In February I was advised to put my Pension Lump Sum and some money I had on deposit but earning nothing , in to a Zurich Matrix Easy Access Investment Bond. Total approx €90,000. That was before Covid 19 was big news. There was a delay in getting some paperwork so I didn`t get the Policy Details until earlier this week. Now, checking on the Zurich website, each of the 4 investment funds have fallen in value, one as much as 17.43%, and the Risk categories on some have gone up to 6, whereas I`m a 3.
Then I read that the Government is taking 1% and a further 41% on gains if I make withdrawals. As a Pensioner I`m on the 20% Tax Rate. The annual management charge is 1.25% on each of the 4 funds in the Bond. From what I read, the markets may fall a lot further. I am within my 30 days cooling off period and I am getting cold feet due to my lack of understanding and the nagging thought that I might have more peace of mind if it was in the Post Office. I value security and ease of access over financial gain, but I thought anything over .5% interest might be worth a go.
Any advice or comments would be appreciated please?
Also, can someone explain an allocation rate of 100.5%? Where does the extra .5% come from? I`m assuming the the total amount I invested is the 100%?
Then I read that the Government is taking 1% and a further 41% on gains if I make withdrawals. As a Pensioner I`m on the 20% Tax Rate. The annual management charge is 1.25% on each of the 4 funds in the Bond. From what I read, the markets may fall a lot further. I am within my 30 days cooling off period and I am getting cold feet due to my lack of understanding and the nagging thought that I might have more peace of mind if it was in the Post Office. I value security and ease of access over financial gain, but I thought anything over .5% interest might be worth a go.
Any advice or comments would be appreciated please?
Also, can someone explain an allocation rate of 100.5%? Where does the extra .5% come from? I`m assuming the the total amount I invested is the 100%?