Important information for AHCPS members nearing retirement

Size: px
Start display at page:

Download "Important information for AHCPS members nearing retirement"

Transcription

1 Important information for AHCPS members nearing retirement If you are nearing retirement and your gratuity under the Superannuation Scheme is likely to be less than the maximum allowed under Revenue rules because you: Have received a reduction in salary over the last few years, even if you have full service (see next page for explanation) and/or Are short service and/or Have non-pensionable earnings there is a special tax break under Revenue rules that you might be able to take advantage of before you retire. This is known as a Last Minute AVC. The benefits of investing in a Last Minute AVC include: receiving a refund of tax on pension contributions maximising your tax-free cash lump sum at retirement. What is a Last Minute AVC? A Last Minute AVC is an excellent way of funding any shortfall between the tax-free cash lump sum provided for within the Superannuation Scheme and the maximum Revenue approved tax-free cash entitlement. The benefits of investing in a Last Minute AVC include: Receiving a refund of tax on pension contributions Maximising your tax-free cash lump sum at retirement. How does it work? A single investment in an AVC is made prior to retirement. Following retirement, you get back your initial investment, less charges; and you also receive a tax rebate direct from Revenue. It is your own responsibility to claim the rebate from Revenue. The tax reliefs available are those currently applying, and the value of these tax reliefs apply directly to you. Because this is a short-term investment, it will not provide an investment return. How do I know if I am eligible? Following a consultation with a Cornmarket Financial Consultant, they will establish the maximum tax rebate available to you. It is possible to use up any unused allowance for 2012 in addition to Your salary, service, age and tax band are a few of the factors which must be considered in establishing your eligibility. IMPORTANT If you have had a reduction in your salary over the last few years there is a very good chance that a Last Minute AVC makes sense for you. One of the reasons for this is because the calculation of final salary at retirement under Revenue rules differs from the calculation of your salary at retirement under your employers Superannuation Scheme rules (please see example on next page). Please contact Cornmarket on (01) to set up an appointment so you can establish your eligibility for a Last Minute AVC taking into account your service, salary, tax rate etc. If a Last Minute AVC is appropriate, we will guide you through the various steps involved. You can t do a Last Minute AVC after retirement so please ensure you get in touch in advance of retirement. 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: This product may be affected by changes in currency exchange rates.

2 Last Minute AVCs to take into account the reduction in Public Sector Pay The basis for a Last Minute AVC for an individual, including those with full service, is that the calculation of Final Salary (Remuneration) under Revenue pension rules may differ from the Final Pensionable Salary used in the calculation of Superannuation benefits. If your Final Salary under Revenue pension rules is higher than the Final Salary used by the Superannuation Scheme there may be a substantial tax benefit to you in using an AVC policy to increase your retirement lump sum. For example, individuals who are retiring in 2013 may have their maximum retirement lump sum calculated using their basic salary earned in 2009, plus the average of any fluctuating payments over three or more years up to then. The full definition of Final Salary (Remuneration) under Revenue Rules may be found in Appendix 1. EXAMPLE: Last Minute AVC for Assistant Principals and Principal Officers: In the examples below, the Tax Relief reflects the amount of income tax the individual would receive back from the Revenue Commissioners based on the assumptions set out in the notes on the next page. Example A would receive back 6,655, Example B, 4,976 and Example C, 12,739. Client Scenario Example A* Example B** Example C*** Retirement Date (normal retirement age or later) 31/07/ /07/ /07/2013 Final Pensionable Salary 76,768 (LSI 2) 76,768 (LSI 2) 76,768 (LSI 2) Service 40 years 40 years 35 years Salary in December ,520 (LSI 2) 80,016 (LSI 1) 82,520 (LSI 2) Salary with CPI (Consumer Price Indexed) applied = 87,265 pa 84,617 pa 87,265 pa Revenue Maximum Salary The Calculation Revenue Maximum Gratuity Revenue Maximum salary 130, , ,897 x 1.5 (CPI applied) Gratuity received Final Pensionable Salary x 1.5 (or years x 3/80 if less than 115, , , years service) Last Minute AVC Scope (Revenue Maximum Gratuity 15,745 11,773 30,139 less Gratuity received) Last Minute AVC plus 3% contribution charge 16,232 12,137 31,071 Tax Relief Received (assuming tax 41%) 6,655 4,976 12,739 AVC returned after retirement 15,745 11,773 30,139 Plus Tax Relief 6,655 4,976 12,739 Total received 22,400 16,749 42,878 Notes 1. *Example A assumes Assistant Principal Standard Scale (Modified PRSI) with no increment since December The same principle applies to all other grades, but with different figures applying. 2. **Example B assumes Assistant Principal Standard Scale (Modified PRSI) with 1 increment since December 2009 (from LSI 1 to LSI 2). The same principle applies to all grades, but with different figures applying. 3. ***Example C assumes Assistant Principal Standard Scale (Modified PRSI) with no increment since December 2009, but 5 years short of full service at NRA. The same principle applies to all other grades, but with different figures applying. Please see next page for more notes on the examples above.

3 Notes relating to examples on previous page 4. The examples assume a 3% contribution charge on your last minute AVC when transacted with Cornmarket Group Financial Services Ltd. 5. A Management Charge will also be charged by Irish Life. This is a % of the value of the fund and will be charged as long as the fund is invested in your AVC. Typical management charge is 1% per annum and it is charged pro rata. 6. We have also assumed that you can claim 41% tax relief on all your AVC contributions. This, of course, may not be the case and we advise you to receive appropriate tax advice before completing a last minute AVC. 7. Finance Act 2011 introduced a 0.6% pension levy on the market value of pension funds including AVCs. The 2013 levy will be calculated as at 30 June 2013 so if you have an AVC in place at that time you will be liable for the levy which will be deducted automatically from your AVC fund by Irish Life. 8. You make a last minute AVC payment to make up the full shortfall shown for the maximum Gratuity. If I do a last minute AVC with Cornmarket, where is it invested? Most last minute AVC business transacted with Cornmarket Group Financial Services Ltd. is invested in either the Cash Fund or the Capital Protection Fund through Irish Life. However, you are free to invest your money in over 20 different funds. Cash Fund This is a very low risk fund. While there will be a very low level of volatility in fund returns, there is also only a very low potential for gains. You should be aware that it can also fall in value. It is suitable for investors who are very close to retirement or have a very low appetite for risk. Capital Protection Fund This is an actively managed smoothed fund. The fund aims to give investors the benefits of some equity participation while at the same time ensuring that the value of the fund will not fall. The majority of the fund is invested in cash deposits and bonds. It is suitable for investors who are close to retirement or have a low appetite for risk. Please see Appendix 2: Overview of Irish Life regarding the security of their assets. 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: This product may be affected by changes in currency exchange rates.

