Probably the best (cheapest) PRSA in the world?

@GSheehy Would this be cheaper than the Zurich option you provide?

Sorry if that sounded rude, meant to ask if making an annual lump sum payment of about 7k would this be cheaper than going execution only through you with Zurich? But say if it spread that out to be about 500 per month would it be better value in terms of fees by going with Royal London ?
 
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RoyalLondon.ie only offer non-standard PRSA, are there any concerns with that?
As I understand that means there are no max limits on charges but royalLondon seem to be clear on what they do charge, and its cheaper?
 
aristotle said:
RoyalLondon.ie only offer non-standard PRSA, are there any concerns with that?
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It certainly wouldn't concern me. I think that all of the PRSAs that I've had to date have been non-standard and over the years the charges are only going in one direction - downwards. And if RLI were to increase their charges to make them less competitive then one can just switch to another cheaper provider. In my opinion the standard PRSA charging caps of 5% on contributions and 1% AMC are largely moot since nobody in their right mind would pay such high charges these days.
 
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I pay 1% AMC which isn’t uncommon but one of the reasons I want to move. It does have 100% allocation though and anyone paying less than that really needs to consider changing.
 
CharlieMac said:
Mind you, I didn't consider the case of investing in more than one fund. I didn't confirm if that 100k threshold applies to each fund you are invested in separately. Or is the AMC reduced in all funds you are invested in once all the money you have in your PRSA AVC is > 100k. I'll have to get back on to them!
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The €100,000 thresholds apply to the PRSA as a whole; not fund choices within it.
 
ClubMan said:
I think that all of the PRSAs that I've had to date have been non-standard and over the years the charges are only going in one direction - downwards.
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Fair play, I think that's the first acknowledgement on AAM that, while the price of everything else is going up around us, the price of PRSAs has come down by 25%/50% (unless you were a Davy's client with a modest - to them - fund size). But, it still won't be enough for those that will say that you can buy a pension at half that again in, somewhere like, Vatican City as that's a valid comparison market to RoI ;-)
 
When I was first looking at pensions years ago ones that took the first year or two of contributions in charges - so you were only really getting started in year three - were still not uncommon. And then a chunk of each contribution and a hefty AMC thereafter too. Over the years charges have definitely become fairer and more competitive and the fact that 100% allocation rates and sub 1% AMCs are easily available these days is great for the consumer.
 
Any pitfalls to be careful of here?
I have a ~100k PRSA with Davy [ execution only ] but believe I should be trying to move it elsewhere as Davy have priced themselves out?

Is this Royal London PRSA the "winner" these days when it comes to PRSA costs?

(30 years from retirement - just need to find an Equity Index tracker to park all the funds in)
 
returningSon said:
Is this Royal London PRSA the "winner" these days when it comes to PRSA costs?
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It could be in many cases.
Poseidon said:
Taking into account their "ValueShare" scheme of 0.13% in recent years, the AMC may be effectively reduced to 0.42% or significantly lower (0.32%) for larger transfers.
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However it may also be possible to get 0.4% (but no equivalent of RLI's ValueShare discretionary bonus) with Standard Life in some cases these days?
returningSon said:
Any pitfalls to be careful of here?
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There are a few issues to be aware of that others have mentioned earlier. In particular...

Probably the best (cheapest) PRSA in the world?

Really? Why so? The old with profits language would have called it "benefits of mutuality". ValueShare isn't as obvious a name
www.askaboutmoney.com
returningSon said:
just need to find an Equity Index tracker to park all the funds in)
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See here:

Probably the best (cheapest) PRSA in the world?

Really? Why so? The old with profits language would have called it "benefits of mutuality". ValueShare isn't as obvious a name
www.askaboutmoney.com
returningSon said:
I have a ~100k PRSA with Davy [ execution only ] but believe I should be trying to move it elsewhere as Davy have priced themselves out?
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Just curious - when and why did you go with Davy rather than a life insurance company?
 
