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									Complete
    Solutions
Approved Retirement Fund 1 and Approved Minimum Retirement Fund 1
  Complete Solutions Approved
  Retirement Fund 1 and Approved
  Minimum Retirement Fund 1
                              To allow you to control your retirement fund
   Aim                        and give you options to invest in the stock
                              market and property.

                              Low to very high depending on the option or
    Risk                      mix of options you have chosen.

    Capital                   No.
    protected          No

   Funds               wide   Your Complete Solutions Approved Retirement
   available          range   Fund 1(ARF 1) and Approved Minimum Retirement
                              Fund 1 (AMRF 1) plan offers you a wide range of
                              funds to choose from. Please see your separate
                              Fund Guide for a full list of funds.

                              You can invest for as long as you like -
    Time
    period             5      we recommend five years or more.


    Jargon-                   Yes.
    free




  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 to have
  received the ‘Best in Plain English’ Award from the Plain English Campaign. This
  award reconises our contribution to communicating clearly. For this award, we
  were chosen ahead of 12,000 other organisations from 80 countries.

Where we say ‘Complete Solutions ARF 1/AMRF 1’ in this booklet, we are referring to either an
ARF or AMRF depending on the plan you have.

This booklet must be read together with your Fund Guide before making an investment.

All information including the Terms and Conditions of your plan will be provided in English.
The paper in this booklet came from a managed forest.

The information in this booklet is correct on 18 March 2011 but may change.
Complete
Solutions ARF 1
and AMRF 1
A clear plan with a unique
range of options so you can
control your investment.
Contents
                                                           Page


1   Introduction                                           3

2   Approved Retirement Funds                              6
    and Approved Minimum Retirement Funds

3   Your Complete Solutions ARF 1 / AMRF 1                 9

4   Complete Solutions ARF 1 / AMRF 1 investment options   12

5   Withdrawal options                                     15

6   Charges                                                20

7   Great service                                          23

8   Your questions answered                                25

9   Glossary                                               31




                                         2
1
Introduction




    3
Retirement is your time. It is the start of a
new and exciting part of your life and you           c take the rest of the fund as taxable cash.
have the chance to enjoy the freedom it
presents. You can control what you want to
do and when you want to do it.                                   This booklet will give you
                                                                more information on
Until now, your investment goal was                       approved minimum retirement
probably to save the biggest possible nest            funds (AMRF) and approved retirement
egg for your retirement by using a pension            funds (ARF) and will show you how
plan. When you retire, you will need to make          they are different to buying an annuity.
sure that you use this retirement fund wisely.
You want to give yourself financial security,         We explain about annuities in a
so that you can get on with enjoying a very           separate booklet, 'Your options at
fulfilling retirement.                                retirement'. You can ask us for a copy of
                                                      this.
The most important decision you will have to
make is what to do with your retirement               You should talk to your financial adviser
fund.                                                 about the taxable cash option.


When you retire, you can usually take a part          You should consider all options
of your pension fund as a retirement lump             carefully as there are advantages and
sum. You may be able to take some or all of           disadvantages to these options,
this retirement lump sum tax-free. Then, if           depending on your investment
you meet certain conditions, you may be               approach and where your priorities lie
able to choose what you want to do with the           in terms of goals and investment risk
rest of your fund. You can:                           during your retirement.


a use it to buy an annuity (that is, a regular        You can find a full list of the funds
   income for the rest of your life);                 available on your Complete Solutions
                                                      ARF 1 and AMRF 1 plan in your
b re-invest it in an approved minimum                 separate Fund Guide which you should
   retirement fund or approved retirement             read before you decide to invest.
   fund; or



                                                 4
Is this plan suitable for me?

This plan might suit you if you:                  This plan might not suit you if you:


   are happy with the charges on this plan        are not happy with the charges on this
    and accept that the value of your fund           plan and do not accept that the value of
    could fall as well as rise;                      your fund could fall as well as rise;

   are happy with the choice of funds             are not happy with the choice of funds
    available on this plan;                          available on this plan;

   would like to take a regular withdrawal        want a regular income guaranteed to
    up to certain limits;                            last you for life;

   have a guaranteed pension income for           don’t have a guaranteed pension
    life of ¤18,000 or have ¤119,800 to set          income for life of ¤18,000 or have
    aside for an AMRF or annuity;                    ¤119,800 to set aside for an AMRF or
                                                     annuity;

   want to pass on the money in your              want to take out an annuity when you
    ARF/AMRF to your family when you die.            retire.