4 APPENDIX 1: Revenue Commissioners guideline notes. April 2005 Final Remuneration may be computed on one of the following bases: 1. (a) Basic remuneration over any twelve month period of the five years preceding the relevant date (i.e. the date of retirement, leaving service or death, as the case may be) PLUS (b) The average of any fluctuating emoluments over three or more consecutive years ending on the last day used in (a) above. 2. The average of the total emoluments for any three or more consecutive years ending not earlier than 10 years before the relevant date. 3. The rate of basic pay at the relevant date or at any date within the year ending on that date plus the average of any fluctuating emoluments calculated as in (1) above. Provided that Basis (3) cannot be used where within three years before the relevant date an employee: a) Was promoted or received a special increase in basic pay, and b) The total increase over the relevant three year period is greater than it would have been if the remuneration on the day of commencement of the period had been increased proportionately to the increase in the Consumer Price Index, or to increase applicable to the employment under a National Wage Agreement, during the same three year period. However, it is possible to agree beforehand with Revenue that such increases, if given on a recognised scale applicable to defined groups of arm s-length employees, will not prevent the availability of basis (3). Whenever final remuneration is calculated by reference to a year or years other than the 12 months ending with the relevant date, each such year s remuneration may be increased in proportion to the increase in the cost of living from the last day of that year up to the relevant date referred to as dynamised final remuneration. This also applies to fluctuating emoluments so that fluctuating emoluments of a year other than the twelve months ending with the relevant date may be increased as detailed above. Where sick pay is drawn for 10 or more years (under, say, a sick pay or permanent health insurance scheme) and the member is regarded as continuing in service, final remuneration may be calculated by reference to the employee s pay for a selected period as detailed above before the date on which he dropped from full pay to sick pay. This figure may be increased proportionately to increases in the Consumer Price Index between the relevant dates.

5 APPENDIX 2: Overview of Irish Life regarding the security of their assets This note outlines the up-to-date position with regard to the security of assets held with Irish Life Assurance Company as at the 31st December Security of Assets To provide a comprehensive overview of security of assets, Irish Life will address 4 separate areas: 1. Corporate Structures and the ring fencing of assets and liabilities. 2. The value of policyholders liabilities and the level of surplus assets. 3. Irish Life s low risk approach to ensuring policyholders security. 4. Irish Life s low risk approach to managing investment risk. 1. Corporate Structures and Ring Fencing of Assets and Liabilities Irish Life Group Limited is the parent of both Irish Life Assurance Company ( ILA ) and Irish Life Investment Managers Limited (ILIM). ILA pools the unit-linked assets managed by ILIM in its Life Assurance fund (the Fund). ILA has consistently generated significant levels of capital. It has never required capital support from its parent company and does not envisage requiring any external capital support in the future. ILA is authorised and regulated by the Central Bank of Ireland (the Regulator), and is subject to extensive regulations which are primarily designed to ensure that policyholder benefits are safeguarded. Policyholders assets held in ILA are legally ring-fenced from other activities of Irish Life Group Limited and from other companies within the group. The assets within the Fund may not be transferred or applied for any purpose other than the policyholders in the Life Fund. For example, the Life Fund cannot be subjected to any mortgages, charges or liens relating to the other businesses of the group. The policyholders of ILA have priority over other creditors of ILA. Subject to strict conditions, certain excess assets may be distributed as dividends from ILA to its parent company. All figures quoted in this note are after allowing for any such dividend payments. The detail of the supervisory and legal framework, and the solvency margin requirements, are contained in the Insurance Act 1989 and various EU Directives which address the regulation of the Life Fund. 2. Valuing Policyholder Liabilities and Surplus Assets The value of liabilities and the level of solvency margin cover within ILA were calculated as at 31/12/2012: Total Unit-Linked liabilities (92% of liabilities): 24.8bn Total Non-Linked liabilities (8% of liabilities): 2.1bn Total Policyholder liabilities: 26.9bn Required Solvency margin: 416m Surplus (excess over solvency margin): 367m Free Assets (excess assets over liabilities): 783m Free Assets cover of the required solvency margin: 1.88 times. ILA s solvency cover has increased from the 175% cover at the end of 2011 to 188% at the end of The business generated surpluses which have led to an improved regulatory capital position. The company s target solvency cover remains at 175%. Fluctuations in the solvency cover can occur over the short-term, but over a medium-term horizon the capital position is strongly supported by the profitable book of business that ILA has written. Short-term falls are possible due to, for example, falls in stock markets. No such falls happened during the first half of 2012 and hence the main driver of the increase in the solvency cover was the expected surpluses on the existing book of business. The value of liabilities is calculated in line with regulations which require a prudent approach to be used. This means that the value of the liabilities shown above is greater than a best estimate of the liability amount. The level of free assets would be significantly higher if a best estimate approach was used to quantify the value of the liabilities. This prudent approach provides significant additional security for policyholders. The free assets are valued according to prudent regulations which place a lower value on certain asset types than normal accounting conventions. For example, no value is placed on intangible assets and fixed assets are depreciated more quickly than under other accounting standards. Without these additional restrictions, the value of the free assets would be further enhanced. ILA s financial strength has been demonstrated by its ability to maintain its high solvency margin cover ratio during the recent turbulent financial conditions, and by its ability to pay dividends to its parent company. ILA also has the flexibility to use its VIF asset as collateral to secure additional regulatory capital from international markets, should the need ever arise in the future.

