QL regular premium transaction charges

C

ClubMan

Registered User
Messages
50,690
Can anybody explain the following seeming contradiction? I have emailed QL to ask.

[broken link removed]:
[broken link removed]
There is a transaction charge of €3.81 per month for regular premium Term Life policies.
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F. Kruger said:
They charge a 'policy fee' for term policies but not savings and pensions.
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The Pensions Board policy fee on pensions is mentioned [broken link removed]
There is an annual Pensions Board charge of €9.50 on occupational pension scheme policies.
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but the €3.81 transaction fee is mentioned on the form but not on the website generally. Surely a regular contribution fund is a regular premium term life policy since all of QL's funds (as with most unit linked funds) are structured as life assurance policies? I can't see that there is any other regular premium term life policy product (e.g. mortgage protection life assurance or whatever) mentioned on the Quinn Life or Quinn Direct websites so I am assuming that it refers to a regular contribution savings/investment policy.

It is quite confusing as to whether or not there is any sort of charge on a regular contribution fund and I am awaiting clarification from QL on the matter. I suspect that the form is wrong and the monthly transaction fee on regular contribution funds is a mistake and refers to a charge that they used to charge in the past.
 
OK. So what regular premium term life policies do QL sell? The form is confusing because it's specifically for a regular contribution savings/investment and mentions the regular contribution transaction fee (as well as the pension policy fee which is more obviously irrelevant). I'm sure that I am not alone in finding that confusing and, on the face of it, inferring that the regular contribution scheme does involve transaction charges.
 
And QL also got back to me and confirmed that the €3.81 transaction fee does not apply to their regular premium savings/investments policies. Not that I ever doubted you FK!
 
removing cash charges on pension / savings contributions was a clever move by QL over the last twelve months, consistent with their low/simple charging structure and a major incentive to regular savers to go the indextracking route ... it was not much heralded at the time and I think there is still some confusion based on the retention of the contribution charges for life policies

somewhat off subject, as a (reasonably) regular AAMer and QL devotee but nonemployee, can I just say that QL's quality of service both on website (recent introduction of MyQuinn etc) and via email with QL staff belies its lowcost orientation. This is a wellrun innovative company, like Ryanair, but with a very different customer ethos. Just received my SSIA cheque this week and am pleasantly surprised by efficiency of the whole operation.

Stan
 

Would have to agree, I sent in a cheque & form to add to an existing investment this week and they called me to confirm exactly what it was I wanted to do. Have always found them very responsive & plesant to deal with. (No I don't work for them either!)
 
Have to agree about the service.

I've had reason to phone them with questions a couple of times and they've been professional, friendly and above all were able to answer my questions!
 
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