                                              5
2
Approved
retirement
funds and
approved
minimum
retirement
funds
    6
                                                 These amounts will change when the State
What is an approved
                                                 Pension (Contributory) rate changes.
retirement fund (ARF)?
                                                 These amounts are correct in March 2011.
An approved retirement fund is a special
                                                 You will find full details of these conditions
investment fund which can give you
                                                 on page 26.
flexibility in terms of how you use your
retirement fund. With an ARF you manage
and control your retirement fund and can
                                                 What is an approved
invest it in a wide range of different
                                                 minimum retirement
investment funds. You can also make
                                                 fund (AMRF)?
                                                 You must take out an AMRF if you have
withdrawals as you need them. And
                                                 chosen the ARF route but do not have a
because you own your fund, you can leave
                                                 guaranteed pension income for life of at
it to your dependants when you die.
                                                 least ¤18,000 a year already in place. See
                                                 the ARF section on this page.
Before you invest in an ARF, you must
meet one of the conditions below (unless
                                                 The main difference between an AMRF and
you have inherited an ARF or AMRF from
                                                 an ARF is the restrictions placed on
your husband or wife).
                                                 withdrawing your AMRF fund. You can
                                                 withdraw any gain you make within the
• You must set aside ¤119,800 in an
                                                 AMRF over and above the original amount
   approved minimum retirement fund
                                                 you invested. You also can buy an annuity
   until you reach 75.
                                                 with the fund at any stage during the term of
                                                 your AMRF plan.
• Or, you must buy a pension (annuity)
   with this money (¤119,800).
                                                 However, until one of the following happens
                                                 (whichever is first) you cannot make
• Or, you must have a guaranteed
                                                 withdrawals from the original amount you
   pension income for life of ¤18,000 a
                                                 invested.
   year.

                                                 • You start receiving a guaranteed pension
The guaranteed pension income for life of
                                                    income for life from other sources
¤18,000 and the ¤119,800 AMRF
                                                    (currently ¤18,000 a year), or
requirement are linked to the annual State
Pension (Contributory) rate for a single
                                                 • You reach age 75.
person.
                                             7
At this stage your AMRF will become an
ARF. You may have to pay income tax, PRSI,
the Universal Social Charge (USC) and any
other charges or levies (tax) due at the time
on the withdrawals you make.



The investment funds you choose and the
plan charges are the same for the Complete
Solutions ARF 1 and the Complete Solutions
AMRF 1.


Example of how an AMRF
and ARF work together
Your retirement fund          ¤500,000

Retirement lump sum
(for example, 25%)            ¤125,000

Rest of investment            ¤375,000

Invest in an AMRF             ¤119,800
(if you do not have
a guaranteed pension
income for life of ¤18,000
a year)

Invest the rest in an ARF     ¤255,200




                                                8
3
Your Complete
Solutions
ARF 1 / AMRF 1



    9
                                                      • the growth you have made; and
            With a Complete Solutions                 • your regular withdrawal from the fund
           ARF 1 / AMRF 1, you can                       (ARF only).
 manage and control your retirement
 fund to suit your needs. Below we                    You can also check the value of your fund
 describe some of the features of our                 at any time by phoning 01 704 1111 or
 Complete Solutions investments.                      checking online at www.irishlife.ie.


                                                      Planning for inheritance
A wide range of funds                                 tax
Complete Solutions offers a wide range of             The money in your ARF or AMRF is your
investment options. Because everyone has              money. When you die you can pass it on
different needs and views on how they                 to your family or other beneficiaries. Your
would like to invest their retirement fund,           tax adviser can explain the tax effects
each option has a different level of                  which may arise if you die while an AMRF
expected returns and the risk of ups and              or ARF is in place. We have outlined a
downs.                                                summary on page 28.


