Non-standard PRSA question

S

sparkdev

Registered User
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Hi everyone,

I have a standard PRSA from New Ireland through BOI. I realize that I am paying way too much in fees (5% contribution + 1% AMC). I researched a bit and found that I can invest on my own into Non-standard PRSA through DAVY select which has lowest (0.7% + some AMC built into the the ETFs I am going to buy). I would like to know if there is any better way to do this or am I missing on something. While coming to buying ETFs, I am thinking of just vanguard index bond that tracks S&P as I am just 35 and I didn't feel that bonds will offer any cushion during touch times like 2020 crash. Please let me know your suggestions.
 
That sounds like a good deal. Lowest alternative I'm aware of is Standard Life with 0.9% for Vanguard funds or 0.65% for transfers >€100,000. So 0.7% plus ETF annual charge is very good.

Personally I'd go with Vanguard's global rather than limiting yourself to the US S&P but that's personal choice.
 
Hi Dave thanks for your suggestions. Today, I received more information from Davy on charges.

  • The Davy Select PRSA has a 0.75% annual dealing charge, inclusive of commission charges. If you are trading in non-Irish/non-UK securities, overseas and custody charges apply per transaction (minimum 0.06% plus €25)
  • A negative interest rate of -0.65% variable per annum applies to pension accounts for cash funds held on deposit with Bank of Ireland on behalf of Davy clients.
Coming back to the suggested global index, I see that it didn't recover as fast as S and P index. That is the worry, I have at the moment. But I am reading a reddit post on this. I will let you know if I change my option after reading that. Thanks again for your suggestions.
 
Hijacking this thread if that's OK!. I'll be looking to set up a self directed PRSA soon and the Davy charges look OK but I have a few questions.

Do Davy have a good selection of Ireland domiciled ETF's that we can invest in, which looks like we'd avoid the €25 charge per transaction (which if applied monthly could add up)? Or do people mostly invest in EU domiciled ETFs in their PRSAs?

Can I setup a PRSA with Davy direct without going through a financial advisor? I'm in my 30's so just want to select a global ETF or two to invest in for the long term.

I'll obviously be talking to Davy directly so I can ask them, but if anyone has an answer to these questions that would be great.
 
After I made my decision to go with Davy, things went really bad with Davy. Now, I am completely confused with what to do. I was thinking about Zurich, but then I read a thread "Charges for Executive Pension (Zurich)" and at the end of the thread no contact details were provided on whom to contact. Then I read another "In search of a low cost Executive Pension" with completely opposite view to Zurich. So, anyone here have any recommendations. I would like to know if there is any document/thread/online to understand non-executive PRSA vs Small Self-Administered Pension Schemes and comparison of costs? I am not a director, just a regular employee.

P.S: I am not able to post the links in reply, it is warning that it detected a spam like content. But all I wanted to post are links from this website.
 
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sparkdev said:
P.S: I am not able to post the links in reply, it is warning that it detected a spam like content. But all I wanted to post are links from this website
Click to expand...
Will you report this in the following thread, there is an issue that the moderators are trying to solve, so more examples will help: https://www.askaboutmoney.com/threa...ost-has-been-blocked-by-askaboutmoney.221817/

sparkdev said:
I was thinking about Zurich, but then I read a thread "Charges for Executive Pension (Zurich)" and at the end of the thread no contact details were provided on whom to contact.
Click to expand...
There are a few financial advisors who posted to that specific thread, and contribute to several topics here; Marc, LDFerguson, GSheedy and SBarrett. They all provide their contact details on a lot of their posts if you feel you could work with them.
 
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