5% contribution charge plus a 400e setup charge is a very expensive. Not only are you losing the 5% but your also losing the interest on the 5% over the term of your avc.
I've spent the last number of years, before coming back to teaching in the investment game and one thing I learned is that the lowest charging fund is seldom the highest returning fund.
Anyway I made my decision on the overall package provided to me and that's what I would "advise".
I've been reading the posts on NSP/AVC with interest as I went through same issue a few months ago.
As someone who cannot avail of NSP's, ' A new entrant' the Prime Time show was wrong for me.. So I took out an AVC,paid a fee(E400) and opted for 5% charge because I liked the fund choice and service option of tax relief at source.
I've spent the last number of years, before coming back to teaching in the investment game and one thing I learned is that the lowest charging fund is seldom the highest returning fund.
BillyM fascinates me.
He has investment expertise and is happy to pay a start-up fee 2 or three times bigger and 5% rather than 0% ongoing deductions from contribution for a policy almost identical to one he could get on an execution-only basis.
He must really love Irish Life and Cornmarket.
That's always possible.
But I just hope during his financial services years he wasn't managing my investments.
That attitude to fee-charging must have made him quite the up and coming youngster in the financial services world. Many's the master of the universe who must have passed his desk but taken the moment required to ping BillyM's braces and give one of his cherubic cheeks a playful squeeze.
What I can't quite get my mind around,however, is that he describes himself as a "new entrant" in one post who cannot avail of NSP and then in a separate post we learn he interrupted his teaching career to spend "the last number of years....in the investment game". The only reason a teacher can't join NSP is that he/she would have 40 years pension contributions at normal retirement age. Just how many years did Billy put in "in the investment game". Even if he's a post-2004 starter and his normal retirement age is 65 it'll have been a hell of a rush to
and all before the age of 65.
- get a degree
- get a post-graduate teaching qualification
- search for his first teaching job (for most normal teachers that requires a period of part-time work)
- work for a "number of years" in "the investment game"
- search for his current teaching job
- serve 40 years as a teacher
One hell of a guy.
The investment industry's loss is teaching's game.
Can you clarify why you can't avail of NSPs? I'm a new entrant to the public sector, and I'm availing of them as we speak.As someone who cannot avail of NSP's, ' A new entrant'
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