Pension cashback

S

Sunny

Registered User
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4,570
This is crazy stuff. Needs to be stamped out straight away. Up to 1.25% AMC depending on fund chosen.

www.independent.ie

Pensions adviser Moneycube offers cashback incentives

Irish retirement savers will receive cash back on their pensions for the first time, as an online pensions and investment adviser seeks to lure pensions in the same way that mortgage lenders use cashback deals to attract new customers.
www.independent.ie www.independent.ie
 
I wonder if Revenue will have an opinion on this? Commission payments on tax relieved funds being distributed to pension scheme members. Is it a breach of approval conditions, or just something to declare and lay tax on?
 
Sunny said:
Up to FROM 1.25% AMC depending on fund chosen.
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Correction, its from 1.25%.

As a financial advisor, Moneycube will only recommend to transfer or open a pension if we believe it is in your overall financial best interest.
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We have this product from 1% AMC and this product FROM 1.25% AMC with cashback. It what world is "overall financial best interest" served by the latter? If you are moving to a different pension provider once the cashback comes through, possibly!
 
Company receives up to 5% in commission, pays out 1%. Customer pays back multiples of the amount they received over the years in much higher fees.

While we still have the smoke and mirrors of commissions and allocation rates, this kind of stuff will go on.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
Itchy said:
Correction, its from 1.25%.



We have this product from 1% AMC and this product FROM 1.25% AMC with cashback. It what world is "overall financial best interest" served by the latter? If you are moving to a different pension provider once the cashback comes through, possibly!
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Yeah thanks. Mistype.
 
Fortune said:
I wonder if Revenue will have an opinion on this? Commission payments on tax relieved funds being distributed to pension scheme members. Is it a breach of approval conditions, or just something to declare and lay tax on?
Click to expand...
Revenue will think the same as they through of Revolut's pay day loans.
 
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