For a full list of the funds available on your        Access to your money
Complete Solutions ARF 1 and AMRF 1                   (ARF only)
plan, please see your separate Fund                   Your ARF is your money. You can take cash
Guide.                                                lump sums from your fund whenever you
                                                      need to. If you do take cash out, you will
 Warning: This Complete Solutions                     have to pay tax due.
 product may be affected by
 changes in currency exchange                         Taking a regular
 rates.                                               withdrawal (ARF only)
                                                      You can choose to take a regular
                                                      withdrawal from your ARF based on a
Regular updates                                       percentage of your fund value. Your
Each year we will send you a statement                withdrawal can be paid to you every
showing:                                              month, every three months, every six
                                                      months or every year. We will take any tax
• the original value of your fund;                    due before we pay this to you. It will be

                                                 10
applied at the highest rate, unless you
                                                    Withdrawing the funds
send us a certificate of tax credits and
                                                    from your AMRF
standard rate cut-off point for the year.
                                                    You can withdraw your original investment
                                                    when you reach age 75. You are allowed
We will pay your chosen withdrawal (less
                                                    to withdraw any gain you make before that
any tax due) direct into your bank account
                                                    date which is over and above the original
or through the post by cheque.
                                                    amount. As a result, it is not possible to set
                                                    up a regular withdrawal from your AMRF.
If you do not take a regular withdrawal, we
must take a minimum withdrawal amount
                                                    You can, at any stage, use your Complete
of 5% of the value of your fund in
                                                    Solutions AMRF 1 to buy an annuity
December every year and pay this
                                                    (which is a guaranteed income paid for
withdrawal to you, less any tax due at
                                                    life). When you reach age 75 or meet the
the time. This is automatically paid to you
                                                    guaranteed pension income for life
from the year you turn 61. We explain
                                                    requirement, your Complete Solutions
this under ‘Minimum withdrawal
                                                    AMRF 1 will become an ARF and you can
amounts’ on page 17. We will pay this to
                                                    then withdraw your fund as an ARF. If you
you by sending you a cheque unless
                                                    do not choose to take a regular withdrawal
you tell us otherwise.
                                                    or if the regular withdrawal you take is
                                                    below a certain amount, we will pay you a
Unlike an annuity, we will not pay a regular
                                                    minimum amount each year, less any tax
withdrawal to you for life. If your ARF
                                                    due at the time. We explain this under
grows at a lower rate than the level of
                                                    ‘Minimum withdrawal amounts’ on page
withdrawal you have chosen, this will
                                                    17. We will pay you this through the post
reduce your original investment and your
                                                    by cheque unless you tell us otherwise.
fund could run out before you die. The
higher the withdrawal, the higher the risk
of this happening.




                                               11
4
Complete
Solutions
ARF 1/AMRF 1
investment
decision

    12
                                                  1. The amount of risk
            Summary                               you are willing to take
                                                  Depending on which fund or asset you
 There is a wide range of funds available         invest in, its value can fall as well as rise
 for you to choose from. The fund that is         over the investment period. By choosing
 right for you depends on:                        lower-risk investments, you are aiming to
                                                  protect your initial investment from large
 • the amount of risk you are willing to          falls. However, the potential for large gains
     take; and                                    is lower than if you choose a higher-risk
 • the amount of control you want on              investment.
     where your pension invests.
                                                  Higher-risk investments such as company
 Generally funds that offer the highest           shares do not aim to protect your initial
 potential for growth have the biggest            investment from large falls, but you do
 ups and downs.                                   have the potential to gain much more,
                                                  especially over the long term. If you invest
 You can switch to a higher-risk or               in these types of investments, or share-
 lower-risk investment fund.                      based funds, you should realise that, in
                                                  wanting a higher return, you need to
 For a full list of the funds available,          accept that the value of these funds can
 please see your separate Fund Guide.             move up and down, sometimes by large
                                                  amounts.
 Your financial adviser will help you
 decide what is best for you.                     2. Choice of investments
                                                  We have brought together a number of
                                                  different types of funds which invest in
Complete Solutions ARF 1 and AMRF 1               property, shares, commodities (such as oil
offers a wide range of investment options,        and gas) or fixed-interest stocks. You can
because everyone has different needs and          choose to invest in funds run by some of
views on how they would like to invest.           the most successful fund managers in the
                                                  world such as Irish Life Investment
Where, and how, you invest will depend            Managers, Fidelity International and
on the following.                                 Bloxham. Or you can choose to invest in
                                                  our ‘indexed’ managed funds which aim to
                                             13
track the performance of particular stock
markets. These funds are likely to suit
most people investing in an ARF or AMRF.


Think about how much investment
experience you have and to what extent
you want to be involved in the detailed
investment decisions of your fund. Are
you comfortable choosing the individual
assets your fund invests in or are you
happy to leave this to a fund manager?


Comparing the options
Once your financial adviser has helped you
decide where you stand on all these
questions, they can help you build your
personalised investment plan using any
combination of the funds outlined in your
separate Fund Guide.