6 3. Low Risk Approach to ensuring Policyholders Security Policyholders in the Life Fund benefit from a very low risk philosophy with respect to accepting risk and the management of risk in ILA. The company has a strong risk governance structure and has invested heavily in risk management. Limits have been set by the Board in respect of the allowable level of risks for all of the material risks that ILA is exposed to. Examples of this low risk approach include: The vast majority of liabilities are unit-linked where the investment risk is passed to policyholders. Matching assets are held in respect of all unit-linked liabilities ILA holds fixed interest (mainly French, German, Irish and other EU government bonds) and cash assets to back the non-linked liabilities. These assets generate cash-flows which match the future payments ILA will make to non-linked policyholders A significant portion of non-linked liabilities are reassured, including a large proportion of the Irish Life protection business and the bulk of the ILA annuity book A substantial amount of re-assurance assets are held in trust to collateralise the reassurers obligations to ILA. In light of the low risk profile and strong risk culture, the target Free Asset Cover ratio of 1.88 times the required solvency margin offers a very high level of security to policyholders. 4. Managing Investment Risk ILA has a low risk approach to investment risk. As noted above, matching assets are held in respect of all unit-linked liabilities. Fixed interest (mainly EU government bonds) and cash assets are held to back the non-linked liabilities. The cash assets are held across a range of international banks. 84% of the fixed interest assets are exposed to AAA rated counterparties (mainly French, German, Austrian, Dutch and Finnish sovereign bonds) and 11% are exposed to the Irish sovereign. (b) Schedule 7 of the Life regulations sets out restrictions on the maximum % of certain asset types that can be held to match non-linked technical reserves. These restrictions ensure that assets must be appropriately diversified. (c) When calculating the value of the policyholder liabilities, there are a series of mismatch tests required. These tests ensure that the assets will be sufficient to cover the policyholder liabilities even if investment conditions change in the future. (E.g. one mismatch tests involves a 25% drop in equities/property and a 0.5% reduction in yields.) This requirement means that if the policyholder liabilities are backed by unsuitable assets, then additional assets must be set aside. To summarise, Irish Life s risk philosophy is to minimise risk where possible and appropriate. This is achieved by: 1. Matching liabilities with appropriate assets. 2. Taking very little credit risk by investing mainly in Euro sovereign gilts and holding deposits with an international range of banks to back the non-linked liabilities. 3. Excess assets, excluding owner occupied property and some seed capital for linked funds, is invested in cash. The pooled approach achieved in the Life Fund has a number of advantages for our clients: Extremely tight tracking errors against underlying benchmarks Foreign withholding tax benefits Re-balancing at minimal cost Enhanced liquidity across different assets and asset classes Surplus reserves providing additional security against fraud etc. The regulations governing the investment of non-linked assets include the following restrictions: (a) Per Annex V of the 1994 Life Regulations only a certain list of assets are admissible per section 2 (2). ILA cannot write derivatives and can only purchase derivatives either for investment efficiency or to reduce market risks. It cannot take geared positions. Source: Irish Life Assurance plc, July Christchurch Square, Dublin 8. Tel: (01) Fax: (01) Cork Office. Tel: (021) Galway Office. Tel: (091) Website: A member of the Irish Life Group Ltd. Cornmarket Group Financial Services Ltd. is regulated by the Central Bank of Ireland. Irish Life Assurance plc is regulated by the Central Bank of Ireland. Telephone calls may be recorded for quality control and training purposes AHCPS Last Minute AVC 06/13

Sample Plan. Financial Plan

Sample Plan. Financial Plan Financial Plan ... Financial Plan For Peter & Helen Conroy....... a. a August 15, 2012 This Financial Plan together with your Plan of Action constitute your Statement of Suitability. Important Notice -

More information

University of Limerick

University of Limerick March 2011 University of Limerick Member Guide to Additional Voluntary Contributions University of Limerick Contents 1. Introduction 1 2. General Information 2 3. Contributions 4 4. Investment Considerations...5

More information

Personal Lifestyle Strategy 2015 Review

Personal Lifestyle Strategy 2015 Review S INVESTMENTS LIFE INSURANCE Personal Lifestyle Strategy 2015 Review november 2015 Audience: Brokers and Financial Consultants We launched our Personal Lifestyle Strategy (PLS) in 2010. In order to ensure

More information

AN ADVISER S GUIDE TO PENSIONS UPDATED FOR FINANCE ACT 2015 & Budget 2017

AN ADVISER S GUIDE TO PENSIONS UPDATED FOR FINANCE ACT 2015 & Budget 2017 PENSIONS INVESTMENTS LIFE INSURANCE AN ADVISER S GUIDE TO PENSIONS UPDATED FOR FINANCE ACT 2015 & Budget 2017 This is a technical guide for financial advisers only and is not intended as an advertisement.

More information

APPENDIX I. 3. Transfers may be paid from one buy-out bond to another and from a bond to a new employer's scheme.

APPENDIX I. 3. Transfers may be paid from one buy-out bond to another and from a bond to a new employer's scheme. APPENDIX I GLOSSARY Administrator means the person or persons having the management of the scheme. Buy-out bond means an insurance policy or bond purchased in the name of the beneficiary by the trustees

More information

This PRSA will allow you to access various types of investments including:

This PRSA will allow you to access various types of investments including: Introduction Newcourt Retirement Fund Managers Ltd (NRFM) provides a range of Self Invested products including Approved Retirement Funds (ARFs), Personal Retirement Bonds (PRBs) and Personal Retirement

More information

Eagle Star Buy-out Bond (Protected Funds) Customer Guide

Eagle Star Buy-out Bond (Protected Funds) Customer Guide Eagle Star Buy-out Bond (Protected Funds) Customer Guide Introduction This guide applies to the Eagle Star Buy-out Bond (Protected Funds). Zurich Life wants to make sure that you purchase a policy that

More information

Personal Pensions. Freedom in Retirement Plan Personal & Personal (Rebate) Single Contribution Pension Plan Personal Customer Guide

Personal Pensions. Freedom in Retirement Plan Personal & Personal (Rebate) Single Contribution Pension Plan Personal Customer Guide Personal Pensions Freedom in Retirement Plan Personal & Personal (Rebate) Single Contribution Pension Plan Personal Customer Guide This Customer Guide is to be read in conjunction with the Fund Guide.

