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Davy vow to shake up pensions market

Tuesday, October 02 16:15:30

Davy, today launched Davy Select, Ireland's first online funds supermarket and pension advice service, vowing to shake up the Irish pensions investment market.

In the UK online fund platforms have grown the market and captured 20pc market share inside 5 years.

To promote better pension provision Davy Select is calling for the abolition of exit charges by all pension providers so that consumers can invest on the basis of performance and service and not be restricted by anti consumer lock-in agreements.

"The new service, accessible online or via mobile app introduces a new level of choice, flexibility and cost transparency to the Irish pensions market. Consumers will have access to up to 10,000 investments, including actively managed funds from over 35 leading international providers. Uniquely in Ireland, Davy Select pensions will incur zero set-up fees, zero fund dealing fees and zero exit charges. This means consumers can switch between hundreds of funds with zero switching fees and zero exit charges. Davy has also introduced a commission refund system on all managed funds that can be used to further reduce already competitive charges," the financial services provider said.

"At a time when most consumers use online services for banking, insurance or to book a holiday, pension platforms in Ireland are outdated and behind the times. In the UK 6 million consumers, or an estimated 20pc of the market, have online pensions. Davy Select aims to grow the market by providing a cost effective, user-friendly online platform, with plenty of choice and complete transparency. For Davy it is the culmination of three years research and development and an investment of over E10 million. We believe Davy Select will make a meaningful contribution to pension provisioning in Ireland over the next decade," said Tony Garry, Chief Executive, Davy.