myDavy Online Help
Frequently Asked Questions
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You can enter trades through Davy Select 24 hours a day, 7 days a week, but your order will only be forwarded to the relevant market during Davy opening times (Monday to Friday 7:30am GMT to 9:00pm GMT, excluding Bank or public holidays) and dealt during market opening hours for that market, as listed below.
In some cases, particularly overnight or over weekends, where orders are placed for execution in markets in different time zones to Davy, there could be a significant lag between when you place the order online and when it is actually executed. The individual market opening hours listed are Monday to Friday and do not take account of Bank or public holidays.
As the name suggests, the Davy nominee service operates such that our nominee company holds assets on your behalf. There are a number of reasons why a potential investor may wish to avail of our nominee service.
Some of the reasons are:
When you receive a dividend on your account an alert will be sent to you by email or post, depending on the account correspondence type you have chosen.
Income from dividends will appear on your transaction statement as cash. If you would prefer reinvestment of your dividends (known as SCRIP/DRIP) please contact us to request a change of dividend type on davyselect@davy.ie or 01 614 8900
Client funds will always be held either in pooled client asset settlement accounts, pooled client asset deposit accounts or individually designated client asset deposit accounts with an eligible credit institution. Further information about the credit institutions we use is available upon request.
Client funds are protected by rules laid out in the Client Asset Requirements (more information) which includes obligations relating to the segregation of client funds from the firm’s funds, accurate record keeping, regular reconciliations between the firm’s records and the eligible credit institution’s, counterparty due diligence, etc. Prior to lodging client funds with an eligible credit institution, we receive a written confirmation from the credit institution that client asset accounts are legally segregated from any bank account that Davy itself may hold.
If any holding is unavailable for trading, please email us to request that it be set up for online trading.
Most markets have no minimums. However the following markets do:
All Non US Persons are subject to US tax at a rate of 30% on income they receive from US sources, such as dividends on US securities. If you reside in a country that has a double taxation treaty agreement with the US, you can avail of a reduced rate of tax deducted, generally 15%. This US tax is also charged on sales of US securities for Non US Persons at a rate of 30%. For a person residing in a country that has a double taxation treaty agreement with the US, the rate of tax (on sales proceeds) is reduced to 0% with the completion of a W-8BEN form. (Tax rates correct as of October 2015).
Ireland, the United Kingdom and most other EU countries are among the countries that have a double taxation treaty with the US.
To avail of this reduced rate of tax, we must ask clients to complete a US tax form (W-8BEN), also known as a 'Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding'. The purpose of the form is to “certify” the country you live in and to confirm you are not resident in the United States.
If your account is a joint account with another person, both account holders must complete and return separate W-8BEN forms. If you require a second form you can either download it using the link below, contact us on 01 614 8900 for trading accounts or email us and we will forward one to you.
Download a W-8BEN Form
Warning: The information contained herein is based on our understanding of current tax legislation in Ireland and the current Irish Revenue interpretation thereof and is subject to change without notice. It is intended as a guide only and not as a substitute for professional advice. You should consult your tax adviser for the rules that apply in your individual circumstances.
A share can be listed on more than one exchange. This is known as dual listing. If a share is listed on exchanges in different time zones dual listing can increase the hours during which you can trade the stock. Dual listed stocks can sometimes provide more liquidity.
When a stock is dual listed, the listing on one exchange is considered to be the primary listing, and other listing is considered to be the secondary listing. This simply means the company is likely to release new shares on the primary exchange before it releases it on the secondary exchange.
We generally display the price of the stock on the primary exchange. If you would like a price for the secondary exchange, please call the Davy Select dealing desk on 01 614 9000.
An "At Market" or "At Best" order is where you place an order without a price limit and you are willing to accept whatever price quote the market dictates at the time of dealing.
A Personal Retirement Savings Account ('PRSA') is a tax efficient investment account designed to enable you save for retirement in a flexible manner.
A standard Personal Retirement Savings Account ('PRSA') is one where you cannot be charged more than 5% on the contributions you pay and 1% a year on the funds under management; you can only invest in pooled funds, except for temporary cash holdings.
A non standard PRSA is one where there is no limit on charges and you can invest in a range of funds, including (but not restricted to) pooled funds.
A vested PRSA is a PRSA from which assets of the PRSA have been made available to the PRSA owner or any other person.
