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Has anyone used LABroker to set up a PRSA? Would you advise to use them?
It looks like a good deal compared to the standard PRSA offered by most banks
Standard: Charges 5% of each contribution plus 1% a year of the value of the fund.
LABrokers: provide the Irish Life PRSA for 0% entry and 1% a year of the value of the fund.
The Caveat is no advise is given.
 
What fee do they charge for setting the PRSA up on a 0%/1% rather than a 5%/1% basis? You might also want to check out Liam Ferguson ( [broken link removed] ) as I think that he does something similar for a flat fee. I have dealt with him in the past and am happy to recommend him.
 
No fee

As far as I am aware there is no set-up fee.
 
www.prsacentre.com

I just took a look at that site you reccommended.
It seems it offers
Standard PRSA with Charges of 5% of each contribution plus 1% a year of the value of the fund.

So it would be a lot more expensive than LABrokers... or did I miss something?
 
www.prsacentre.com

Are you really sure that LABrokers are offering 0%/1% rather than 5%/1% for no up front fee? I find that hard to believe. I think that Liam Ferguson also does 0%/1% for an agreed up front fee even if this is not listed on his website. Give him a call if you like. See here:
 
Entry charge 0%

Have a look I may be missing something: www.labrokers.ie

PRSA advertised as:

* Entry charge 0%. This for the lifetime of the policy
* A fund management charge that decreases from 1% to 0.85% as the fund increases.
* No Fee.
 
Entry charge 0%

Fair enough. If you can get 0%/1% instead of 5%/1% for no fee then it sounds like a relatively good deal. I wonder how they make any money on this?!?
 
Actually, one potential caveats may be that this is restricted to Irish Life standard PRSAs only and I THINK that they only offer a small range of relatively low risk/return funds which may not suit everybody's needs (e.g. somebody with a few decades to retirement should most likely be in a higher risk/return investment fund). Check it out though as I may be mistaken. Another illustration that stuff like this should not be chosen on charges alone important and all as keeping them low is.
 
Good point

Yes good point.They only provide PRSA with Irish Life.

I am in early thrities and have decades to retire.
Do you recommend any of the other standard PRSAs? I could join AIB's with Ark Life facilitated by my employeers. But would pay the 5%/1% fees.
 
Good point

If a PRSA is the right pension vehicle for you (e.g. you don't have access to an occupational scheme or you can't find a personal pension plan that better suits your needs and pocket (i.e. charges)) then it probably makes sense to take out a PRSA (most likely Standard) with the lowest possible charges (e.g. below 5%/1% if you can get such a deal by paying a flat fee to an intermediary) and that offers a suitable range of funds for your needs. If you set one up independently on a discounted charges basis (e.g. less than 5%/1% possibly for a once off flat fee up front) then those charges will apply even if you transfer into your employer's scheme so that contributions are made from payroll. I can't recommend specific products myself but check (e.g. with LABrokers, Liam Ferguson, others - check out older topics here about discounted PRSAs) for discounted charges PRSAs offered on a nil-commisssion basis for an up front flat fee that also offer a suitable range of funds. Basically - shop around! The Pensions Board website has a list of PRSAs on offer if that's any use but bear in mind that going through an intermediary/broker may offer better value (on charges) than going direct.

[broken link removed]
 
Oops

Bit repetitive on the "flat fee" issue there but hopefully you get the gist! ;)
 
Medium risk for 30yr old

Still mulling over the pension. Labrokers 0%/1% seems like the best priced PRSA.
But I don't know much about funds and risks involved etc.
The funds they provide are only : Irish Life Concensus, Cash and Pension Protection.

I assume as a 30yr old I should be going for the Consensus fund. But I know nothing about a Consensus fund apart from the fact it is medium risk and delivers above average performance. Should I be going for higher risk?

I also need to consider that in few years I maybe working with a company that provides a company pension and may park this PRSA. If this is the case would it be wise to stick with a medium risk investment?
 
medium risk for 30 yr old

Hi,
Yes it is through what the charges say on the labrokers.ie website. I started this pension earlier this year and the charges are 0%/1%.

The main fund is the concensus fund with IRish Life. This fund won some award earlier in the year as one of the better performing funds.

They say its a medium risk fund.
Taking into account I've had negative returns from my old company pension for the last couple of years ,I'm happy enough with a medium risk fund.

The only downside to the labrokers pension is that you don't get any pension or fund advice. Its an execution only service provided by labrokers. Thats why they charge less.
 
medium risk for 30 yr old

Anybody with more than a decade or so to go to retirement may be better off going for a pension fund with a higher equity content (i.e. higher risk/volatility/reward profile) although it obviously it depends on the individual and their circumstances. I could be mistaken but I thought that the funds offered under the Irish Life PRSA were all pretty conservative which may not suit everybody, particularly younger pension savers.
 
labrokers

I used labrokers to set up a prsa with irish life last year. there was a bit of confusion (once of or recurring) and irish life totally confused me and themselves.
I rang john geraghty and he sorted it out quickly and kept me informed.
I was/am very happy with the service (and costs) and will use them again.

I have never met john and have no connection with him.
 
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