Sample Plan. Financial Plan

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1 Financial Plan

2 ... Financial Plan For Peter & Helen Conroy a. a August 15, 2012

3 This Financial Plan together with your Plan of Action constitute your Statement of Suitability. Important Notice - Statement of Suitability This is an important document which sets out the reasons why the product(s) or service(s) offered or recommended is/are considered suitable, or the most suitable, for your particular needs, objectives and circumstances. Page 2 of 14

4 CONTENTS 1. Your Personal Information 2. Your Current Financial Position 3. Your Objectives 4. Strategy Recommendations Retirement Planning 5. Concluding Your Financial Plan 6. Legal Information 7. Appendices Page 3 of 14

5 1 Your Personal Information We note the following: Peter and Helen, you are aged 40 and 38 respectively and are married. You have 2 children, Sarah aged 4 and Jack aged 7. They will be financially dependent on you until the age of 23. Tom, you are a director with Star Shop Ltd and earn 45,000 per annum. Helen, you are also a director with Star Shop Ltd and earn 45,000 per annum. Your business has 2 employees and was established 12 years ago. Peter, you hold a 50% share of the business, and Helen, you hold a 50% share. The value of the business is 450,000. Your home is jointly owned, valued at 300,000 with an outstanding mortgage of 250,000. Page 4 of 14

6 2 Your Current Financial Position Tom Helen Joint Totals ASSETS ( ) ( ) ( ) ( ) Principal Primary Residence 300, ,000 Cash Bank of Ireland 10,000 10,000 Pension Provision Occupational Pension Scheme 25,000 25,000 Occupational Pension Scheme 25,000 25,000 Value of your share of the Business 225, , ,000 Total 250, , , ,000 Tom Helen Joint Totals LIABILITIES ( ) ( ) ( ) ( ) Principal Primary Residence 250, ,000 Loans Car loan 6,000 6,000 Total 256, ,000 Net Worth 554,000 Space Income and outgoings Your total joint net monthly income is 5,680. Your average surplus income at the end of each month is 920. Page 5 of 14

7 3 Your Objectives During our recent meeting we discussed and agreed the following as your main objective for the coming years: You each wish to extract wealth from the business and provide for your retirement in a tax efficient manner. During our meeting we discussed your pension needs. We did not discuss your family protection, investment or savings needs, as you did not want to discuss them at this time. I recommend that we carry out a further review of all your financial needs in the near future and advise you to contact me so that this can be completed and your Financial Plan updated to take account of this. Page 6 of 14

8 4 Strategy Recommendations Retirement Planning Recommendation I note that you each have a pension in place with another pension provider to which you are no longer making contributions. I recommend that you establish Executive Pensions with Bank of Ireland Life to contribute to maximising your post retirement income, tax efficiency and succession planning options. Rationale for this Recommendation Many successful Irish business owners are increasingly using the opportunities provided by pensions legislation as a central pillar in their financial planning to achieve the interdependent aims of: i) Retirement planning ii) Tax planning, and iii) Succession planning. The tax benefits of a pension Arranging for your company to make contributions to Executive Pensions in your names will move cash from the business into what are effectively pensions held under trust for you. Crucially, under current legislation, these payments do not result in an immediate personal Income Tax liability for you. In addition the following tax efficient features currently apply: The company normally receives full tax relief on the contribution at the prevailing Corporation Tax rate. You can potentially receive full tax relief on any personal contributions at your marginal rate of Income Tax. Any income or capital growth earned by the pension contributions, while invested in the pension fund grows without liability to Income Tax or Capital Gains Tax (CGT). At retirement your accumulated funds become available in a tax efficient way. In the following table I have set out an example showing how the tax treatment of a pension can translate into final results. I have compared three methods of taking 100,000 gross profits out of the company for a 45 year old planning to retire in 15 years time: 1. Leaving the funds in a company, investing them and finally extracting proceeds through liquidation. Page 7 of 14