           If your ARF grows at a lower
           rate than the level of
       withdrawals you are taking, your
 original investment will be reduced.



 Warning: The value of your
 investment may go down as well as
 up.




                                             14
5
Withdrawal
options




    15
Before investing in an ARF so that you can
                                                    Comparison between a
take regular withdrawals you should
                                                    guaranteed annuity and
consider the main points about annuities
                                                    an ARF
and ARFs.
                                                    This illustration compares a guaranteed
                                                    annuity income with regular withdrawals
Annuity option                                      from your ARF – its aim is to highlight that
If you choose to buy an annuity with your
                                                    regular withdrawals from an ARF are not
pension fund you are changing your
                                                    guaranteed to last for life.
retirement fund into a regular income
guaranteed to last you for life. It does not
                                                    For example, the current annuity available
matter if returns from investment markets
                                                    for a male aged 65 is ¤4,132 a year based on
are poor or if you live for a long time
                                                    a fund of ¤100,000 (March 2011). If the
because you will be paid an income for as
                                                    same person took this regular withdrawal
long as you live. You can’t withdraw your
                                                    from his ARF every year, the fund might run
money and there is no cash-in value once
                                                    out before he dies depending upon the
you have bought the annuity.
                                                    growth rate achieved under the ARF.

ARF option                                          The table below illustrates this
Your Cornmarket ARF1 gives you the option
to take a regular withdrawal. You can               Income                         ¤4,132
withdraw between 5% and 15% of your                 ARF growing at                 ARF will run
value of your fund every year. This                 3% a year                      out at age 86
withdrawal may not be paid for life. Your           ARF growing at                 ARF will run
fund can fall as well as rise and the               6% a year                      out at age 95
withdrawals you take could reduce your
                                                    Guaranteed Annuity             Payable for life
fund quicker than expected if market
conditions are poor.
                                                    Assumptions:
                                                    • A single payment of ¤100,000 into your
The withdrawal or income from an ARF or
                                                      Complete Solutions ARF 1.
an annuity is subject to any tax due at the
time.
                                                    • All income payments are before tax.
                                                    • Current annuity rate is based on male,
                                                      aged 65 with the pension increasing at a


                                               16
  guaranteed rate of 3% a year. Annuity               In summary, the ARF may not provide
  income for a female will be lower. The              income after you retire for the rest of your
  annual amounts shown are paid every                 life and the fund could run out if there is an
  month in advance and the guarantee                  excessive level of income withdrawal.
  period is 5 years.
                                                       Warning: The income you get from
• The ARF investment is not guaranteed                 this investment may go down as
  and can go down as well as up.                       well as up.


• The ARF is invested in the Consensus                Regular withdrawal option
  Fund with a 1% fund charge every year.              You can choose to take a regular
                                                      withdrawal of between 5% and 15% of the
• If regular withdrawals are higher or if             fund you have built up each year. We can
  growth rates are lower, the ARF fund will           pay this to you every month, every three
  run out earlier than shown in the                   months, every six months or every year.
  example.                                            We won’t apply any early withdrawal
                                                      charge to these payments. You can decide
• For the purpose of this illustration, the           whether you want your withdrawal to be
  withdrawal payments on the ARF are                  paid by cheque through the post or to your
  assumed to be the same as the annuity               bank account direct. Please see pages 10
  payments.                                           and 11 for more details.


• This table is for illustrative purposes only        Minimum withdrawal amounts
  - the minimum withdrawal amount from                The Finance Act 2006 introduced an
  an ARF is currently 5% a year (March                obligation on all qualifying fund managers
  2011). You can take a regular withdrawal            to take from ARF funds every year as if you
  amount between 5% and 15% of the                    had taken a minimum withdrawal. So, if
  fund value.                                         you decide not to take a regular
                                                      withdrawal or if you take a regular
You can get a quote from your financial               withdrawal which is less than this minimum
adviser giving future estimated fund values           withdrawal amount, we have to take any
based on your initial investment.                     tax due at the time from your fund as if you
                                                      had. Each December, we will review any
                                                      regular withdrawals you have taken

                                                 17
during the year. If you haven’t taken any            take is ¤350 and the value of the
regular withdrawals, or if the withdrawals           investment after the withdrawal must be
you have taken are lower than the                    ¤1000. You will have to pay tax on any
minimum withdrawal amount, we will pay               withdrawals you make.
you the minimum withdrawal amount less
any tax due at the time. We will only take           With your Complete Solutions AMRF 1,
the minimum withdrawal amount from                   you can only withdraw any growth over
your ARF from the year you turn 61.                  and above the original amount of your
                                                     investment. The smallest amount you can
The current minimum withdrawal amount                take is ¤350 and the value of the
is 5% of the value of your fund at the end           investment after the withdrawal must be
of each year (March 2011). This could                ¤1,000. Tax will be due on any withdrawals
change in the future.                                you make.