More information

Public Sector Employees Approaching Retirement

Public Sector Employees Approaching Retirement Public Sector Employees Approaching Retirement Sub-Title taking care of you... Planning for retirement Contents Planning for retirement 4 Retirement Lump Sum 5 Additional Pension 6 Sample Illustrations

More information

Cornmarket Presentation

Cornmarket Presentation Cornmarket Presentation Cornmarket Group Financial Services Ltd. is regulated by the Central Bank of Ireland. Friends First Life Assurance Company Ltd. is regulated by the Central Bank of Ireland. Telephone

More information

Eagle Star Self-directed Pension

Eagle Star Self-directed Pension Eagle Star Self-directed Pension Customer Brochure Puts you in control About Zurich Life Zurich Life Assurance plc is a member of Zurich Financial Services group, an insurance-based financial services

More information

Personal Retirement Bond

Personal Retirement Bond Personal Retirement Bond Customer Guide This Customer Guide is to be read in conjunction with the Fund Guide. Introduction This guide applies to the Personal Retirement Bond. Zurich Life Assurance plc

More information

Guide to Financial Reporting In Irish Life & Permanent plc European Embedded Value and IFRS

Guide to Financial Reporting In Irish Life & Permanent plc European Embedded Value and IFRS Guide to Financial Reporting In Irish Life & Permanent plc European Embedded Value and IFRS This guide to financial reporting is designed to help investors and other users of our financial statements to

More information

Personal Pensions. This Customer Guide is to be read in conjunction with the Fund Guide.

Personal Pensions. This Customer Guide is to be read in conjunction with the Fund Guide. Personal Pensions This Customer Guide is to be read in conjunction with the Fund Guide. Freedom in Retirement Plan Personal & Personal (Rebate) Single Contribution Pension Plan Personal Introduction This

More information

Director s Pension Planning

Director s Pension Planning Director s Pension Planning This presentation is for information only and does not constitute an offer or recommendation and has not been prepared on the financial needs or objectives of any particular

More information

Small Self Administered Pension

Small Self Administered Pension Small Self Administered Pension Product providers for financial advisors A simple guide to securing your future Who are we? Wealth Options Ltd. is a leading distributor of innovative products to the Irish

More information

Live life your way With our PRSA you can. Making your money work as hard as you do

Live life your way With our PRSA you can. Making your money work as hard as you do Live life your way With our PRSA you can Making your money work as hard as you do Contents Why should I plan for my retirement? 2 How will my PRSA work? 4 How will I benefit from a PRSA? 6 Investment

More information

Your Guide to Retirement Options

Your Guide to Retirement Options Your Guide to Retirement Options Contents Introduction 3 Overview 4 Personal Pension Plans/PRSAs 5 Defined Contribution Company Pension Plans 8 Additional Voluntary Contributions (AVCs) 11 Retirement Bonds

More information

SmartFunds. The smarter way to invest

SmartFunds. The smarter way to invest SmartFunds The smarter way to invest What are SmartFunds? A simple smart hassle free way of accessing global markets Our SmartFunds product provides access to a range of investment funds, designed to

More information

LIFE ASSURANCE BUSINESS - REVENUE ACCOUNT FORM 1. Ark Life Assurance Company Limited. Reporting Institution: Written In Ireland - Irish Risk

LIFE ASSURANCE BUSINESS - REVENUE ACCOUNT FORM 1. Ark Life Assurance Company Limited. Reporting Institution: Written In Ireland - Irish Risk LIFE ASSURANCE BUSINESS - REVENUE ACCOUNT FORM 1 Written In Ireland - Irish Risk Items to be shown net of reinsurance ceded Premiums receivable (less rebates and refunds) 1 114,030 Investment income receivable

More information

pensions Small Self Administered Pensions Only available from your Broker Product providers for financial advisors

pensions Small Self Administered Pensions Only available from your Broker Product providers for financial advisors pensions Product providers for financial advisors Small Self Administered Pensions Only available from your Broker pensions Small Self Administered Pensions Background The Irish retirement regime is one

More information

SHELL CONTRIBUTORY PENSION FUND. Additional Voluntary Contributions Arrangement Explanatory Book

SHELL CONTRIBUTORY PENSION FUND. Additional Voluntary Contributions Arrangement Explanatory Book SHELL CONTRIBUTORY PENSION FUND Additional Voluntary Contributions Arrangement Explanatory Book July 2013 CONTENTS 1 Introduction 3 2 What are AVCs? 7 Why pay AVCs? 10 How do AVCs work? 12 What options

More information

International Accounting Standard 19 Employee Benefits

International Accounting Standard 19 Employee Benefits International Accounting Standard 19 Employee Benefits ICPAK SEMINAR 2 nd Feb 2012 The Objective of IAS 19 The objective of this Standard is to prescribe: (a) the accounting; and (b) disclosure for employee

More information

Abbey Life Assurance Company Limited Participating Business Fund

Abbey Life Assurance Company Limited Participating Business Fund Abbey Life Assurance Company Limited Participating Business Fund Principles and of Financial Management (PPFM) 1 General... 2 1.1 Introduction... 2 1.2 The With-Profits Policies... 2 2 Structure of these

More information

The Church of England Pensions Scheme. Voluntary Contributions

The Church of England Pensions Scheme. Voluntary Contributions The Church of England Pensions Scheme Voluntary Contributions The Church of England Pensions Board 29 Great Smith Street London SW1P 3PS Phone: 020 7898 1802 Fax: 020 7898 1801 E-mail: pensions@churchofengland.org

More information

An Adviser s Guide to Pensions

An Adviser s Guide to Pensions An Adviser s Guide to Pensions 1 An Adviser s Guide to Pensions Contents: Section 1: Personal Pensions 1.1 Eligibility 1.2 Maximum Benefits 1.3 Contributions & Tax Relief 1.4 Death Benefits 1.5 Retirement