If you are a member of your company's pension scheme, and would like to make additional retirement savings, you have the option of setting up an AVC PRSA into which additional voluntary contributions (AVC) can be paid and/or transfers from existing AVC pension arrangements can be made.
A tax-exempt investment fund into which you can transfer the balance of your PRSA fund, upon exercising your retirement options after withdrawing your tax-free lump sum of 25%.
An income payable for the remainder of your and/or your spouse's lifetime, purchased with the balance of your PRSA fund after tax-free cash has been taken.
A Retirement Annuity Contract (RAC) is a personal pension plan available to individuals who are self employed or in non pensionable employment.
A PRSA is a tax efficient investment account which enables you save for your retirement in a flexible manner. It allows you and/or your employer to make either regular or once-off contributions which are tax deductible. The Davy PRSA is a Non-Standard PRSA contract approved by the Pensions Board and the Irish Revenue Commissioners.
Anyone can take out a PRSA, regardless of his or her employment status. If you are a member of an Occupational Pension Scheme through your company, you can only take out an AVC ('Additional Voluntary Contributions') PRSA.
You contribute to your PRSA. If you are an employee, your employer may contribute but is not obliged to do so.
There is no limit to how much you can contribute but tax relief on contributions is restricted. Contributions paid by you and/or your employer will be combined for the purposes of determining maximum contribution limits for tax relief purposes. You will receive full income tax relief at your marginal rate on contributions within the limits set out in the table below:
Source: Davy
The rate of 30% applies to certain specified occupations irrespective of age.
* Net Relevant Earnings: Earnings from a trade, profession, office or employment which are subject to income tax. Net relevant earnings are capped at €115,000 for 2015 (Part 30 of the Taxes Consolidation Act (TCA) 1997 as amended). To the extent that you pay contributions in excess of the limits above, tax relief would be carried forward to future years. However employer contributions which cause the limits above to be exceeded will be changed to tax as income of the employment.
You can make contributions to your Davy PRSA in the following ways:
The contract is set up as a single premium contract so there is no obligation for you to pay future contributions. However, you can make a further contribution at any point in time.
There is no maximum contribution. However, the amount of tax relief which can be claimed will be restricted to the standard age related contribution limits set by the Irish Revenue Commissioners.
100% - there are no contribution charges.
Transfers can be accepted from other pension arrangements including:
The value of any AVCs can be transferred from an Occupational Scheme subject to some restrictions.
The full value of your PRSA is available to transfer to another pension arrangement such as:
There are no charges for transferring your benefits out of the PRSA.
You can normally start taking your benefits from age 60 (and up to age 75). In certain circumstances, you can take benefits earlier such as if you retire from employment at age 50 or over or if you can no longer work because of a serious illness or disability.
The amount of benefits on retirement depends on the value of your fund, which will depend on the level of contributions paid and the investment return earned on those contributions. The Davy Select PRSA offers flexible retirement options. You are entitled to the following benefits on retirement the first time you draw funds from your PRSA:
A once-off lump sum of up to 25% of the value* of the assets and either:
*The first €200,000 of a lump sum is tax free and the next €300,000 is subject to tax at the standard rate (20% at January 2016). The balance over this limit is subject to marginal income tax (up to 40% at January 2016) and levies. For AVC PRSA, the maximum tax-free lump sum is subject to the limits applicable to your occupational or statutory scheme and limits set down by the Irish Revenue Commissioners.
If you die before you first draw on your PRSA, your PRSA fund will be transferred to your Estate tax free but could be subject to tax in the hands of the beneficiaries as an inheritance from you.
If you die after taking your benefits, the benefits payable will depend on your chosen retirement option.
The contract is not enforceable until a period of 30 days has elapsed from the date on which you are given a ‘Statement of Reasonable Projection’ and you may cancel this contract at any time during that ‘cooling-off’ period. If you cancel within the cooling-off period, you normally get a full refund of contributions you made to your PRSA. You may be charged if you paid single contributions and a loss incurred as a result of investment market volatility during the cooling-off period.
Application form including:
The terms and conditions of the PRSA contract.
(Generic) Preliminary Disclosure Certificate.
Investment Account opening documentation and Terms of Business.
An ARF is a personal tax-efficient investment fund into which you can transfer all or part of the balance of your pension fund after you receive your retirement lump sum.
