When I was looking at Zurich, I found a 0.75% AMC if contributing > 500 per month.In a previous thread I read lower charges are available for PRSAs with a value >€100k.
Current PRSA with Zurich; 100% allocation, AMC 1% (through discount broker).
Could anyone provide details of a lower-cost plan?
Thanks in advance
When I was looking at Zurich, I found a 0.75% AMC if contributing > 500 per month.
Ooh. Good point. It was an Exec Pension. My bad.Are you sure it was a PRSA?
Ooh. Good point. It was an Exec Pension. My bad.
You don't mention if there are ongoing contributions. You can get 100% allocation and 0.65% AMC for Vanguard funds through Standard Life, but only on the accumulated fund. Any broker with a Standard Life agency can do this for you.
There have been no contributions to the PRSA for the last couple of years but there may be in the future. Would it not be possible to make further contributions?
Does the said Vanguard fund operate a default investment strategy based upon age?
Also are there any brokers on AAM or elsewhere who would arrange a fund transfer?
They applied to the Pensions Authority to have a 100% allocation, low AMC for their AP contract and the Pensions Authority told them they have enough PRSAs as it is and they were to make do with what they have. It makes it a bit of a pain in that you can transfer a fund over €100k into a PRSA and get 100% allocation with 0.65% amc but if the client wants to contribute, you have to set up a new PRSA, otherwise they only get 95% allocation.You can make further contributions but oddly Standard Life offer a different charging structure for ongoing contributions. You can have 95% allocation and 0.65% AMC or other variations with higher allocation and 0.9% AMC - variations depend on what your broker is charging.
There isn't a default strategy but there are several Vanguard funds available with varying equity / bonds mixes and you can switch between them as you get older.