More information

Executive Pension Account. Live life your way

Executive Pension Account. Live life your way Executive Pension Account Live life your way Contents Introduction 2 A Closer Look at our Executive Pension Account 4 Tax Benefits 6 Contributing To An Executive Pension Plan 8 Investment Options 9 Retirement

More information

Notes to the consolidated financial statements continued

Notes to the consolidated financial statements continued 273 Annual Report and Accounts 47 Pension obligations This note describes the Group s pension arrangements for its employees and explains how our obligations to these schemes are calculated. (a) Introduction

More information

Equitable Investment Funds

Equitable Investment Funds The Equitable Life Assurance Society Equitable Investment Funds IMPORTANT: PLEASE READ CAREFULLY If there is anything which you do not understand, or if you would like more information about any aspect,

More information

Public Sector Employees & AVCs. General Guide for Public Sector Employees seeking information on AVCs

Public Sector Employees & AVCs. General Guide for Public Sector Employees seeking information on AVCs Public Sector Employees & AVCs General Guide for Public Sector Employees seeking information on AVCs Please note that this booklet is a general guide for Public Sector Employees seeking information on

More information

A guide to the Prudential International Investment Bond. Your questions answered

A guide to the Prudential International Investment Bond. Your questions answered A guide to the Prudential International Investment Bond Your questions answered > Introducing Prudential International Investment Bond When it comes to choosing an investment, you want something that will

More information

SmartFunds. The smarter way to invest

SmartFunds. The smarter way to invest SmartFunds The smarter way to invest What are SmartFunds? A simple smart hassle free way of accessing global markets SmartFunds is a range of investment funds, designed to cater for many types of investors.

More information

Phoenix Life Limited SPI With-Profits Fund

Phoenix Life Limited SPI With-Profits Fund Phoenix Life Limited SPI With-Profits Fund Annual report to with-profits policyholders by the Board of Phoenix Life Limited for the period 1 January 2015 to 31 December 2015 Report to policyholders 2015

More information

Self Invested Personal Pension

Self Invested Personal Pension Self Invested Personal Pension Product providers for financial advisors A simple guide to securing your future Who are we? Wealth Options Ltd. is a leading distributor of innovative products to the Irish

More information

International With-Profit Bond from Aviva

International With-Profit Bond from Aviva International With-Profit Bond from Aviva What is the International With-Profit Bond from Aviva? The International With-Profit Bond from Aviva is an investment bond that offers you: the opportunity to

More information

AIB Tracker 90 Bond 1

AIB Tracker 90 Bond 1 Investments AIB Tracker 90 Bond 1 Closing date 27 June 2014, or earlier if we receive too many applications This product is provided by Irish Life Assurance plc. AIB has chosen Irish Life, Ireland s leading

More information

Eagle Star Unitised With Profits Bond Customer Brochure

Eagle Star Unitised With Profits Bond Customer Brochure Eagle Star Unitised With Profits Bond Customer Brochure Best Investment Fund Manager Best Balanced Managed Investment Fund Moneymate 2008 If you want the potential for real growth without worries, we believe

More information

Valuation Report on Prudential Annuities Limited as at 31 December 2003. The investigation relates to 31 December 2003.

Valuation Report on Prudential Annuities Limited as at 31 December 2003. The investigation relates to 31 December 2003. PRUDENTIAL ANNUITIES LIMITED Returns for the year ended 31 December 2003 SCHEDULE 4 Valuation Report on Prudential Annuities Limited as at 31 December 2003 1. Date of investigation The investigation relates

More information

THE PENSION SCHEME NUI, GALWAY

THE PENSION SCHEME NUI, GALWAY THE PENSION SCHEME NUI, GALWAY (also includes other Voluntary Staff Benefit Schemes) 03/04/08 NATIONAL UNIVERSITY OF IRELAND, GALWAY INDEX INTRODUCTION 3 ELIGIBLE STAFF 4 CONTRIBUTIONS 5 REFUND OF CONTRIBUTIONS

More information

Eagle Star Buy-out Bond. Customer Brochure

Eagle Star Buy-out Bond. Customer Brochure Eagle Star Buy-out Bond Customer Brochure Why Zurich Life Pensions for your retirement needs? Financial strength Investment options Award winning customer service Online Access Proven investment performance

More information

Report for Charles & Jennifer [CS7] (prepared in August 2012 in tax year ending 05-April-2013)

Report for Charles & Jennifer [CS7] (prepared in August 2012 in tax year ending 05-April-2013) Report for Charles & Jennifer [CS7] (prepared in August 2012 in tax year ending 05-April-2013) Objectives Jennifer has recently inherited 50,000 and you would like advice on how to use this to meet the

More information

YOUR RETIREMENT OPTIONS A guide from Irish Life

YOUR RETIREMENT OPTIONS A guide from Irish Life YOUR RETIREMENT OPTIONS A guide from Irish Life Committed to Plain English There is no financial jargon in this booklet and everything you need to know is written in an upfront and honest way. We are delighted

More information

Pension Tax Savings Deadlines. Technical Guide 2013

Pension Tax Savings Deadlines. Technical Guide 2013 Pension Tax Savings Deadlines Technical Guide 2013 Contents Introduction 2 Self-employed (Sole Trader) 3 Preliminary Tax 3 Can the Preliminary Tax and the Final Tax Assessment Bills be reduced? 4 Must

More information

Retirement Planning Update Are you thinking of retiring?

