Hi @Ent319, does the information here still stand? I ask because I had a Cornmarket rep out to the house today & she was either total unaware that we can access other Irish Life funds through Cornmarket, or was unwilling to advise on them. She completely denied that there was any other option than the Public Sector cautious/balanced/adventurous. Seemed quite put out when I didn’t sign up to any of them Where can I find the fees charged for the different fund fees too, please? All I can see is the 1%. Thanks a mill
Key Post The Single Public Service Pension Scheme
- Thread starter Ent319
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Heya,
So investing in other Irish life funds is 100% allowed. See the no advice application form here: https://cornmarket.cdn.prismic.io/c...6_No_Advice_AVC_Application_Form_08-21_D3.pdf
As regards specific fees on other funds I’m trying to get to the bottom of this atm following Gerard’s posts.
Johnthomas92
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In the no advice application form you shared here, the only index funds offered are:
- Indexed Developing World Equities
- Indexed Emerging Market Equities
You can write down the Irish Life fund you want to invest in in that section of the form and they will put you in it. That’s what I did.
Hi Wally, it’s very kind / humbling for you to ask that but I don’t provide financial advice at all (see disclaimer at top of thread). There are posters on the forum who are financial advisors (like Gerard in this thread) who should be able to help you out if you have queries. I only really dip my toe in pensions stuff.
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CharlieMac
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Thank you to all contributing to this excellent thread.
@gort_gráinneog Can you please give some more explanation about how to fill in the items in the blue box in your spreadsheet AVC contribution calculator?
Standard Rate band - If my salary is €84k then what do I put in here? Is it €0.40 for 40%?
Annual Tax Credits - Where do I get these? How do I enter them?
Cycle to Work - What is this for?
Credit Union - What would one put in here and why?
Union - Is this maybe the amount I pay as a subscription to a workplace Union?
Income Continuance - What would go in here?
Thank you.
gort_gráinneog
Registered User
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No problem
Standard Rate band - This is your rate band according to your Tax Credit Certificate. For 2024, a single person with no adjustment the rate band is €42,000.
Annual Tax Credits - This is the amount of your tax credits according to your Tax Credit Certificate. For 2024, a standard single person would have €3,750.
Cycle to Work - This is only if you're availing of the Cycle to Work scheme and have a relevant deduction for this. This is only if you do this, otherwise leave blank or enter 0.
Credit Union - Many people pay directly into their Credit Union account from payroll. This is only if you do this, otherwise leave blank or enter 0.
Union - If you're a member of a union, generally you pay your membership as a percentage of your salary. If you are a member you can input what that percentage is here. For example 0.5% or 1%. If you are not a member, leave blank or enter 0.
Income Continuance - Many people pay into an Income Continuance scheme and similar to the union membership, it is generally charged at a percentage of your salary. There is tax relief available on this and it's built into the calculator. You only need to input the percentage charge of the scheme. For example 0.57% or 0.75%. If you do not pay into an Income Continuance scheme, leave blank or enter 0.
I hope this helps. I think you should refer to your Tax Credit Certificate which is available within the My Documents folder/heading of your myAccount profile on revenue.ie. It will inform you of your amount of rate band and tax credits.
Heya folks so I've been doing a bit of digging to figure out precisely what Irish life funds are available to invest in via the Forsa AVC and what the AMCs for those are. I've got a list of funds but not the AMCs yet - this will have to wait till after Christmas.
It seems there may be multiple variations of the world equity index fund with similar names but different AMCs and that AMCs may also vary depending on your particular scheme (e.g. whether you're in the Forsa AVC scheme or AHCPS AVC scheme). So take previous discussion on fees in the thread with a slight pinch of salt (a mod might score out / highlight this is being explored further under heading 6 and in my post of 13th of October if they have a sec).
As regards remuneration for cornmarket, I haven't been able to secure any details of this beyond what's publicly available and explored by GSheehy previously in the thread. I have confirmed with Cornmarket there's a 100% allocation of money invested so the arrangement isn't affecting your bottom line as an investor.
It seems there may be multiple variations of the world equity index fund with similar names but different AMCs and that AMCs may also vary depending on your particular scheme (e.g. whether you're in the Forsa AVC scheme or AHCPS AVC scheme). So take previous discussion on fees in the thread with a slight pinch of salt (a mod might score out / highlight this is being explored further under heading 6 and in my post of 13th of October if they have a sec).
