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Irish Parliament: more room for charges

The Republic of Ireland has unveiled its planned stakeholder-style pension, the Personal Retirement Savings Account, but without the tough charging regime.

The new pension shares all the hallmarks of stakeholder, including an emphasis on portability and flexibility, but the products have charges capped at 5 per cent of contributions and 1 per cent of total assets.

Scottish Equitable pensions development director Stewart Ritchie says: “It is interesting that a country with a pension system so similar to ours should do what the UK has done in principle but feeling they need more room for charges. It is an interesting independent view.”

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