Sunny, the 1% management charge isn't for running the cash fund. Those charges are deducted as well and are reflected in the unit price of the fund. Insurance companies do not disclose these charges but they are typically 0.4% - 0.8%.
The 1% AMC is the cost of light & heat, staff wages etc and profit.
Back to the OP, it is a clear case of someone investing in cash at a time when deposit returns are at a historic low. You would question why someone would advise an 8 year cash investment strategy.
Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
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