No I don’t want to leave the DC scheme more that I want to do my own thing with my AVC - I’m at 10% AVC currently and looking to max this to my age limit. Can I not be in the DC and a PRSA?Are you suggesting to leave the company DC scheme altogether? That is a bad idea.
Or are you suggesting to set up a PRSA-AVC, to replace your current AVC?
That seems like a very sweeping and negative generalisation.Don't think the grass is greener on the other side. The service levels in most life companies is very poor. You will have to set up a PRSA AVC, pay higher charges and likely still get bad service. Fees and fund choice/ performance is more important than service.
I have been working in this industry for 25 years and deal with the life companies on a daily basis. Service levels are at the lowest levels they have ever been at. It's usually just one company is having a bad run of it, now it's all of them. They can't get staff and retain them.That seems like a very sweeping and negative generalisation.
I've had pensions with Irish Life, Eagle Star, Standard Life and others and never had major issues with any of them.
Other than needing to shop around as charges fell and there was better value to be had by switching.
The OP won't be allowed to set up her own company scheme and that is not what she is asking either. She wants to set up a PRSA AVC.The pension companies say that you cannot have more than 1 scheme on the go at the same time. But in saying that, I have never found it in writing on Revenue's website or in the Pension Act. Is is possible I may have missed it. I have also seen Public Servants paying into 4 or 5 different schemes at the same time, if for example they get seconded into a different area etc.
BTW, Since Covid I have found the level of service from Zurich to be appalling. I am told they are now all just as bad.
One anecdotal delay obviously destroys my argument that you're making sweeping generalisations.An example of service from life company 1 - I sent in a proposal form on 1 June. It hasn't even been looked at yet.
Another was sent to another life company on 16 May. Hasn't been looked at yet.
Don't think the grass is greener on the other side. The service levels in most life companies is very poor.
An example of service from life company 1 - I sent in a proposal form on 1 June. It hasn't even been looked at yet.
Another was sent to another life company on 16 May. Hasn't been looked at yet.
Two examples.One anecdotal delay obviously destroys my argument that you're making sweeping generalisations.
I've been talking with a few people I know who work in customer service in a couple of the life insurers, and they've all been telling similar stories of people leaving to decide what to do with their lives, or starting dream jobs that aren't as secure or well paid as the dreamy monotony of processing pension applications. Covid seems to have made a lot of younger people reassess their lives and livelihoods. The industry are having to change how they view themselves as employers in customer service, but they don't seem to be ready to treat customer service people the same way the do actuaries.I have been working in this industry for 25 years and deal with the life companies on a daily basis. Service levels are at the lowest levels they have ever been at. It's usually just one company is having a bad run of it, now it's all of them. They can't get staff and retain them.
The OP won't be allowed to set up her own company scheme and that is not what she is asking either. She wants to set up a PRSA AVC.
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