transfering AVC into AVC PRSA

mula said:
it depends,

do you know enough to DIY it? if you do then i dont see any reason not to. all the info is available through your employer and online if your willing to do the research and educate yourself. mula
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I have a lot of research done on PRSA's and AVC's and would love to DIY it, but as regards swopping and changing my investment from fund to fund, depending on which would be performing better where could I get that info from on a regular basis???,

I think what Television is saying is that the employer (Department or VEC) certainly would not have that info and does n't have to.
 
Ok folks, just and update on my situation, I was onto my Marsh Adviser again today about changing my AVC to an Eagle Star PRSA AVC, the reason? because of their high charges already well covered on AAM. He said their would be no charge only a "Market Value Adjustment" charge, but he did n't get into how much? What is this and how much could it be? My fund would be in the region of €9000.
 
Ok, a further update I got onto Marsh today again about the current rate for MVA, My adviser told me it was 13% and did not recommend to move the fund while there was MVA. Thats 13% of €9000? How long might period this last? Can I still decide to freeze my contributions to the Marsh AVC and start up a PRSA Avc with Eagle Star?
 
unbelievable, I would suggest to you that you look carefully into this 13% business. sounds very high.
 
Please, tell me where can I find out such info??? I thought this is a standard charge common with all avc's that would be switched, or is it meant to be a deterent from moving from one avc provider to another?
 
maybe it is i just dont know but how exaclty do they justify this, perhaps ask LDferguson i,e message him??
 
Further update, after looking into it alot of detail and using alot of info from AAM website, (the best website for sourcing information of all), I've decided I will be freezing my AVC with Marsh. Because of the Market Value adjustment which is now gone up to 19% since July, I would be shooting myself in the foot if transfered the fund. Instead I will be continuing my contributions with an Eagle Star PRSA, Balanced Performance and/or Managed fund, claiming the PRSI and Tax relief myself. I spoke to the Marsh Rep. and put it to him about all the charges on contributions they were charging compared to a standalone prsa/avc, he had no answers for me. Thank God I am still relative young, and I have n't lost toooo much to Marsh. Does anyone have any comments before I take the plunge!!!
 
So what you are doing is

1. leaving your existing fund with marsh but not paying in any more
2. creating a prsa avc with egal star

Am I right?
 
television said:
What implication will that have for you when you try to get the money out of Marsh?
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I cant take the money out, I will be leaving the fund (around €9000) in Marsh (Secured Perfrormance Fund) until retirement. I can still contribute to it again if desirable. However after asking the Marsh Rep., he told me that I can, draw down all of it in retirement i.e. maximise my Tax free lump sum and then increase my pension or have the ARF option. So I am happy enough with that. Once you contribute to any AVC you cant get the money back anyway until you retire.
 
television said:
yes but will they charge you a yearly fee for holding the fund?
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I am assuming they will keep charging tha Administration fee, of 1% but if the fund keeps growing by even a small amount it should sustain that. The other option is to withdraw all of the fund (around €9000) and be deducted the Market Value Adjustment of 19% and be finished with them, but that would mean around €1710 down the tube. What would you do???????
 
one per cent of nine grand over forty years is that 3600 and thats not taking into account the compounding of your money. Or am I missong something
 
television said:
one per cent of nine grand over forty years is that 3600 and thats not taking into account the compounding of your money. Or am I missong something
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Well From now until I intend to retire would be 20 yrs or there abouts, so that works out at around €1800, so it is 6 of one, half a dozen of the other, as they say, but its a good point you make, thanks. If the MVA drops from 19% in the future, I'll be ready to withdraw then.
 
As your nine grand increases if your fund increases then the one percent of that figure becomes greater. Id say take the hit and take your money out of there and transfere it to your new fund. Of course Im no expert. would really appreciate if you kept me updated.
 
Will do, Television, I am a TUI member myself and am totally p***ed withthe union and they way they have treated their members.
 
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