9 2. Withdrawing funds as salary and investing them personally, and 3. Contributing to a pension plan. Leave funds in business, invest in non-pension funds and finally liquidate Take funds as salary and invest in nonpension funds Fund a pension plan Initial Investment 100, , ,000 Less 12.5% Corporation Tax 12, Less Income Tax, PRSI and Universal 0 52,000 0 Social Charge 1 Balance to invest 87,500 48, ,000 Value at age 60 (6% p.a growth) 2 209, , ,656 Less exit tax at 25% on growth 3 30,550 37, ,149 77, ,656 Less 30% CGT on liquidation 53, Less Income Tax, PRSI and Universal ,466 Social Charge 4 After tax value at retirement 125,404 77, ,190 Notes 1. Assumes Income Tax of 41%, PRSI of 4% and Universal Social Charge of 7%. 2. This illustrative table assumes a return of 6% per annum. This rate is for illustration purposes only and is not guaranteed. Actual investment growth will depend on the performance of underlying investments and may be more or less than illustrated. 3. Exit tax on life assurance investment funds is actually applied every 8 years. However, I am assuming it is applied at the end of the period of investment for simplicity of illustration % of the retirement fund can be withdrawn free of tax (subject to an overall maximum of 200,000). These figures assume that the remaining 75% is taxed as follows if withdrawn - Income Tax of 41%, PRSI of 4% and Universal Social Charge of 7%. Actual benefits available at retirement will depend on the rules in force at that time and may be different to the benefits currently illustrated. Warning: These figures are estimates only. They are not a reliable guide to the future performance of this investment. How much can your company contribute on your behalf? Given that under current legislation company contributions to an exempt approved pension plan do not attract a personal tax liability, directors are often pleasantly surprised by the amount of contributions that can avail of this very generous treatment. Page 8 of 14

10 The maximum allowable contribution depends on your salary and likely length of service with the company. Peter, under current Revenue rules the maximum amount that your company could pay into your pension would be 33,467 per annum. This would have a net cost to the company after Corporation Tax relief of 29,284 per annum. Helen, under current Revenue rules the maximum amount that your company could pay into your pension would be 28,066 per annum. This would have a net cost to the company after Corporation Tax relief of 24,558 per annum. Note that there is also a limit on the maximum fund that can be built up on retirement. This is currently 2,300,000. This figure includes all of your pension funds, including the capital value of any retirement benefits drawn down since 7th December Where the relevant limit is exceeded, the excess in your pension funds at retirement will be liable to a once off Income Tax charge at the higher rate of Income Tax, before being applied to provide your retirement benefits. It is important to recognise that the contributions invested into a pension will not be accessible until retirement. These funds will be strictly ring-fenced for your retirement needs and legislation prohibits withdrawals from the fund once invested. Accordingly your investment strategy should have the longer term in mind and later in this document I recommend a possible investment strategy for your pension contributions. Your options on retirement Under current legislation when you reach retirement you will have a number of options available to you. These are set out in more detail in the appendix entitled "Options at Retirement", but some of the main points to note are: You will be able to access a retirement lump sum of up to 150% (subject to having completed 20 years pensionable service with the company at normal retirement age) of your final salary and use the balance to provide an income through the purchase of an annuity. Alternatively, you could take a retirement lump sum of 25% of your pension fund and (subject to certain restrictions) use the balance to purchase an Approved Retirement Fund (ARF). An ARF is a tax-efficient way of managing the wealth that you have accumulated through your pension plan, once you reach retirement. It also allows for your pension fund to pass to your dependants on your death. The relative benefits of ARFs and annuities are compared in more detail in the appendix entitled "Options at Retirement" along with more details of your full range of retirement options. Page 9 of 14

11 Under current Revenue rules the first 200,000 of any retirement lump sum is tax-free with any balance up to 575,000 subject to Income Tax at the standard rate. Any amount paid out in excess of 575,000 will be taxed at your marginal rate and will also be subject to PRSI and the Universal Social Charge. Any tax-free retirement lump sums taken on or after 7th December 2005 will count towards the 200,000 limit. Investment Recommendation and Attitude to Risk We discussed the types of investment options that would be appropriate for your pension contributions. Key considerations include: In the long run it is important that pension assets have the potential ability to provide returns in excess of inflation. While not a prediction for the future, equities (company shares) and property have traditionally been the best performing asset classes over the longer term. While these assets can provide higher returns than cash or deposits, they also carry a higher risk profile and can lead to investment losses. As retirement approaches it is important to ensure that your asset choices match your planned choices at retirement (i.e. tax-free lump sum, annuity or ARF). If you plan to use an annuity then your assets should gradually move into fixed interest assets, as this will make your retirement income more predictable. If you plan to purchase an ARF in order to stay in potentially higher earning assets then your lead-in strategy should reflect this. I recommend the following investment choice based on our discussion. I have come to this recommendation taking into account my understanding of your growth requirements as explained to me, the level of risk I believe you are comfortable with and your current plans in terms of options at retirement. The investment choice is classified below in terms of risk profile and I have included additional information on this in the appendix entitled "Fund Details". I would like you to review the proposed recommendation in its entirety and ensure that you are happy with the level of risk as explained. Your company is considering making contributions to your pensions as follows: Page 10 of 14

