PRSA.ie - Zero Contribution Charge

The PRSA.ie service is provided under the following Terms of Business

These Terms Of Business set out the basis on which Gerard Sheehy provides business services to you as an individual private client of the firm. Please take a few minutes to read through these and if you have any questions we will be happy to answer them.

Consumer Information

Gerard Sheehy is regulated by the Central Bank of Ireland and a copy of the firm’s Statement of Authorised Status is available on application. If you would like to check the Authorisation Status of this firm, you can contact the Central Bank by phone on 1890 777 777 or visit their website at www.centralbank.ie.

Description of Services

  1. The service provided to you under this Terms of Business is an Execution Only service. I will not advise you about the merits of a particular transaction and when dealing through this site, you agree that you are not expecting such advice. Any information that is provided is provided solely to enable you make your own investment decision, and does not constitute a personal recommendation or advice.
  2. The products for which Gerard Sheehy has appointments to act in relation to are all life assurance products and these include Pension policies, Savings and Investment Life Assurance policies, PRSA's and Protection type policies.

Gerard Sheehy is regulated by the Central Bank of Ireland.

Remuneration Policy

Gerard Sheehy receives commission and other payments from the product producer to whom orders are transmitted. Summary details of these payments will be included in a product information document, which you are legally entitled to receive before an application for a product is completed, and full details will be included with your cooling-off letter.

In the event of advice being offered that Gerard Sheehy would not be remunerated by the standard commission terms offered by providers, this would be made known to you, and agreed with you, prior to any advice being given or action taken. The basic hourly rate is €175.00.

Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. These fees will cover the advice on the nature of the products and selection of suitable products. Where the client selects a product issued by a provider in Appendix I, commission may be payable and used to offset the fee due. Where the commission is greater than the fee due, the commission will become the amount payable to the intermediary except where an arrangement to the contrary is made.

Conflicts of Interest

It is the policy of Gerard Sheehy to avoid conflicts of interest in providing services to you. However, where an unavoidable conflict of interest arises we will advise you of this in writing before providing you with any service.

Gerard Sheehy will, if necessary, exercise his legal rights to receive payments due to it from clients for business services provided by it and, to be reimbursed for any value obtained by the firm for clients arising from payments by the firm on behalf of clients who subsequently default in any payment due to the firm. Product producers may withdraw benefits or cover on default of any payments due under any products arranged for your benefit. Details of these provisions will be included in your product terms and conditions.

Complaints Procedure

We ask that you make any complaint against our firm, relating to services provided by us, in writing. We will acknowledge your complaint within 5 business days and we will fully investigate it. On completion of our investigation, we will provide you with a written report of the outcome.
In the event that you are still dissatisfied with our handling of or response to your complaint, you are entitled to refer the matter to the Financial Services Ombudsman or the Pensions Ombudsman.
A full copy of our complaints procedure is available on request.

Client Comfort

Gerard Sheehy maintains an €1,500,000 Professional Indemnity Insurance for all service activities.

Investment Compensation Company Limited

Gerard Sheehy is a member of the Investor Compensation Scheme, which provides certain remedies to eligible clients on default by the firm. In the event that a right to compensation has been established, the amount payable is 90% of your loss or €20,000, whichever is the lesser.

Codes of Conduct

Gerard Sheehy is subject to the Consumer Protection Code, Minimum Competency Code and Fitness and Probity Standards which offer protection to consumers. These Codes can be found on the Central Bank’s website www.centralbank.ie

Appendix 1

Product Producers from which Gerard Sheehy holds written letters of appointment to act as an intermediary:

  • Caledonian Life
  • Canada Life
  • Zurich Life
  • Friends First
  • Aviva Life and Pensions
  • Irish Life
  • Merrion Stockbrokers Ltd
  • Quinn Life
  • Scottish Provident
  • Scottish Mutual
  • Standard Life
  • Wealth Options

Nature of Products from Listed Providers

  • Pensions
  • Personal Retirement Savings Accounts
  • Savings Plans
  • Investment Products
  • Life Assurance
  • Specified Illness Cover
  • Income Protection
  • Syndicated Property Funds
  • Direct Property Investments - (which are not regulated by the Central Bank of Ireland)

PRSA.ie - Range of Products Available

You can purchase any of the following pension products by requesting the relevant information pack;

  • PRSA
  • Personal Pension
  • ARF
  • Buy out Bond
  • PRSA AVC
  • Executive Pension
  • AMRF

PRSA.ie - Online Access

Online access to your account is provided on request, where you can view the full details of your pension product.

PRSA.ie - Initial Charges

There are no initial charges on your contribution.

PRSA.ie - Management Charges

The only charge that will apply to the product will be the annual management charge as expressed as a percentage of the funds under management*.

* Additional charges will apply if more than four fund switches are made in a policy year. A Pension Board Fee (€9.50 per annum in 2009) applies to Executive Pension Plans.

PRSA.ie - Changing your Fund

You can change the profile of your investment by making a fund switch. There are four free switches available in any policy year