ARF is available to members of an Occupational Scheme (assuming scheme rules allow) and individuals that hold a Personal Pension, Personal Retirement Savings Account (PRSA) or Retirement Bond and have reached Normal Retirement Age or have taken Early Retirement.
No. An ARF is a post retirement product which is designed to provide an income for you in retirement. It can only accept transfers from existing pension arrangements.
The only assets which can be transferred into your ARF are:
The value of your ARF is available to transfer to another ARF provider. There are no charges for transferring your benefits to another ARF provider.
Under an ARF, you will enter into a contract with a Qualifying Fund Manager ('QFM'). The role of the QFM is to ensure your ARF is managed in line with prevailing Revenue guidelines and legislation and to account for any tax that may be due on distributions from ARFs. J&E Davy (“Davy”) has been approved by the Irish Revenue Commissioners as an approved QFM and your ARF is held in your name by Davy as the QFM.
You should be aware that you will remain the beneficial owner of all assets in your ARF.
You can withdraw funds from your ARF when you require. You may make regular withdrawals or single ad hoc withdrawals from your ARF.
Legislation has introduced an annual taxable ‘imputed distribution’ which will be applied to the value of assets in ARFs. This means that PAYE will be payable on an amount which is assumed to be taken out of your ARF by you. The imputed distribution amount as at January 2016 is:
- 4% for individuals with combined ARF and vested PRSA assets less than €2 million and who are between 60 and 69 for the full tax year - 5% for individuals with combined ARF and vested PRSA assets less than €2 million and who are 70 or over for the full tax year - 6% for individuals with combined ARF and vested PRSA assets more than €2 million and who are 60 or over for the full tax year Note: the higher rate of 6% will apply to the entire aggregate value of the assets held in an ARF(s) and/or Vested PRSA(s) (not just that portion in excess of €2.0 million).
This imputed distribution is applicable to ARF holders who are 60 or over for the full tax year. Actual distributions made during the year from the ARF may be deducted from the imputed distribution to arrive at the net imputed amount, if any, to be regarded as a distribution.
In the event of your death, your ARF becomes an asset of your Estate and will therefore be subject to the terms of your will or should you die without leaving a valid will, it will be dealt with in accordance with the intestacy provisions of the Succession Act 1965. A transfer of ARF assets after your death is taxed as follows (as at June 2016):
There will be
In all cases, other charges apply. Please click here for more information on fees and charges.
For more information on the risks of investing in an ARF, please read risks of investing in pensions.
Warning: The income you get from this investment may go down as well as up.
A Personal Retirement Bond is a single premium pension account designed to receive a lump sum payment from your former employer’s occupational pension scheme.
A Personal Retirement Bond is available to individuals who hold retained benefits in an occupational pension scheme from a previous employment, or a scheme that is winding up.
No. A Personal Retirement Bond is a single premium account which is designed solely to accept a transfer from an occupational pension scheme. No further contributions can be made.
Yes. Transfers can be accepted from other pension arrangements including:
Yes. The full value of your Personal Retirement Bond is available to transfer to another pension arrangement such as:
There are no charges for transferring your benefits out of the Personal Retirement Bond .
You can take benefits from the Normal Retirement Age of the transferring Occupational Pension Scheme/ Personal Retirement Bond (this can be from age 60 to age 70). In certain circumstances, you may be able to take retirement from age 50 or over if you retire from employment or if you can no longer work because of a serious illness or disability.
Note: Benefits must be taken under this contract at the same time as benefits are taken from any other schemes or contracts associated with the original occupational pension scheme.
The amount of your benefits on retirement depends on the transfer value paid into your Personal Retirement Bond , the investment return earned on your portfolio, and Revenue limits and restrictions.
The Davy Personal Retirement Bond offers flexible retirement options1 which are payable in accordance with the rules of the original occupational pension scheme from which benefits were transferred. You are entitled to take benefits in one of two ways:
Note: This option is only available in respect of AVCs paid to the original occupational pension scheme, in respect of transfers from a Defined Contribution Scheme and for transfers from Defined Benefit Schemes where the contract holder was a Proprietary Director member of the original occupational pension scheme.
Note: It is a condition of approval by Revenue that benefits provided from this contract are subject to certain Revenue maximum benefit limits as applies to the occupational scheme or arrangement from which benefits were transferred.
