Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Pension advice for late in the day

  • 12-09-2020 11:16am
    #1
    kmb
    Registered Users, Registered Users 2 Posts: 1,723 ✭✭✭


    Hi All,

    I am thinking of changing my PRSA provider and wondered what your thoughts/recommendations would be.
    I am currently with New Ireland with the Retirement Fund (IRIS) 2025.

    https://fundcentre.newireland.ie/#factsheet/f-1070-null/

    This was setup to retire at 60 which is doubtful(I am almost 55 now)
    I was paying New Ireland the standard 5% & 1% and now they are offering 3% & 1% as i am very tempted to go with Zurich under the Prisim 3 PRSA @ 31/2 % & 1%.

    https://www.zurich.ie/funds/fund-products/multi-assets/prisma-funds/prisma-3/

    The pension adviser for Zurich is stating that Zurich have better returns compared to New Ireland.
    Is anyone familiar with both of these policies able to comment?
    Value is roughly 100k.
    BTW I am risk adverse when it comes to these things due to age.

    Kind Regards,

    KMB


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,363 Mod ✭✭✭✭Jim2007


    The thing about Irish funds is that is very difficult to say how they are actually performing, since they are never mapped to any kind of composition benchmark. So it would take a good weeks work to figure it out and I'm unfamiliar with either fund.

    The pension adviser for Zurich is stating that Zurich have better returns compared to New Ireland.
    A cursory glance at the two funds suggest that asset allocations are in the same regions and the maximum period we can compare is for 5 years and the school I went to thought us that 4% is greater than 2.5%, I guess the advisor went to an alternative school.... ;-) It would be interesting to have him give you a factual explanation of how he came to that conclusion.

    Like I said I'm not familiar with the funds, but I'd certainly be very careful about take the advisor's advice.


  • #3
    The J Stands for Jay
    Registered Users, Registered Users 2 Posts: 5,786 ✭✭✭The J Stands for Jay


    kmb wrote: »
    The pension adviser for Zurich

    It seems like you should get independent advice.


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,480 ✭✭✭✭coylemj


    kmb wrote: »
    The pension adviser for Zurich is stating that Zurich have better returns compared to New Ireland.

    Relative to your current fund, the Zurich website says otherwise. The 2.5% quoted by Jim above is probably based on the bar graph on the Prisma 3 webpage but if you click on the fund fact sheet link lower down that page, they're only claiming an annualised growth rate of 1.8% p.a. over the past 5 years (to 31/07/2020).

    It's slightly better if you manually compare the fund price from 01/09/2015 (1.047) to 01/09/2020 (1.193), that yields an annualised growth rate of 2.6% p.a.

    Whereas the New Ireland website says your fund is growing at 4% p.a. over the past 5 years (to 11/09/2020).


  • #5
    stabeek
    Registered Users Posts: 142 ✭✭stabeek


    Which way did you end up going kmb?



  • #6
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,363 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/119402827#Comment_119402827

    FYI, the OP has not been up here in over 6 months.



  • Advertisement
Advertisement