pensions how to change brokers

Hi I am self employed . I have being purchasing PRSa's via a pension adviser. Some have recovered and some have done poorly . How can i cash in so to speak , get the current value of these plans and then keep them in a pension plan that i will administer my self. is there any penalty? will i have to pay my broker anything? i intend to keep it in a pension but rather than pay someone 1-4% to lose money i could lose it my self

There are a few points worth mentioning here: -

• You will not be charged for transferring your existing funds from a PRSA to another Revenue-approved pension vehicle.
• You can only transfer your funds to another Revenue-approved pension vehicle so you will be charged for setting one up. The level of the charge will depend on the type of vehicle you set up and the charges to the firm that sets it up for you.
• In my opinion, you should only go into a self-administered pension fund if you know exactly what you're doing when it comes to investing your money. You're clearly not satisfied with the performance of the PRSAs you have already. Do you understand why they have failed to meet your expectations? Charges? Market movements? Poor asset allocation choices?

Are you unhappy with the fund performance or the advice you have gotten from your advisor?

I know I recommend a diversified portfolio for my clients and not everything will go up and down at the same time. So while equities may be performing strongly at the moment, the bonds and cash portion isn't.

It's about striking the balance for the client based on their goals and their ability to take risk.

It's really the total fund value based on the level of risk you are willing to take that is important.

You should explain your frustrations to your advisor and if you don't get a satisfactory explanation, tell him you want to manage it yourself.


Steven
www.bluewaterfp.ie