Just a quick bit of background info, self employed for a number of years and contributed to pension plan to be tax efficient, got really interested in pension in 2009 after horrendous market falls, so much so started to do QFA's off my own bat to get better understanding of financial products, have completed 5 of 6 and hoping to sit final one next year and work in the industry as had to close down my previous business.
Had always dealt with my own bank for any life,pension or investment needs and appreciate that they are tied agents and can only advise on one companies products, never really gave much thought to prior dealings and always took advice as being in my best interest.
In 2009 started to ask questions as I was becoming more interested in workings of these products and to be honest wasn't overly inspired by responses.
Current Personal Pension Plan value 102k, paid in 96k not premium paying and haven't done so for the past three years as no tax liability. When I was contributing I was paying a 5% premium charge and annual management fee is 1% currently invested in an index fund which is passively managed.
Having looked at various differing posts on AAM especially around TER's decided to go back to bank and ask about this. Was told that all I'm paying is 1% amc.
Unhappy with answer so started to look at other options and went back to ask bank did they do self directed fund where I could invest in ETF's under a pension wrapper and was told no.
Now looking at Irish Life Self Directed Option, .75% AMC 15 euro per trade plus amc within ETF. was looking at an index fund where the TER is 0.35%, have in excess of 20 years to retirement so comfortable with risk and appreciate it's a passive strategy and not actively managed.
Am I correct in the following assumption. my total charges will be 0.75% AMC plus TER of 0.35% or 1.1% per annum plus 15 trading charge?
If so is there any advantage to me to move pension pot as currently 1% amc in total or so I'm being told. I have no immediate intention of restarting contributions.
Had always dealt with my own bank for any life,pension or investment needs and appreciate that they are tied agents and can only advise on one companies products, never really gave much thought to prior dealings and always took advice as being in my best interest.
In 2009 started to ask questions as I was becoming more interested in workings of these products and to be honest wasn't overly inspired by responses.
Current Personal Pension Plan value 102k, paid in 96k not premium paying and haven't done so for the past three years as no tax liability. When I was contributing I was paying a 5% premium charge and annual management fee is 1% currently invested in an index fund which is passively managed.
Having looked at various differing posts on AAM especially around TER's decided to go back to bank and ask about this. Was told that all I'm paying is 1% amc.
Unhappy with answer so started to look at other options and went back to ask bank did they do self directed fund where I could invest in ETF's under a pension wrapper and was told no.
Now looking at Irish Life Self Directed Option, .75% AMC 15 euro per trade plus amc within ETF. was looking at an index fund where the TER is 0.35%, have in excess of 20 years to retirement so comfortable with risk and appreciate it's a passive strategy and not actively managed.
Am I correct in the following assumption. my total charges will be 0.75% AMC plus TER of 0.35% or 1.1% per annum plus 15 trading charge?
If so is there any advantage to me to move pension pot as currently 1% amc in total or so I'm being told. I have no immediate intention of restarting contributions.