IMO Financial Services Pension Seminar

1
IMO Financial Services Pension Seminar
2
Why IMO Financial Services?

• Authorised by the Financial Regulator

• Independent Advice

• Specialist Advice
• - Doctors our only clients
• - Expert knowledge on Pensions (GMS v
  Private Income)

• Special Offers for IMO Members

• Well come to you!

3
Why Pensions?

• Protect your lifestyle in Retirement

• Reduce Tax

4
Protect your Lifestyle in Retirement
Will your Pension last as long as you?

• People Live Longer

- Average Male lives to 81 (16 years after NRA)
- Average Female lives to 84 (19 years after
NRA)
5
Minimise Tax

• Tax Relief of Contributions

• Investment Growth Free of Tax (not subject to
  DIRT)

• Tax Free Lump Sum

6
Tax Relief on Contributions
PAYE Rate - 41
PRSI Rate (A1) - 6
Total - 47
For every 100 contributed
You Pay 53
Revenue Pay 47
Self Employed (S) Do Not get PRSI Relief
7
OPTIONS Consultants, NCHDs PHDs
HSE Defined Benefit Occupational Pension Scheme
8
HSE Defined Benefit Pension

• Based on Service

• Pension of up to ½ final salary

• 1/80th final salary per years service

• Full Service 40 yrs. 40/80ths ½

Revenue allow you to fund for 2/3rds final salary
as pension

• Tax Free Lump Sum of up to 1.5 times final
  salary (3/80ths per years service)

9
HSE Defined Benefit Pension

• Employee Contribution 6.5

- Member Contribution 5
- Widows Orphans 1.5
10
Pension Contribution Limits
Age of Income Under
30s 15 30 39 20 40
49 25 50 54 30 55 59 35
60 40

• Huge scope for further pension provision

11
OPTIONS Consultants, NCHDs PHDs

• Buy Back Years

• Purchase Notional Years

• AVCs

• Standalone PRSA AVCs

12
AVCs

• Additional Voluntary Contribution

• Control Choice

• Transparent charges

• Flexibility - you own policy can take it with
  you

• Retirement Options ARF forms part of your
  estate

• Use AVC to maximise Tax Free Lump Sum on
  retirement

ENHANCED ALLOCATIONS FOR IMO MEMBERS
13
OPTIONS GPs
GMS Defined Contribution Pension Scheme
Self-Employed Income
14
WARNING!
MAKE SURE TO SEPARATE GMS SELF-EMPLOYED INCOME
FOR PENSION PURPOSES
15
Self-Employed Income

• Personal Pensions

• PRSAs

- Personal Retirement Savings Account
- Standard or Non-Standard
- Control and Choice
- Transparent Capped charges
16
GMS Income

• AVCs - Mercer

• Standalone PRSA AVC

17
Advantages of Standalone AVCs

• Choice Control in terms of providers fund
  options

• Transparent charging structure

• Retirement Options ARF forms part of your
  estate

• Use AVC to maximise Tax Free Lump Sum from GMS
  

18
Standalone AVCs Charging Structure

• Enhanced allocations for IMO Members up to
  99.5

• Management Charge 1

• No Bid Offer Spread

19
Which Fund?

• Low Risk Cash, Secure, Fixed Interest Deposits

• Medium Risk With-Profit, Property, Managed
  Funds

• High Risk Equities, Currency

20
Budget 2009

• Annual Earnings Limit reduced from
• 275,239 to 150,000 on 2009 returns
• ACT NOW!
• Only 2 years left at higher limit!

21
Important Dates
Friday 31st October 2009 - Deadline for Returns
Monday 17th November 2009 - Deadline for Online
Returns
22
Contact Details
IMO Financial Services Ph 01 6618299 Email
imo_at_imo.ie