Ent319 said:
Hi C-Pike. Once you have > €100,000 in there, does the rebate apply to the whole fund or just the portion of the fund in excess of €100,000?
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The whole fund.

Any pitfalls to be careful of here?
I have a ~100k PRSA with Davy [ execution only ] but believe I should be trying to move it elsewhere as Davy have priced themselves out?

Is this Royal London PRSA the "winner" these days when it comes to PRSA costs?

(30 years from retirement - just need to find an Equity Index tracker to park all the funds in)
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30 years from retirement into an equity fund - by my calculation Standard Life is the winner. Their range of Vanguard index funds are priced at 0.9%, so the rebate gets you to 0.4% immediately without profit share etc maybe doing the work (if I'm understanding the Royal London offering properly).

Although maybe as time goes on and your fund increases, you can get even lower with Royal London, as OP originally said "even larger" funds can avail of even lower fees.
 
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Benbulben said:
I think we are all mostly of the mindset that a Global, passively managed, 100% ETF approach is best for long term growth and those were the 2 products that seemed to tick the boxes to my eye.
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RL BlackRock Developed World Equity Index Fund is passive while RL Global Equity Diversified Fund is active.
They also track slightly different indexes: MSCI World Index Net EUR and MSCI All Countries World Net Total Return Index EUR respectively.

 
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ClubMan said:
I'm not with them yet but am currently planning to move to them.
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I initiated the transfer from SL to RLI this week so should be with them soon. :) Unfortunately too late for this year's ValueShare bonus in April (payable on accounts in existence on 31st December 2024) but hopefully next year. ;)
www.royallondon.ie

ValueShare - Royal London IE

Here you'll find out about our unique ValueShare feature. As well as providing you with excellent products, a range of investment options and good service, we also will aim to give your savings a potential boost. This is called ValueShare.
www.royallondon.ie www.royallondon.ie
 
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Fortune said:
Not relevant to a DC scheme. PRSAs can be 'vested', with the pension lump sum paid and the remaining policy acting the same as a ln ARF. For a DC scheme, a new post retirement product is needed.
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Are there any circumstances in which an ARF might be preferable to a vested PRSA, or vice versa, assuming all other things being equal (e.g. same charges and asset/fund allocation options and same level of customer service etc.)? I'm thinking in terms of tax benefits (presumably no difference?), timing of mandatory drawdowns (ditto?), differences in flexibility, inheritance planning, etc.?
 
Freelance said:
A point that is worth emphasising given that most of the Mutuals operating in the Irish Market were taken out during the great "carpet-bagging bonanza" in the early noughties. Royal Liver's "Value Share" appears to be a genuine attempt to make an element of "With Profits" available. In April 2024 the benefit amounted to .13% policies active on the 31st December 2023. This applies to Personal Retirement Bond (PRB) and Approved Retirement Fund (ARF) products, but apparently not PRSAs. More here.
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This seems to be incorrect?
www.royallondon.ie

Royal London Ireland Enters the Growing PRSA Market - Royal London IE

One of the leading life insurance and pensions companies, says it aims to bring fresh competition and innovation to the PRSA3 sector. Royal London Ireland has announced its entry into the Personal Retirement Savings Account (PRSA) market.
www.royallondon.ie www.royallondon.ie
ValueShare, a unique feature that is offered exclusively to Royal London Ireland Approved Retirement Fund, Personal Retirement Bond and Personal Retirement Savings Account customers.
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So hopefully that clears this up... ;)
Poseidon said:
I believe going forward PRSAs will all be valid policies for ValueShare.
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Freelance said:
Let's hope so. It would clinch the deal for me.
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ClubMan said:
Are there any circumstances in which an ARF might be preferable to a vested PRSA,
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There used to be some differences, but I believe these have all been done away with. I would expect to be able to get better pricing on an ARF, as PRSAs have to pay 0.05% of their value to the Pensions Authority each year
 
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