Retirement Planning Update Are you thinking of retiring? Retirement Planning Update 2014 Are you thinking of retiring? Pensions and Retirement planning continue to be a very topical item in 2014. In this series of Pension updates, Bank of Ireland Private Banking

More information

Transaction Overview. Dublin, February 2013

Transaction Overview. Dublin, February 2013 Transaction Overview Dublin, February 2013 Overview of transaction Legislation has been passed providing for the orderly wind up of IBRC through the appointment of Special Liquidators who will manage the

More information

Eagle Star Personal Pensions & Associated Policies

Eagle Star Personal Pensions & Associated Policies Eagle Star Personal Pensions & Associated Policies Freedom in Retirement Plan - Personal & Personal (Rebate) Single Contribution Pension Plan - Personal & Income Protection Plan Customer Guide Introduction

More information

ST. JAMES S PLACE INTERNATIONAL INTERNATIONAL INVESTMENT BOND

ST. JAMES S PLACE INTERNATIONAL INTERNATIONAL INVESTMENT BOND INTRODUCING THE ST. JAMES S PLACE INTERNATIONAL INTERNATIONAL INVESTMENT BOND THE ST. JAMES S PLACE PARTNERSHIP The St. James s Place Partnership is an elite group, made up of many of the most experienced,

More information

COMPANY PENSION RETIREMENT OPTIONS

COMPANY PENSION RETIREMENT OPTIONS PENSIONS INVESTMENTS LIFE INSURANE AN ADVISERS GUIDE TO: OMPANY PENSION RETIREMENT OPTIONS UPDATED FOR FINANE AT 2015 This is a technical guide for financial advisers only and is not intended as an advertisement.

More information

Phoenix Life Limited Phoenix With-Profits Fund

Phoenix Life Limited Phoenix With-Profits Fund Phoenix Life Limited Phoenix With-Profits Fund Annual report to with-profits policyholders by the Board of Phoenix Life Limited for the period 1 January 2015 to 31 December 2015 Report to policyholders

More information

Personal Retirement Savings Accounts. Policyholders Guide

Personal Retirement Savings Accounts. Policyholders Guide Personal Retirement Savings Accounts Policyholders Guide Stay up to date with your pension savings! We offer a number of great online tools to keep you informed about your investments Visit our website

More information

Investment options and risk

Investment options and risk Investment options and risk Issued 1 November 2013 The information in this document forms part of the Product Disclosure Statement for the Public Sector Superannuation Scheme (PSS), seventh edition, issued

More information

A Guide to Retirement Planning for Company Directors & Executives

A Guide to Retirement Planning for Company Directors & Executives A Guide to Retirement Planning for Company Directors & Executives 2012 01.01 Contents 02.01 Pension Planning 03 03.01 Types of Pension provision 04 04.01 Executive Retirement Plan 05 05.01 Tax benefits

More information

KEY GUIDE. Pensions and tax planning for high earners

KEY GUIDE. Pensions and tax planning for high earners KEY GUIDE Pensions and tax planning for high earners The rising tax burden on income If you find more and more of your income is taxed at over the basic rate, you are not alone. The point at which you

More information

Self Directed Portfolio

Self Directed Portfolio Self Directed Portfolio Contents 1. Introduction 4 2. Self Directed Portfolio overview 5 3. How does it work? 8 4. Technical details 24 5. Questions and answers 42 6. More information 44 3 1 Introduction

More information

THE UNIVERSITY OF WESTERN ONTARIO MASTER TRUST FOR THE PENSION PLANS FOR THE ACADEMIC AND ADMINISTRATIVE STAFF AND THE RETIREMENT INCOME FUND

THE UNIVERSITY OF WESTERN ONTARIO MASTER TRUST FOR THE PENSION PLANS FOR THE ACADEMIC AND ADMINISTRATIVE STAFF AND THE RETIREMENT INCOME FUND Financial Statements of THE UNIVERSITY OF WESTERN ONTARIO MASTER TRUST FOR THE PENSION PLANS FOR THE ACADEMIC AND ADMINISTRATIVE STAFF AND THE RETIREMENT INCOME FUND MASTER TRUST FOR THE PENSION PLANS

More information

A Guide to Savings & Investment -

A Guide to Savings & Investment - Wealth Managment & Growth Broomhill Parade 222A Fulwood Road Sheffield South Yorkshire S10 3BB Telephone No.: 0114 2669090 Fax No.: 0114 2660088 E-Mail: info@wmgifa.co.uk A Guide to Savings & Investment

More information

The AIB Personal Pension Plan

The AIB Personal Pension Plan The AIB Personal Pension Plan The purpose of this brochure is to describe the main details of The AIB Personal Pension Plan. You should familiarise yourself with this information, then keep this brochure

More information

IRISH LIFE EMPOWER DEFINED CONTRIBUTION

IRISH LIFE EMPOWER DEFINED CONTRIBUTION PENSIONS INVESTMENTS LIFE INSURANCE IRISH LIFE EMPOWER DEFINED CONTRIBUTION MEMBER GUIDE ABOUT US Established in Ireland in 1939, Irish Life is now part of the Great-West Lifeco group of companies, one

More information

YOUR RETIREMENT OPTIONS A guide from Irish Life

YOUR RETIREMENT OPTIONS A guide from Irish Life YOUR RETIREMENT OPTIONS A guide from Irish Life Committed to Plain English There is no financial jargon in this booklet and everything you need to know is written in an upfront and honest way. We are delighted

More information

Investment options and risk

Investment options and risk Investment options and risk Issued 1 November 2013 The information in this document forms part of the Product Disclosure Statement for the Commonwealth Superannuation Scheme (CSS), sixth edition, issued

More information

Defined Contribution Pension Plan. Employee Brochure

Defined Contribution Pension Plan. Employee Brochure Defined Contribution Pension Plan Employee Brochure This brochure describes your Defined Contribution Pension Plan, the aim of which is to help you provide financially for your retirement. This plan is

More information

PRODUCT DISCLOSURE STATEMENT Local Government Superannuation Scheme. Offer of membership of the Local Government Superannuation Scheme 1 March 2017

PRODUCT DISCLOSURE STATEMENT Local Government Superannuation Scheme. Offer of membership of the Local Government Superannuation Scheme 1 March 2017 PRODUCT DISCLOSURE STATEMENT Local Government Superannuation Scheme Offer of membership of the Local Government Superannuation Scheme 1 March 2017 Issued by Local Government Superannuation Trustee Limited

More information

Flexible Retirement Information Leaflet (APS)

Flexible Retirement Information Leaflet (APS) Flexible Retirement Information Leaflet (APS) This leaflet is for members of APS who have not crystallised their pension. What is Flexible Retirement? Flexible retirement is an option provided by British

More information

Update on how we manage the International With-Profit Funds

Update on how we manage the International With-Profit Funds Update on how we manage the International With-Profit Funds Contents This update tells you how the With-Profit Funds have performed recently and summarises the approach we ve taken to managing your investment.