We will pay this amount to you less any tax          We will apply the early withdrawal charge
due by cheque in December of each year.              to any lump-sum withdrawals from your
Or, if you ask, we will pay it into your bank        Complete Solutions ARF 1 or AMRF 1
account. You can choose to take a higher             plan.
withdrawal than this amount, as explained
in the ‘Regular withdrawal option’ section           Taking withdrawals if you
on page 17.                                          have a Self-Invested
                                                     Fund
AMRFs are not covered by this rule.                  A Self-Invested Fund gives you ultimate
However, when you meet the guaranteed                control over where your pension fund is
pension income for life requirement or               invested. If you choose this fund, you can
reach age 75, your Complete Solutions                decide what investments you want in your
AMRF 1 becomes an ARF and your fund                  fund. For more details on this fund, please
will be treated in the same way as                   read your separate Fund Guide booklet. If
explained under ‘Minimum withdrawal                  you have a Self- Invested Fund, there are
amounts’.                                            extra rules on taking cash out of your
                                                     Complete Solutions ARF 1 which you
Lump-sum withdrawals                                 should remember. These are because we
You can also take one-off lump sums out of           can only take funds out of your Self-
your ARF. The smallest amount you can                Invested Fund if there is cash available.

                                                18
Depending on the assets held in your                  retire. An ARF is ideal if you want to keep
fund, it can take time to sell these assets to        control of your money, but there is more
make cash available.                                  risk.


Regular withdrawals                                   In making withdrawals, you should
If you have a Self-Invested Fund, we will             remember the following points.
take the regular withdrawal payments from
the rest of your funds but not the Self-              • Making regular withdrawals may
Invested Fund. If you are fully invested in              reduce the value of your ARF, especially
the Self-Invested Fund, we will pay your                 if investment returns are poor or you
regular withdrawals from the cash part of                choose a high rate of withdrawal (or
your Self-Invested Fund.                                 both).


Lump-sum withdrawals                                  • Regular withdrawals over a long period
You can take a lump-sum withdrawal from                  may use up all of your ARF.
your Self-Invested Fund. However, there is
likely to be a delay between when you ask             • The higher the level of regular
us for the withdrawal and when you will                  withdrawal you make, the higher the
receive it. This is because we must first sell           chances are that you will use up your
assets in your fund to get the cash we need              ARF in your lifetime. Please see pages
to give you your withdrawal. The length of               10 and 11 for more details.
this delay will depend on the type of asset
your fund is holding. If your Self-Invested           • If your pension fund will provide your
Fund falls below ¤1,000, your policy will                only or main source of income after you
end. We will apply any early withdrawal                  retire, you should consider investing
charge to these payments. Tax will be due                some or all of it in an annuity so you
on any withdrawals you make.                             have an income for life.


Conclusions
The annuity option pays a known income
for life, no matter how long you live. This
is especially important if your pension fund
is your only form of income when you



                                                 19
6
Charges




    20
This section will show the charges
                                                      Yearly plan charge
applying to your Complete Solutions ARF
                                                      This charge, if it applies, will be shown on
1 / AMRF 1 contract.
                                                      your plan schedule. We take it as a
                                                      percentage of your fund value and it could
The same charges apply to both the
                                                      be up to 0.5% a year. We cancel units
Complete Solutions ARF 1 and AMRF 1
                                                      every month to pay this charge. If it
plans.
                                                      appears on your schedule, it applies as
                                                      well as the yearly fund charge.
Initial charge
We will use your investment (your
                                                      Charge for early
retirement fund) to buy units in one or
                                                      withdrawal
more funds. The amount of your
                                                      If you take your money out more than five
investment used to buy units depends on
                                                      years after you put it in, we will pay you
the size of your retirement fund.
                                                      your fund value. (You must pay tax on this
                                                      amount.) However, if you want to transfer
The percentage of your investment used
                                                      or withdraw your investment less than five
to buy units in your fund choice can range
                                                      years after putting your money in, we will
from 97% to 100% depending on the
                                                      reduce your fund value by taking off a
amount you have to invest. This charge
                                                      charge as follows.
will be shown on your plan schedule.
Please talk to your financial adviser or us
                                                       Years 1 to 3                 5%
for details of this percentage.
                                                       Year 4                       3%
                                                       Year 5                       1%
Yearly fund charge
We take this charge based on the value of
                                                      This refers to the anniversary of the date
the fund at a given time. The actual charge
                                                      you invest. You may make more than one
depends on the fund you have chosen.
                                                      investment into the same plan at different
We take the fund charge from the fund
                                                      times. The charge applies to each separate
and it is reflected in each fund’s unit price.
                                                      investment. For example, if you made an
                                                      extra investment during year three and
The yearly fund charge for each fund is
                                                      you cash in all of your investment during
shown in your separate Fund Guide which
                                                      year four, we will take a 5% charge from
you should read carefully before you
                                                      your extra investment. However, we will
decide to invest.