12 Regular Premium - Peter Investment Choice BNYM Global Real Return Fund Amount per month % of Total Amount Risk Profile % Medium Risk Pension Elements % Medium Risk Protected Assets Fund % Medium Risk Total 1, % The regular premium of 1,000 per month will be invested in funds that have a risk profile of Medium Risk. Regular Premium - Helen Investment Choice Amount per month % of Total Amount Risk Profile BNYM Global Real Return % Medium Risk Fund Pension Elements % Medium Risk Protected Assets Fund % Medium Risk Total % The regular premium of 850 per month will be invested in a fund that has a risk profile of Medium Risk. I have included a quotation(s) for you in the appendix entitled "Quotations". A brief explanation of the risk profile(s) associated with your investment choice is as follows: Medium Risk Medium risk investments offer the potential for returns in excess of deposits but do not promise a minimum return at any time. Medium risk investments tend to invest in a range of assets, which would normally include lower risk assets such as government bonds and investment grade corporate bonds. However, they can also invest in other assets such as stocks, property and alternatives (e.g. commodities). At times these investments may be a significant portion of the fund. Investors capital is less exposed to market fluctuations than most other investments but investors may get back less than they originally invested. Further information on all risk profiles is included in the appendix entitled "Risk Profiles - Pensions". Page 11 of 14

13 5 Concluding Your Financial Plan I have developed this Financial Plan for you based on my understanding of your current financial position and the financial objectives that you explained to me during our meeting. I believe that the recommendations that I have made will assist you in achieving your goals. Please do not hesitate to contact me on if you would like to discuss matters further or would like any further information at this stage. I feel that it is important for you to review your plan periodically, at least annually. Furthermore if your financial circumstances or objectives change in the future then it will be advisable for you to contact me so that your Financial Plan can be updated to take into account your change in circumstances. Page 12 of 14

14 6 Legal Information Warning: These funds may be affected by changes in currency exchange rates Warning: The value of your investment may go down as well as up Warning: Past Performance is not a reliable guide to future performance Warning: If you invest in this product you may lose some or all of the money you invest A Bank of Ireland Premier Wealth Manager is an employee of Bank of Ireland Insurance and Investments Limited. A Premier Wealth Manager can only provide advice on Bank of Ireland Life's products and services. Terms and conditions apply. A government levy (currently 1% of the premium) applies to all premiums paid to a life assurance policy. Where relevant life assurance tax applies. Protection benefits are subject to underwriting requirements and policy conditions. It is important to note that certain restrictions, conditions and exclusions apply. For Pensions and PRSAs, it is important to note that tax relief is not automatically granted. You must apply to the Revenue and satisfy their requirements. Revenue terms and conditions apply. Investing in a geared fund or a fund that contains an element of gearing can lead to potentially increased returns when asset growth is positive, however it should be noted that any losses are magnified. In the event that the investment does not perform as intended an investor may not receive back all of their original capital and in extreme circumstances may lose their entire capital. While care has been taken in its preparation, this document is of a general nature and should not be relied on in relation to a specific issue without taking appropriate financial, insurance, investment or other professional advice. The information has been taken from sources we believe to be reliable, we do not guarantee their accuracy or completeness and any such information may be incomplete or condensed. The content of this document is for information purposes only. If there is any conflict between this document and the Policy Conditions, the Policy Conditions will apply. New Ireland Assurance Company plc trading as Bank of Ireland Life is regulated by the Central Bank of Ireland. Bank of Ireland Insurance & Investments Limited is regulated by the Central Bank of Ireland. Bank of Ireland Insurance & Investments Limited is a tied agent of New Ireland Assurance Company plc. Members of Bank of Ireland Group. State Street Global Advisors Ireland Limited (SSgA) is regulated by the Central Bank of Ireland. Incorporated and registered in Ireland at 2 Park Place, Upper Hatch Street, Dublin 2. Registered number Davy Asset Management is regulated by the Central Bank of Ireland. Kleinwort Benson Investors Dublin Limited is regulated by the Central Bank of Ireland. Page 13 of 14

15 7 Appendices Page 14 of 14

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