Exit Charges on on indexation Payments

mno101

Registered User
Messages
3
HI all,
AS part of payments into a pension (MAPS 5) we decided to apply indexation.
Along with regular monthly payments, we also made 2 separate single premium payments (lump sum additions to pension) in the last 5 years.

In recent weeks we were investigating moving to a different provider/fund to avail of lower charges.
We were aware of the exit charges on the Single premium payments and factored that in.
However, we were also told that there is an exit charge on the regular payments because of the indexations.
I cannot find anything in the contracts to state that indexation is subject to exit charges (but i would be a little out of my depth ...i.e. it could be there), my broker is looking into it.

I am posting here to determine if exit charges on indexation increases is a standard practice ?

appreciate any comments.
thks
 
Yes if early exit charges apply on a regular premium plan, any increase in the regular contribution would usually be subject to the early exit charges.
If you ask your broker or Irish Life to send you a copy of the Policy Conditions booklet that applies to your policy, it should be in there.