                                                 21
take a 3% charge from your initial
investment amount. You may want to
make a regular withdrawal from your
Complete Solutions ARF 1 plan. We allow
you to make a regular withdrawal of up to
15% of your original investment every year.
We will not take an early withdrawal
charge on these payments. The early
withdrawal charge, as outlined earlier, will
apply to any lump-sum withdrawals taken
in the first five years of your investment.




                                               22
7
Great
service




    23
As this is a major long-term investment, we         There is no substitute for one-to-one
make sure to keep you informed about your           advice and we would recommend that you
Complete Solutions ARF 1 or AMRF 1 plan             regularly review the progress of your
and how it’s doing so that you can review it        Complete Solutions ARF 1 / AMRF 1 plan
regularly. We’re here to give you the               with your financial adviser.
information you need, when you need it.
                                                    In the interest of customer service, we will
• You can phone 01 704 1111 to check                record and monitor calls.
   the value of your Complete Solutions
   plan.


• Every year we write to you to let you
   know how your Complete Solutions
   ARF 1 / AMRF 1 plan is doing. We will
   show you what you’ve paid and what
   your plan is worth.


• By logging on to our website
   (www.irishlife.ie), you can see how
   each of the funds is doing and get
   answers to frequently asked questions.


You can also see the value of your plan and
even switch funds free of charge. Certain
restrictions may apply. If you have a Self-
Invested Fund, you will also be able to see
detailed fund accounts. These will show
the investments you will hold in your fund,
cash flows in and out of the fund as well as
expenses and charges we take. The actual
value for the Self-Invested Fund will not be
finalised until the asset has been sold.




                                               24
8
Your questions
answered




    25
Am I eligible to invest in                          Personal Retirement Savings
an approved retirement                              Account (PRSA)
fund?                                               ARF and AMRF options are available using
Whether you can invest in an ARF or an              the fund built up in a PRSA. However,
AMRF depends on what type of pension                there is the option to leave your fund
plan you already have. The option to                under your PRSA and apply the same rules
invest in an ARF or an AMRF will apply if           as if it were an ARF or an AMRF. For
you are using the funds from one or more            example, you can make withdrawals from
of the following contracts.                         your PRSA fund whenever you want. You
                                                    do not have to move your funds from a
Personal pension plan                               PRSA to take advantage of ARF-type
The option to invest in an ARF or AMRF is           benefits.
available if you have a personal pension. If
you took out your pension plan when you             Whether you decide to move your fund
were self-employed, a sole trader, a                from a PRSA to an ARF or AMRF depends
partner, or you worked for a company that           on whether the ARF or AMRF offers
did not have a pension scheme, you most             different options. For example, what
likely have a personal pension plan.                investment choices do you have in that
                                                    new product (in other words, is it different
Defined Contribution Company                        from your existing PRSA)? You should also
pension plan                                        consider the charges under the new
If you are an employee in a defined                 product versus the existing charges under
contribution company pension scheme                 your PRSA. There may be more
you can invest in an ARF or AMRF.                   considerations and you should discuss this
                                                    choice with your financial adviser.
Additional voluntary contribution
(AVC) plan                                          Are there any restrictions
If you contributed extra amounts to top up          to investing in an
your company pension plan, you can                  approved retirement
invest the money built up in your pension           fund ?
fund from your additional voluntary                 To invest in an ARF, you must be able to
contributions, in an ARF or AMRF.                   show the Revenue Commissioners that
                                                    you have a guaranteed pension income for


