Execution only,no advice AVC's.Does anybody know about this?

acequion

I'm sure there have been many threads on AVC's but am not sure if anyone has talked about the above termed Execution only,no advice AVC's.

So here's my query. I should be able to retire in about 7 years. Because I spent years out of the country I am missing loads of service so am trying to counter that by buying back 10 years on the notional service scheme. However I will still only manage about 30-33 year on retirement as I want to go sooner rather than later.

At the moment I can manage to save about 150€ per month in the credit union,but I am now thinking of putting that into AVC's. But the regular AVC costs €450 to set up so hardly worth it for my small savings over 7 years. So the other alternative is this Execution only,no Advice, which is exactly what it says on the tin. It's free or very cheap [not sure] to set up,you just fill out a form,payable by direct debit and you must claim the tax relief yourself. But there is no advice whatsoever. I have just rung Cornmarket and they confirmed as such.They were not allowed to tell me anything about it.

So I'm here to see if I can get any advice on the sly. Any information at all would be a help.Am I throwing good money after bad? Anyone out there who has done it,perhaps?

Thanks guys.

Geuze

I know a bit about it.

Yes, you can buy an execution-only AVC PRSA.

Several discount brokers sell them.

No advice, you choose the funds yourself, you apply for the tax relief yourself.

I'm a fan of them, as they avoid the well-known high fees charged by Cornmarket.

We got one from LA brokers in Wicklow, I've no connection to him, just a customer.

www.labrokers.ie

http://www.labrokers.ie/pensions/teachersPRSA.aspx

Geuze

To be fair to Cornmarket, in return for paying them, you do get access to staff who know the PS pension schemes. This may be important if your case is complex.

Geuze

By the way, your post seems to suggest that you can only buy AVCs from Cornmarket.

That may be true, but you can buy a flexible PRSA-AVC from other brokers.

acequion

OK. Thanks a million for that advice. I don't think my situation is complicated,I'm just short of a lot of years and am already buying back though the notional service scheme. As I would only be saving a small amount to AVCs it seems handy to avoid big costs. I looked at Cornmarket because they deal with teachers but I suppose without advice,it makes no great difference who the broker is.

Thanks again.

Geuze

This may help:

http://www.askaboutmoney.com/threads/should-i-buy-years-or-contribute-to-an-avc-prsa.60842/

Geuze

This may help:

http://www.askaboutmoney.com/threads/key-post-public-sector-pension-option-to-buy-back-service-with-periodic-contributions.29058/

http://www.askaboutmoney.com/threads/should-i-buy-years-or-contribute-to-an-avc-prsa.60842/