More information

With Our PRSA You Can

With Our PRSA You Can Live Life Your Way With Our PRSA You Can Making Your Money Work As Hard As You Do Contents Why Should I Plan For My Retirement?... 2 How Will My PRSA Work?... 4 How Will I Benefit From A PRSA?... 6 Investment

More information

Aviva Investors Multi-Strategy (AIMS) Target Income Fund (Ireland)

Aviva Investors Multi-Strategy (AIMS) Target Income Fund (Ireland) Aviva Investors Multi-Strategy (AIMS) Target Income Fund (Ireland) An all weather fund that aims to provide regular income regardless of the market environment Customer brochure At Aviva, everything we

More information

Your Guide to Retirement Options

Your Guide to Retirement Options Your Guide to Retirement Options Contents Introduction 3 Overview 4 Personal Pension Plans/PRSAs 5 Defined Contribution Company Pension Plans 8 Additional Voluntary Contributions (AVCs) 11 Retirement

More information

WILLIS. Self Administered Pensions and Application Form

WILLIS. Self Administered Pensions and Application Form WILLIS Self Administered Pensions and Application Form Your Trusted Partners in Executive Retirement Options Retirement planning solutions for executives, proprietary directors and key employees are often

More information

Key Features of the Prudential International Investment Bond

Key Features of the Prudential International Investment Bond Key Features of the Prudential International Investment Bond Please read this document along with your personal illustration (if you have one) before you decide to buy this plan. It's important you understand

More information

A guide to the Prudential International Investment Portfolio. Your questions answered

A guide to the Prudential International Investment Portfolio. Your questions answered A guide to the Prudential International Investment Portfolio Your questions answered Whether you re a private investor, a corporate investor or a trustee, it s essential to manage your money effectively.

More information

A Guide to Executive Pensions

A Guide to Executive Pensions & Guidance PP A Guide to Executive Pensions A Guide to Executive Pensions Financial Broker A Guide to Executive Pensions Contents Why should I plan for my retirement? 02 What is an Executive Pension? 03

More information

Parker Hannifin Pension & Death Benefit Plan Report to members 2015

Parker Hannifin Pension & Death Benefit Plan Report to members 2015 Parker Hannifin Pension & Death Benefit Plan Report to members 2015 For DB members of the Plan // From the Chairman of the Trustee I am pleased to present the Annual Report and Accounts, for the Defined

More information

POLICY CONDITIONS Conductor Personal Pension Plan (PC CPPP 06/11)

POLICY CONDITIONS Conductor Personal Pension Plan (PC CPPP 06/11) POLICY CONDITIONS Conductor Personal Pension Plan (PC CPPP 06/11) Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Contract and definitions Contributions The funds Unit linking Benefits General

More information

CLEAR Executive Pension. The company pension that puts you in control

CLEAR Executive Pension. The company pension that puts you in control CLEAR Executive Pension The company pension that puts you in control plan About us Established in Ireland in 1939, Irish Life is now part of the Great-West Lifeco group of companies, one of the world s

More information

Communication on Behalf of ICTU Group of Unions in Aer Lingus AER LINGUS PENSION PROPOSALS

Communication on Behalf of ICTU Group of Unions in Aer Lingus AER LINGUS PENSION PROPOSALS Communication on Behalf of ICTU Group of Unions in Aer Lingus AER LINGUS PENSION PROPOSALS OctOber 2014 communication on behalf of IctU Group of Unions in Aer Lingus Aer Lingus Pension Proposals n The

More information

This guide is for you if you have a policy invested in the unit-linked funds of ReAssure Life Ltd (formerly Guardian Assurance Ltd).

This guide is for you if you have a policy invested in the unit-linked funds of ReAssure Life Ltd (formerly Guardian Assurance Ltd). ReAssure Life Limited Policies invested in the unit linked funds of ReAssure Life Ltd (formerly known as Guardian Assurance Ltd) Consumer-Friendly Principles and Practices of Financial Management June

More information

Securing your Future with PRSA S

Securing your Future with PRSA S Securing your Future with PRSA S NUIG Noel Hackett (QFA,MIB,Dip in Investments) Consultant Pensions Services New Ireland Assurance New Ireland Assurance Company plc is regulated by the Irish Financial

More information

BUDGET AND FINANCE ACT 2011 FREQUENTLY ASKED QUESTIONS

BUDGET AND FINANCE ACT 2011 FREQUENTLY ASKED QUESTIONS BUDGET AND FINANCE ACT 2011 FREQUENTLY ASKED QUESTIONS Q1) What impact does the Finance & Budget Act 2011 have on my Pension? Answer: The vast majority of individuals with pension schemes will not be affected

More information

Personal Retirement Bond

Personal Retirement Bond Personal Retirement Bond Product providers for financial advisors A simple guide to securing your future Who are we? Wealth Options Ltd. is a leading distributor of innovative products to the Irish financial

More information

Windsor Life Assurance Company Limited. Windsor Life With-Profit Fund. Principles and Practices of Financial Management

Windsor Life Assurance Company Limited. Windsor Life With-Profit Fund. Principles and Practices of Financial Management Windsor Life Assurance Company Limited Windsor Life With-Profit Fund Principles and Practices of Financial Management July 2011 Registered in England No. 754167. Registered Office: Windsor House, Telford

More information

Whole Super. Product Disclosure Statement. 1 January About Whole Super. Contents. 2. How super works. Important information.

