother?

"The cheapest advice based service products are available from Quinn Direct at zero entry and fund charges at 1%pa. For this you will talk to someone over the phone"

The question asked was should I do

A) a prsa or b) an executive pension scheme and its suggested you try going to Quinn who'll only advise you to do C) a personal pension ( the only pensions product they sell directly )

If you are looking for a reasonable Personal Pension,and want to avoid an adviser by all means go to Quinn if you are happy with their investment options.

But you Cindy/Ratna/Not Ratna/Elland/Shiela or whatever you want to call yourself today haven't the first clue what this persons circumstances are. If they ring Quinn as suggested what will Quinn advise them to do? A PRSA or Executive Pension perhaps, I don't think so?

If are serious about your pension and need advice, talk to a good adviser. Indeed I believe that nobody should look at their pension in isolation to the rest of their finances.

In answer to Plywood, yes BIAM have done quiet well over the last few years and your advisor should be setting out that you would be better do X rather than Y because of circumstance a,b,c which you have explained to me.

Quiet simply I'm a bit fed up with all the misreporting, people answering there own questions, bad advice, people making up ficticious people to concur with points they have made ( and not knowing how to spell the name of their psedonym ). If thats the nature of the contributions, I want no part of it and I'll stick to the other forums within AAM.
 
C

Cindy

Guest
Just goes to show

Norman, before you kill someone in the shower, your points underscore the fact that there is no substitute for proper prolonged face to face advice, ie no shortcut to utopia, a good pension scheme without incurring advisory costs. You are arguing in fact against AAM acting as an advisory substitute - which it isn't of course.

The best AAM can do is provide info, but ultimately novice investors will need to get regulated and accountable advice.
 
N

Norman

Guest
Thats

......not what I expected. It just appears that every second post recommends that Quinn is the cure for the common cold. Sorry for mixing you up in same.

After 15 years in pensions (including pension qualificiations) I don't everything there is to know yet about pensions and I don't believe that people will pick up what they need to know without advice along the way. Sure AAM helps and the guide is a good stab.
 
P

plywood

Guest
Thanks

Thanks for the replies.

What I forgot to add is that my company will be putting in 6.5% of my salary into my pension fund.

On this basis alone, does this mean that I should automatically ignore all the other options as the company will only input money to their executive pension (which is apparently transferable)?

In general, does the fact that an employer who contributing to your pension of an average pension fund make this pension altogether a better option than just yourself contributing to your own personal pension in an above average pension fund??
 
R

rainyday

Guest
Re: Thanks

does this mean that I should automatically ignore all the other options as the company will only input money to their executive pension
Yes, it's a no brainer.
 
J

jimo

Guest
company contributing

If your company is contributing 6.5% to something, and 0% to anything else, then there's really no point considering anything else (unless someone else knows of an investment that delivers 6.5% of a salary-linked contribution for nothing...hmmmmmmmm hardly). As rainyday says, a no-brainer on this one.
 
D

Director

Guest
Company Pension

Norman

You are incorrect, Quinn does offer Executive and company pensions. I have one.
 
N

Norman

Guest
I stand corrected......

..... they only advertise on their website. They do indeed do an executive plan.
 
P

plywood

Guest
financial advisor

Does anyone know the name of a good independnt financial advisor?
 
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