                                               26
life from other sources of at least ¤18,000        • You start receiving a guaranteed pension
a year.                                                income for life from other sources,
                                                       (currently ¤18,000 a year), or
Examples of the types of guaranteed                • You reach age 75.
pension income for life that the Revenue
Commissioners will accept include:                 At this stage your AMRF will become an
                                                   ARF and you can make withdrawals from
• your State Pension benefits;                     your plan. You will have to pay tax on all
• any pensions paid from occupational              withdrawals from your ARF or AMRF.
   pension schemes;
• an annuity guaranteed for life which             Will I have access to my
   you have bought with the proceeds of            money?
   another pension fund.                           Yes. You can make withdrawals from your
                                                   Complete Solutions ARF 1 as often as you
If you do not have a guaranteed pension            need to. Restrictions apply to withdrawals
income for life of ¤18,000 a year, you             from your Complete Solutions AMRF 1.
must invest the first ¤119,800 (or the             Please see page 26 for more details. If you
balance of the fund if less) in an approved        move your money less than five years from
minimum retirement fund or buy an                  the start of your investment, we will take a
annuity for the same amount.                       charge for early withdrawal. See page 21 for
                                                   more details.
An AMRF is similar to an ARF, except that
there are restrictions on what you can take        Will I have to pay tax on
from the fund. You can withdraw any gain           my Complete Solutions
you make within the AMRF over and above            ARF 1 / AMRF 1?
the original amount you invested. You also         Yes, you will have to pay tax on any
can buy an annuity with the fund at any            withdrawals from your ARF or AMRF. See
stage during the term of your AMRF plan.           page 8 for more details.


However, until one the following happens           What happens to my fund
(whichever is first) you cannot make               if I die?
withdrawals from the original amount you           One of the main differences between an ARF
invested.                                          / AMRF, and an annuity is that with an ARF
                                                   or AMRF you own your retirement fund.

                                              27
This means that when you die, you can
                                                        What about tax if I die?
leave the funds in your ARF or AMRF to
                                                        If your funds are transferred to an ARF in
your next of kin or other beneficiaries.
                                                        your husband’s or wife’s name, there is no
                                                        income tax or capital acquisitions tax
When you die, we will pay 100.1% of the
                                                        (CAT) due.
value of your Complete Solutions ARF 1 or
AMRF 1 plan. If you leave the funds to
                                                        If you leave your funds to anyone else,
your husband or wife, they can transfer
                                                        they may have to pay income tax or CAT
the funds to an ARF in their name. In all
                                                        depending on who they are and their
other cases, we pass the funds to your
                                                        circumstances.
estate.

                                                        If your estate has to pay income tax, we
                                                        will deduct this before paying the
                                                        proceeds of your fund to your estate.




Table A - summary of the tax rules after you die if the ARF or AMRF was
set up from the proceeds of your pension fund (based on rates at March
2011)
 ARF or AMRF inherited by           Income tax due                     Capital Acquisitions Tax due?

 Surviving husband or wife          None if transferred into an ARF in No
                                    the husband’s or wife’s name.
                                    PAYE is due on any future
                                    withdrawals.

 Your children if 21 or over        Yes, at standard rate of 20%       No



 Your children if under 21          None                               Yes. Can inherit up to ¤332,084
                                                                       each without paying CAT. Then you
                                                                       must pay CAT at 25% on any
                                                                       inheritance over this.
 Anyone else (including surviving Yes, at deceased’s tax rate at the Yes. Can inherit up to a certain
 husband or wife if benefit paid out time of death (either 20% or 41%) amount depending on their
 as a lump sum)                                                        relationship to you. Then they must
                                                                       pay CAT at 25% on any inheritance
                                                                       over this.




                                                   28
Table B - Summary of tax rules that apply:
- after your death, if you inherited the proceeds of an ARF from your
   husband or wife; or
- if your husband or wife dies after inheriting the ARF from you.
(Based on rates at March 2011)
 ARF inherited by              Income tax due                 Capital Acquisitions Tax due?


 Your children if 21 or over   Yes, at standard rate of 20%    No




 Your children if under 21     None                            Yes. Can inherit up to ¤332,084
                                                               each without paying CAT. Then
                                                               they can pay CAT at 25% on any
                                                               inheritances over this.

 Anyone else                   Yes, at standard rate of 20%    Yes. Can inherit up to a certain
                                                               amount depending on their
                                                               relationship to you. Then they
                                                               must pay CAT at 25% on any
                                                               inheritance over this.




