Minimum ARF allowed how much in AVCs Required

[november16]

Can anyone guide me Regarding ARFs . What is the minimum ARF, which can be set up and which company eg for amount of approx €20,000.
I have PRSA /AVC of €10,000 with New Ireland - through Pension advice and Zen Insurance, broker ( broker originally with IPF, moved to Pension Advice and Zen Insurance. it’s 50% with Good body Dividend Income 3 (6P) and 50% Pension cash fund 6P . AMC 1.5 % and 1.7% and allocation rate of 100% and another charge 0.5% approx

Charges quoted at time of purchase:

• Fee of €400
• Allocation rate – 100%
• Annual Management charge averaging at 1% pa (1.25% GDI 3 and Cash 0.75%)

As pointed out here, there is too much in cash fund which needs to be changed.

An IPF broker recommended, maximising lump sum, to help build sufficient funds if trying to set up an ARF but that I may not have enough to max tax free allowance and purchase an ARF.
He Recommended setting up another AVC, eg Passive Iris 2024, of €21,000 some of the declared Charges are 5% and 0.75% AMC. Would it be better to move all to the PRSA AVC or new AVC. Hope this makes sense. Thanks very much for advice to date

 

[S class]

Irish life were setting up ARFs for 10,000 euro a few years ago. This probably hasn't changed. Zurich state that 20000 is their minimum ARF, but they can if requested open at a lower level.

Don't go with the quoted AVC, the fees are too high.

Use your existing AVC PRSA or, if you are happy to decide fund and risk level yourself, you should contact Gerard Sheehy or Liam Ferguson and set up a new execution only AVC PRSA. You will get 100% allocation and possibly am AMC less than 1%.

You could transfer your existing AVCs into the new AVC PRSA if you wanted to.

 

[november16]

Irish life were setting up ARFs for 10,000 euro a few years ago. This probably hasn't changed. Zurich state that 20000 is their minimum ARF, but they can if requested open at a lower level.

Don't go with the quoted AVC, the fees are too high.

Use your existing AVC PRSA or, if you are happy to decide fund and risk level yourself, you should contact Gerard Sheehy or Liam Ferguson and set up a new execution only AVC PRSA. You will get 100% allocation and possibly am AMC less than 1%.

You could transfer your existing AVCs into the new AVC PRSA if you wanted to.

Thanks very much S Class. You are a mine of information as usual. Much appreciated