PRSA and commission

@LDFerguson that spreadsheet linked by clubman I will try out
@ClubMan yes for AVC's - that is their full contribution. what ever you put in you get the 10%
When I say a company scheme, it is just a PRSA setup by advisor and IL, and you put in whatever and you get an additional 10% from employer
 
colin44 said:
@ClubMan yes for AVC's - that is their full contribution. what ever you put in you get the 10%
Click to expand...
Sounds unusual.
Many employers will match the employer's contribution up to some limit - e.g. 5% of gross.
A 10% topup on all employer contributions - regular and AVC - is a new one on me.
 
Its a small Irish company, about 45 ppl..
Not sure about a limit, might be one, but I havent hit it yet anyway

I suppose its not too bad? I have been in schemes where they give 3%, 6%, 8% (diff compnies) of your salary into a pension, this is in addition to your salary
if for example you are on 50k they give 333pm @8%, or 125pm @ 3%
then you can add AVC's on top of that (but you didnt have to)
These were US companies!

Whereas here you have to make AVC's to get the benefit.. to get 333 you would have to be putting in 3,300 pm? Wanna be on a very high wage to be able to put that away each month

Always doubting my maths when it comes to this
*had to correct my above math just now
 
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colin44 said:
Yes that is the table he showed me:
Click to expand...


So the actual AMC on the fund(s) is 1.00%, and has been 1.00% all the time.

The previous conversation/posts about changes to the AMC are all irelevant / confused.

The earlier reference to 0.99% AMC is incorrect or confused.





It is the allocation rate that can be improved with higher contributions.

It can be increased from 98.5% (up to 5k pa) to 99.25% (over 5k pa) or up to 100% if contributions exceed 10k per year.
 
@Protocol yes possible the AMC was a confusion on my part, but have to clarify this with advisor
Im sure he mentioned a change to the AMC when you contribute 10k+ and the allocation goes to 100%, I think he mentioned the .01% additional charge..

Will update post when I hear back from advisor

But I only referenced the allocation table, nothing to do with AMC
 
Used calculator spreadsheet and came out in 13 yrs time as a pot of 71,887 (Im 50 this yr)
Very different to the Irish Life projection on my account login = 230,000 @ age 63!
to get near 230k according to the spreadsheet I would need to be contributing for 29 yrs, not 13

Very worried now, which is it, massive difference!

The only thing I can see the spreadsheet missing out on is wage increases each year, but then again maybe not, as I dont think the contribution goes up even with wage increase unless I specifically ask for it!!

Definitely by changing to 100% allocation and paying an additional .01%AMC (if thats what is happening) im better off. Not by a huge amount , probably up by 4k
 
Balls on that, my head is melted, the spreadsheet is fine, I put in the wrong figure for my contribution.
The spreadsheet goes by %, whereas I have the actual figures so had to work that out..

Now the 100% allocation and the additional .01% charge make a bigger difference = 11k
 
colin44 said:
The only thing I can see the spreadsheet missing out on is wage increases each year, but then again maybe not, as I dont think the contribution goes up even with wage increase unless I specifically ask for it!!
Click to expand...

Pension contributions are typically a % of wages, so they typically do rise with wages.
 
colin44 said:
Now the 100% allocation and the additional .01% charge make a bigger difference = 11k
Click to expand...
What additional 0.01% charge?
Wasn't the 0.99% AMC figure wrong all along?
Protocol said:
So the actual AMC on the fund(s) is 1.00%, and has been 1.00% all the time.

The previous conversation/posts about changes to the AMC are all irelevant / confused.

The earlier reference to 0.99% AMC is incorrect or confused
Click to expand...
I'm completely confused at this stage...
 
@Protocol Im not sure mine do, I set this up feb 24, and had wage increase in Nov 24, but the amount I contributed didnt go up, its only going up now as i am turning 50 this year and requested to up my AVC's from 25% to 30%
This is definitely correct cause I remember the advisor told me he based his calculations on what I told him my salary was in feb 24, he diid not know about any wage increase

@ClubMan your not the only one
I am waiting to hear back from my advisor whether I am correct or not?
That was protocol stating that the AMC was 1% all along, I have yet to confirm that!!

Will update thread when I find out
 
colin44 said:
I am waiting to hear back from my advisor whether I am correct or not?
That was protocol stating that the AMC was !% all along, I have yet to confirm that!!

Will update thread when I find out
Click to expand...
You confirmed that the brochure posted earlier was what you were shown and it clearly states that the AMC is always 1%. I questioned the 0.99% early on but you insisted that it was correct but it seems to have been wrong all along?
 
I only confirmed the allocation table was what the advisor showed me.. nothing to do with AMC.
Anyway, will confirm when I hear back from him..
 
colin44 said:
It will be many many years before this overtakes the other charge, as I will be paying tthis fund for the nxt 13yrs approx then I will retire
Click to expand...
Well, if you just fire the two sets of charges into a spreadsheet you'll know for sure.
 
colin44 said:
I only confirmed the allocation table was what the advisor showed me.. nothing to do with AMC.
Anyway, will confirm when I hear back from him..
Click to expand...
Well you also confirmed this as far as I can see:
LDFerguson said:
On the annual charge, from the same booklet...

On their Standard PRSA product the annual charge is 1% regardless of your contribution so I suspect this hasn't changed.
Click to expand...
colin44 said:
Yes that is the table he showed me:
Click to expand...
 
You forgot to include what’s after the :

Which is


The exact post is screenshotted above (post number 55)
Or post number 33 is the original post
 
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