As regards remuneration for cornmarket, I haven't been able to secure any details of this beyond what's publicly available and explored by GSheehy previously in the thread. I have confirmed with Cornmarket there's a 100% allocation of money invested so the arrangement isn't affecting your bottom line as an investor.
Yes, the same fund can have a wide range of possible charges, depending on the channel or broker through which it is bought.
A pair of shoes leaving an Adidas factory may be 10 euro, but the end customers might pay a wide variety of prices.
Yes. This is clear. The underlying issue is that the materials people are provided with to sign up to the scheme are inconsistent / don’t give you an answer.
Thank you @Ent319 for all this information.
You mentioned choosing a good fund balance depending on your age.
What do you propose for a 50 year old (joined public sector post 2013), planning to work until age 65?
Here's a screenshot from the current AVC form.
Thanks in advance (I understand it is not official financial advice but some info would be greatly appreciated!)
You mentioned choosing a good fund balance depending on your age.
What do you propose for a 50 year old (joined public sector post 2013), planning to work until age 65?
Here's a screenshot from the current AVC form.
Thanks in advance (I understand it is not official financial advice but some info would be greatly appreciated!)
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CharlieMac
Registered User
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In relation to the option to purchase referable amounts on the Single Pension Scheme by way of transferring a AVC PRSA...
From what is stated in one of the earlier posts in this thread and in Circular 15/2019 if you purchase referable amounts by way of transferring an AVC PRSA then the amount in that fund that is in excess of that required to purchase the benefits is forfeited.
Maybe I don't fully understand this but I wonder why did they make that rule?
If in time I manage to build a sizeable AVC PRSA I would like the option to split that in to two... one would be just enough to purchase all the Single Pension Scheme referable amounts I am entitled to by way of transferring that AVC PRSA. Then the other AVC PRSA perhaps I would convert to an ARF.
Again I might be misunderstanding this. The only reason I would hope to do this is to avoid that ridiculous rule that makes you forfeit some of your fund when you purchase by way of transfer.
I have emailed the Single Pension Scheme they told me to contact my local pensions office I emailed them twice and got no answer. I have also emailed Irish Life/Cornmarket twice and also got no answer. This weekend I emailed the Pensions Authority and I won't hold my breath. For what it's worth I asked ChatGPT who is adamant that it is possible to split one AVC PRSA into multiple PRSAs if needed. Must be true so!
Can anyone confirm if an AVC fund can be split in two? Say I was paying in to one for 10 years and right before I retire I want to split it in two then, is that possible?
Lastly what is the benefit of paying in to an AVC PRSA over putting a percentage of your salary in to a regular PRSA? Sounds like a normal PRSA can definitely be split in two.
Cheers.
From what is stated in one of the earlier posts in this thread and in Circular 15/2019 if you purchase referable amounts by way of transferring an AVC PRSA then the amount in that fund that is in excess of that required to purchase the benefits is forfeited.
Maybe I don't fully understand this but I wonder why did they make that rule?
If in time I manage to build a sizeable AVC PRSA I would like the option to split that in to two... one would be just enough to purchase all the Single Pension Scheme referable amounts I am entitled to by way of transferring that AVC PRSA. Then the other AVC PRSA perhaps I would convert to an ARF.
Again I might be misunderstanding this. The only reason I would hope to do this is to avoid that ridiculous rule that makes you forfeit some of your fund when you purchase by way of transfer.
I have emailed the Single Pension Scheme they told me to contact my local pensions office I emailed them twice and got no answer. I have also emailed Irish Life/Cornmarket twice and also got no answer. This weekend I emailed the Pensions Authority and I won't hold my breath. For what it's worth I asked ChatGPT who is adamant that it is possible to split one AVC PRSA into multiple PRSAs if needed. Must be true so!
Can anyone confirm if an AVC fund can be split in two? Say I was paying in to one for 10 years and right before I retire I want to split it in two then, is that possible?
Lastly what is the benefit of paying in to an AVC PRSA over putting a percentage of your salary in to a regular PRSA? Sounds like a normal PRSA can definitely be split in two.
Cheers.