Whole Super. Product Disclosure Statement. 1 January About Whole Super. Contents. 2. How super works. Important information. Whole Super Product Disclosure Statement 1 January 2016 Contents 1. About Whole Super...1 2. How super works...1 3. Benefits of investing with Whole Super...2 4. Risks of super...2 5. How we invest your

More information

Your With-Profits Bond a guide to how we manage the Fund

Your With-Profits Bond a guide to how we manage the Fund Your With-Profits Bond a guide to how we manage the Fund Prudential International Investment Bond and International Prudence Bond The PAC With-Profits Funds This document contains information which is

More information

UNDERSTANDING YOUR FUTURE CREATE A PICTURE OF YOUR RETIREMENT

UNDERSTANDING YOUR FUTURE CREATE A PICTURE OF YOUR RETIREMENT UNDERSTANDING YOUR FUTURE CREATE A PICTURE OF YOUR RETIREMENT CONTENTS My Future 2 Your Family 2 Your Property 3 Your Assets 3 Your Future Summary 4 Your Retirement 4 Your Future Income 5 Details & Events

More information

White paper Consolidation policy and business activities at Danica Pension

White paper Consolidation policy and business activities at Danica Pension White paper Consolidation policy and business activities at Danica Pension Contents Page Management summary 3 1. Introduction 4 2. Danica Group overview 5 3. Danica s business profile 6 4. Danske Bank

More information

Pensions Conference 2015

Pensions Conference 2015 Pensions Conference 2015 24 26 June Hilton, Glasgow Investment Strategies for DC Adapting defaults for Freedom and Choice Alistair Byrne, PhD, CFA Institute and Faculty of Actuaries Pensions Conference

More information

Financial Assets, Liabilities and Commitments

Financial Assets, Liabilities and Commitments Financial Assets, Liabilities and Commitments Policy Statement Ref: A52923, 5.0 1 of 10 Policy name: Financial Assets, Liabilities and Commitments Policy number: Finance Key result areas: Finance Branch:

More information

Your guide to how we manage our with-profits fund

Your guide to how we manage our with-profits fund Flexible Guarantee Bond Flexible Guarantee Bond Series 2 Flexible Guarantee Funds All-In-1 Investment Bond Guaranteed Capital Bond & Flexi Guarantee Plan Flexible Guarantee Bond Flexible Guarantee Bond

More information

Friends Life Assurance Society Limited

Friends Life Assurance Society Limited (formerly Sun Life Assurance Society Plc) Annual FSA Insurance Returns for the year ended 31st December 2010 (Appendices 9.1, 9.3, 9.4, 9.6) Produced using BestESP Services - UK Year ended 31st December

More information

Finansinspektionen s Regulatory Code

Finansinspektionen s Regulatory Code Finansinspektionen s Regulatory Code Publisher: Finansinspektionen, Sweden, www.fi.se ISSN 1102-7460 This document is furnished for informational purposes only and is not itself a legal document. Finansinspektionen

More information

Investment Options and Risk Issued 1 July 2013

Investment Options and Risk Issued 1 July 2013 Investment Options and Risk Issued 1 July 2013 The information in this document forms part of the Product Disclosure Statement for the Public Sector Superannuation accumulation plan (PSSap), sixth edition,

More information

Investment Bond & Rollover

Investment Bond & Rollover Investment Bond & Rollover This report includes: Deferred Annuity Capital Guaranteed Collection Rollover Rollover Portfolio and Rollover Parking Fund Capital Guaranteed Collection Investment Bond Investment

More information

AIB pensions. Saving for your retirement. These products are provided by Irish Life Assurance plc.

AIB pensions. Saving for your retirement. These products are provided by Irish Life Assurance plc. AIB pensions Saving for your These products are provided by Irish Life Assurance plc. Why do you need start your pension now? Happier, healthier living longer You are likely spend a quarter of your life

More information

POLICY CONDITIONS Approved Minimum Retirement Fund (PC AM5 02/11)

POLICY CONDITIONS Approved Minimum Retirement Fund (PC AM5 02/11) POLICY CONDITIONS Approved Minimum Retirement Fund (PC AM5 02/11) Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Contract and definitions Contributions The funds Unit linking Benefits & Options

More information

A Brief Guide to LGPS Actuarial Valuations and Funding

A Brief Guide to LGPS Actuarial Valuations and Funding Not Peer Reviewed A Brief Guide to LGPS Actuarial Valuations and Funding Why do a valuation? It is a statutory requirement for a valuation to be carried out every 3 years. To monitor the assets against

More information

Note 23: Employee Compensation Pension and Other Employee Future Benefits

Note 23: Employee Compensation Pension and Other Employee Future Benefits Note 23: Employee Compensation Pension and Other Employee Future Benefits Pension and Other Employee Future Benefit Plans We have a number of arrangements in Canada, the United States and the United Kingdom

More information

ALL ABOUT ANNUITIES JUNE 2015 WHAT ANNUITY PRODUCTS ARE AVAILABLE FROM IRISH LIFE?

ALL ABOUT ANNUITIES JUNE 2015 WHAT ANNUITY PRODUCTS ARE AVAILABLE FROM IRISH LIFE? PENSIONS INVESTMENTS LIFE INSURANCE ALL ABOUT ANNUITIES JUNE 2015 Irish Life appreciates that you have worked hard to save for your retirement. Deciding what to do with your pension fund is one of the

More information

Additional Voluntary Contribution (AVC) Plan

Additional Voluntary Contribution (AVC) Plan Public Service Executive Union Additional Voluntary Contribution (AVC) Plan Explanatory Booklet ffgeneral contents Introduction 3 Introduction 4 The Additional Voluntary Contribution Plan 5 What are Additional

More information

HSBC Stakeholder Pension. Investment Guide

HSBC Stakeholder Pension. Investment Guide HSBC Stakeholder Pension Investment Guide 2 HSBC Stakeholder Pension One of the most important choices you make about your pension plan is how your money is invested. This Investment Guide is designed

More information

Important information. Key Features of the Teachers Additional Voluntary Contributions (AVC) Scheme

Important information. Key Features of the Teachers Additional Voluntary Contributions (AVC) Scheme Important information Key Features of the Teachers Additional Voluntary Contributions (AVC) Scheme > Contents About this booklet 4 About the Teachers AVC Scheme 5 Its aim 5 Your commitment 5 Risks 6 Questions

More information