It's worse than that. Those are the maximum standard charges set by the regulator, therefore becoming a defacto standard set by them.useless regulator doing nothing to improve it. Rant over.,
pensions authority was of the view that it would probably be very unreasonable to ask an employer who offers a Zurich PRSA through their broker to all employees to also pay into the same PRSA at Zurich sold by a different broker for various 'admin reasons',
It's not a ruse. Your employer is getting the employees to pay the advisor for setting up the PRSA. If they are offering a pension to their staff, they should pay for it, then you will get 100% allocation to your pension.Overall, this PRSA thing is beginning to feel like a bit of a ruse. On the surface it looks very flexible and pro-consumer, but, in reality, I'm beginning to see that your employer gets to choose which PRSA you get, and also they seemingly get to choose the broker, and if you don't like their choices, you seemingly just have to go without employer contributions entirely. When I add that all the maximum charges seem to also be the minimum charges, it's beginning to feel like it's set up to benefit everyone in the chain except the customer.
Will report back if I find out more about whether the employer will pay into an existing Zurich PRSA without switching to their (expensive) broker.
Thanks again - I've learned a lot in the last 24 hours!
Yes, that's the way it works. You don't get to select pay day or the brand of tea bags in the canteen. Your employer has selected a broker to set up the scheme for them, which you are invite to be a member of. You are well within your rights to object to it but your employer is also fully entitled to reject the objection.I'm beginning to see that your employer gets to choose which PRSA you get, and also they seemingly get to choose the broker, and if you don't like their choices, you seemingly just have to go without employer contributions entirely.
The broker is legally obliged to offer access to a PRSA. They don't care if it's good value or not (and possibly don't know if it is or isn't). They've gotten a broker to fulfil their obligations and even gone as far as to make an employer contribution, which is more than they're required to do.It's not a ruse. Your employer is getting the employees to pay the advisor for setting up the PRSA. If they are offering a pension to their staff, they should pay for it, then you will get 100% allocation to your pension.
Yes, that's the way it works. You don't get to select pay day or the brand of tea bags in the canteen. Your employer has selected a broker to set up the scheme for them, which you are invite to be a member of. You are well within your rights to object to it but your employer is also fully entitled to reject the objection.
If they pay the fee for the running of the pension (which they should), there will be no issues.
I asked the employer if I could pick my own PRSA. Employer said that they wouldn't contribute to it if I chose a different one.
As I understand it, you could then also take out an "AVC PRSA"
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