1 Please see ‘Standard Fund Threshold’ in the Davy Personal Retirement Bond pack for further details. 2 Please see ‘Taxation of Retirement Lump Sum’ in the Davy Personal Retirement Bond Application pack for further details. Please call 01 614 3311 to request a pack.
In the event of your death before you take benefits from the Personal Retirement Bond , the full value of your portfolio at the date of payment will be transferred to your estate but may be subject to Inheritance Tax in the hands of your beneficiaries where inherited by a beneficiary who is not your spouse or civil partner at the date of your death. The death benefits payable will be based on the value of your Personal Retirement Bond at the date of payment. The date of payment is dependent upon factors such as the date the probate is issued and the benefits payable may be more or less than the value of your Personal Retirement Bond at the date of death.
Yes, there are risks associated with all investments. For more information about the risks that prospective investors should consider prior to making a decision to invest in a pension product, please read risks when Investing in pension products below.
Please refer to the Davy Personal Retirement Bond Application pack for further details. Please call 01 614 3311 to request a pack.
Warning: This website does not constitute investment advice as it does not take into account the investment objectives, knowledge and experience or financial situation of any particular person or persons. Prospective investors are advised to make their own assessment of the information contained herein and obtain professional advice suitable to their own individual circumstances.
The following is a list of some important risks factors that prospective investors should consider prior to making a decision to invest in a pension product, including the PRSA, Retirement Bond and ARF. The list is not intended to be comprehensive or exhaustive. It is for informational purposes only. Various other risks also apply.
Each investor is responsible for making all of the investment decisions in relation to his or her pension. These decisions may not be correct. As a result, there is a risk that the pension may be under funded by the investor and/or the value may be insufficient at retirement so that the investor's long-term retirement needs may not be met. It is important that each investor seeks independent professional advice prior to making any decisions which have tax, legal or other financial implications.
The value of the investment may go down as well as up. Investors may lose some or all of the money invested. There is no guarantee that the pension will meet its objectives of long-term capital appreciation or the level of income required.
Past performance is not a reliable guide to future performance. The pension may be invested in particular securities, such as stocks or bonds, which can fall in value at any time due to the value in global stock markets.
The pension may have exposure either directly or indirectly to non Euro currencies. Currency movements may impact negatively on the overall performance of the pension product.
Investments may be adversely affected if any of the institutions with which money is deposited suffer insolvency or other financial difficulties (default).
The pension may be invested in securities which cannot be easily sold in the market at a fair value and therefore cash may not be available to the investor when needed.
Pensions are a long term investment and the effect of inflation can erode any ‘real’ investment returns over time.
Tax laws and regulations are constantly changing, and they may be changed with retrospective effect which may have a negative impact on pensions or underlying investments. No assurance can be given regarding the actual level of taxation that may be imposed upon pension schemes or underlying investments. Any tax information that may be provided for Irish resident clients is based on Davy’s current understanding of the tax legislation in Ireland and the Revenue interpretation thereof. It is provided by way of general guidance only and is neither exhaustive nor definitive and is subject to change without notice. It is not a substitute for professional advice. You should consult your tax advisor about the rules that apply in your individual circumstances.
The pension scheme and/ or any underlying investments in funds can be subject to investment management risk, whereby there is a risk that there will be a financial loss due to the investment manager making the wrong investment decisions. The investment manager may choose the wrong asset allocation or specific stock selection or overall investment strategy.
Specifically with ARFs, there is a risk that an investor who takes regular withdrawals and/or imputed withdrawals over the life of his or her retirement is exposed to ‘bomb out’ risk, which is the risk that the income needs of the investor may not be met by the value of his or her ARF.
Our Dublin-based customer support team is available Monday to Friday 8am to 5.30pm on 01-6148900. There is also the option to place a trade through your myDavy account, or by calling our dedicated Davy Select dealing desk from 8am to 9pm Monday to Friday.
Account Opening Enquiries
General Enquiries
Pension Enquiries
Trading Enquiries
If you prefer to talk to us on the phone our Dublin-based customer support team is available Monday to Friday 8am to 5.30pm.
Contact us at +353-1-614-8900 to talk to our customer support team
Contact us at +353-1-614-3311 to talk to our pensions team
Contact us at +353-1-614-9000 to talk to our trading desk team
