Self admin. pensions - some details

J

johng7

Guest
I'm an owner/director of a Ltd. company, trying to figure out if a self administered pension would suit me.

I already have some funds in a directors pension fund - so could I move these to a self admin. pension to cut down on future commissions and charges?

Also a supplier of mine is a plc. which gives my company shares in lieu of a discount - these are in the Ltd. companies name, so I'm wondering if these can be transferred to the self administered pension fund if I set one up?
 
Is this any use?
 
O, thanks for the reply - as usual this is a topic already well covered on AAM !
Just one thing - Brendan mentions a trustee firm called "Self Invested Pension Funds" who I can't track down to contact - can anyone help, or else recommend another good value pension trustee, as the fees do vary.
Thanks again for your help.
 
sipf ltd

found it on the golden pages website;

SIPF Ltd
Landscape House
Landscape rd
Dublin 14
Ph: 01 2965010

BTW can you post up their approx prices that they quote when you've spoken to them.
 
self admin schemes

On reviewing the thread referred to in this e-mail I came across the following comment:

"If you do the investment management and admin yourself, there are no other charges - no actuarial fees, no audit fees etc."

Whilst the Pensioneer Trustee fee may well include the cost of these services it is important to realise that services of this nature are required if the scheme is to be compliant. For example it is a requirement of pensions law that accounts be prepared by an auditor. Also the Pensioneer Trustee must involve itself in the administration if the Scheme is to meet Revenue requirements e.g. the Pensioneer Trustee must appear on the title to property.

Aidan
 
SIPF Ltd

Thanks a million for the help and feedback on the self administered pension funds.
I contacted SIPF Ltd today - Terry Crilly is the man I talked to and I'll certainly be dealing with them to set up a self administered pension fund. Terry gave me some excellent advice, basically finding out if a self administered pension would suit me.
The fee structure is very reasonable and - most importantly for me - very transparent.
Set up cost of fund €3175
Annual cost per year €625 - and not a percentage charge in sight!!
This is definitely the best value I have come across in this area and they really know what they're talking about.
Again thanks to all at AAM for pointing me in the right direction.
 
SIFP Ltd

John,

I notice that Brendan mentioned a fee of 3000 and 300 annually from these guys yet when you spoke to them it was 675 annually. I agree with the sentiment re percentages, but is this annual fee fixed or will they put it up annually. How tied in to them are you?
 
SIFP Ltd

John,

My apologies. I see that I have got some of my figures wrong. Brendans figures were quoted in pounds which suggests that they were quoted some time ago and I also mentioned 675 instead of 625.

All the same, my questions over increased annual costs and being able to move are still valid.
 
Re: SIFP Ltd

Sandycove,
Self administered pensions are not cheap to set up and are not for everyone. However, the flexibility of being able to invest your pension in a mix of stocks, funds and property of your own choosing is very appealing to many people including me.
I don't see the ongoing cost of the trustee increasing dramatically - there is already another pensioneer trustee matching these rates on the market. Of course, some firms are charging over the odds and they seem to be getting away with it - these may be trading on the fact that they already have a relationship with the client or provide other services above and beyond that of a trustee.
 
SIFP

John,

Thanks for that. I do realise that it is a fantastic scheme. As you mentioned, some people seem to be charging over the odds (particularly those charging percentages on leveraged assets). I presume that competition will sort out the costs. Do you have the name of the other pension trustee as well.

Many thanks
 
Re: SIFP

The other pensioneer trustee who is matching SIFP's rates is
AIC Ltd.
AIC House
16 Bridgecourt Office Park
Walkinstown Ave.
Dublin 12
Ph. 01 4659422
 
SIFP

There is another firm that seems to have a lot of expertise in this area. I got a newsletter from them and followed up by setting one up. They're set up cost is lower and the ongoing is slightly higher.

Meritas Financial Advisors
Sandyford Office Park
Sandyford,
Tel 2945600
e-mail: info@meritas.ie
 
Re: SIPF Ltd

I think that it should be pointed out that we (SIPF Ltd) can charge the fees we say we do because we know what we are doing, and do it efficiently. Others of our competitors sub-contract out legal and actuarial work, thereby adding to costs. We do it all here, ourselves, for the stated fee. Also. it helps if you, the client, are good at record-keeping yourself: some people set up SSAPS' and expect the pensioneer trustee to do everything, which isn't possible. Our main concern these days is trying to judge whether or not a new client will be good at keeping basic books, etc.

For now, I've just put together a discussion paper on the subject and will try to post it up.
 
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