PRSA or Personal Pension?

[CSN]

Hi,

Can anyone advise as to whether a personal pension or PRSA is a better option? Personal pensions seem to deduct a large part of your first year's allocation (approx. 50% in the pension I was quoted) as a fee for setting up the policy - is this offset by better performance over time? Also, is there much difference between the two in terms of flexibility?

Any help appreciated.

 

[bocade]

Stay away from pensions that charge 50% upfront. This has got nothing to do with potential performance and all to do with taking excessive charges. There are personal pensions available at 1% pa and no other charges.

Limited difference between PRSA and personal pension in terms of flexibility. Make your decision based on low charges and funds.

 

[Guest126]

You should be able to set them up for the same fee - i.e. a once off set-up fee and a 1% fund management fee.

The PRSA is more flexible in that you can bring it from employment to employment and transfer it to company pension scheme if you join a company that has a pension scheme.

The only reason to go for Personal Pension would be if you want to invest 100% in Property Funds.

 

[curious20]

what generally would be the upfront fee charged for setting up a prsa?

 

[ClubMan]

You mean for a 0%/1% (i.e. 0% on each contribution and 1% annual management fee)? A few hundred €s as far as I know. Say €200-€400.