Fees & Charges
As a business we do need to receive payment for our services so this section will set out the general fees associated with the services which our firm may provide to you. At abm financial advisers, we believe in transparency which is why we are happy to share our fees and charges with you. We would be happy to clarify any queries you may have in relation to these fees.
Pensions
The commission varies on the complexity and speciality of the product. Charges will vary but in general there tends to be lower charges on higher contributions. For example, for a Standard P.R.S.A. we would receive 5% of the monthly contribution however higher contributions would benefit from lower charges of, for example, 3% which means that 97% of your contributions are then invested. This is known as the allocation rate, i.e. the percentage of your contributions which are allocated to your fund. The fund management charge is the charge applied by the investment manager (for example Eagle Star/Zurich) for providing/managing the fund in which your contributions are invested. The fund management charge is typically 1% of your fund. The exact figures will of course be disclosed at point of sale in your specific key features and disclosure document.
Group Pension & Benefits Arrangements
The fees and charges in relation to our group pensions vary in accordance with the pension arrangements in place. A P.R.S.A. arrangement for example will be charged on a commission basis such as 5% Commission basis and 1% Fund management charge.
Defined Contribution schemes depending on the scheme specifics and plan structure are on the basis of either a fund management charge or, a fixed fee basis and fund management charge.
The fee basis for insured arrangements varies according to the pension provider but our fees are on a fixed fee and/or commission basis.
We offer Service Level Agreements on all our corporate schemes.
Deposit Accounts/Regular Saver Accounts
We receive up to a maximum of 0.35%, depending on the amount invested. This is exactly the same rate as offered directly by the financial institutions however we investigate the most competitive arrangement on your behalf and report back to you with our findings. Again, we do not charge for this service but instead receive payment from the financial institution with which you place your business. Our priority is ensuring that you are satisfied with the terms of your account.
Life Cover, Specified Illness and Income Protection Cover
The commission we receive differs on the specific product and provider choosen. Generally, we receive the 1st years premium as a commission, with a much smaller amount receivable from year 2 onwards, typically 3%. The exact figures will of course be disclosed at point of sale in your specific key features and disclosure document. We provide each of our clients with a document detailing the quotation received from each of the seven providers, and would always recommend the best option for their requirements. We offer the exact same rates as the life insurance companies themselves however we offer a wider choice, and the security of knowing that you have secured the most competitive quote.
