A prospective client rang me last week. We had been referred by a friend of his. Essentially, he was contributing into an executive pension plan, company arrangement, with Irish Life, for the last 10 years. He had 20 years to go to retirement.
I carried out a review of his policy and established that Irish Life have been charging an annual management charge of 1.25% pa. They had broken it down as 1% management charge and .25% plan charge. We persuaded Irish Life to remove the plan charge immediately.
The overall result means that our clients fund will grow by an additional amount of c €40,000 by retirement date. This little change in the contract that we were able to negotiate will make a huge difference to our client.
We charged him a fee of €250.00 for this advice.
It just goes to show, you never know what kind of money we could help you save!