What level of potential returns can I expect to
receive?
It is important to realise that the value of ARF or AMRF investments will go up and down
and that there is the possibility that, at any time, the value of your your Complete Solutions
ARF 1 or AMRF 1 can be lower than your initial investment. Any returns shown are
examples only and are not a guide to future performance. Any returns will depend on
investment and economic conditions at the relevant time in the future.



Who is my plan provided by?
Your plan is provided by Irish Life Assurance plc. Your terms and conditions will set out the
details of your contract with us. This booklet tells you about our approved retirement fund
and approved minimum retirement fund and answers the questions that you may have. It is
only meant to be a guide to help you understand your investment and does not give all the
details of your plan. These details will be in your plan schedule.



                                                29
We will include more specific details and          Customer Service Team
rules in your plan terms and conditions,           Irish Life
which you should also read carefully.              Lower Abbey Street
                                                   Dublin 1.
Can I cancel my plan?
You have 30 days after we send your                If you are still not satisfied, you can
Welcome Pack to cancel your plan. If you           contact:
decide to do this, we will return any              Financial Services Ombudsman’s Bureau
contributions you have made in line with           3rd Floor
Revenue rules, less any reduction in               Lincoln House
investment values during the period. The           Lincoln Place
information in this booklet is based on our        Dublin 2.
understanding of current law, tax and
Revenue practice in March 2011. Your               Lo-call: 1890 88 20 90
application form, terms and conditions and         Fax: 01 6620890
schedule will be your legal contract with
us. The contract will be governed by Irish         Email: enquiries@financialombudsman.ie
law. The Irish courts are the only courts          Website: www.financialombudsman.ie
that are entitled to hear disputes.
                                                   Family law and pensions
Who should I talk to if I                          If you go through a separation or divorce,
have any questions or                              a court application for a pension
complaints?                                        adjustment order (for the retirement or
If you have any questions about your your          death benefits we pay under this plan)
Complete Solutions ARF 1 or AMRF 1                 may be made. You can get more
plan, you should talk to your financial            information on how a pension adjustment
adviser or phone our customer service              order works from your solicitor. If a
team. We will do everything possible to            pension adjustment order has to be
sort out your query.                               granted on your plan, you must let us
                                                   know.
If you have a complaint and feel that you
have not got satisfaction by contacting the
above, you should write to:



                                              30
9
Glossary




    31
Annuity                                              example, if a government wants to raise
When you retire, you can use your                    money, they can issue a bond. If you loan
retirement fund to buy an annuity. This is a         money to a government, you get your
guaranteed income from your pension                  money back after a set time and you will
fund after you retire. This income is paid           also receive a fixed interest rate.
on a regular basis for the rest of your life.
                                                     Commodities
Approved retirement fund (ARF)                       Raw materials or basic agricultural
When you retire, you can invest your                 products that can be bought and sold in
retirement fund in a personal investment             recognised markets. Examples of
account called an approved retirement                commodities include oil, gas, gold, wheat
fund. You can withdraw money from the                and cattle.
account when you need it.
                                                     Equities/shares
Approved minimum retirement fund                     Investing in shares means investing in
(AMRF)                                               companies on the stock market. You then
When you retire, if you do not have a                become a shareholder. For the purpose of
guaranteed pension income for life of                the funds that invest in shares, as
¤18,000 a year, and you are not buying an            described in this booklet, we are the
annuity, you can invest ¤119,800 from                investor, so we are the shareholder. How
your pension fund into a personal                    those companies perform affects whether
investment account called an AMRF.                   the price of units in the fund rises or falls.

Additional voluntary contributions
(AVCs)
These are extra contributions you can pay
into your PRSA or company pension to
add to the pension benefits already
available from your company pension
scheme.

Bonds
A bond is a type of loan given to a
company or a government. For


                                                32
                       Contact us
                       Phone: 01 704 1010
                                 8am to 8pm Monday to Thursday                                                                          PEFC/01-31-70



                                 10am to 6pm on Fridays                                                                     From sustainably managed forests -
                                                                                                                               For more info: www.pefc.org

                                 9am to 1pm on Saturdays
                       Fax:      01 704 1900
                       E-mail: customerservice@irishlife.ie
                       Website: www.irishlife.ie
ILA 4348 (REV 03-11)




                       Write to: Irish Life Assurance plc, Lower Abbey Street, Dublin 1.

                       Irish Life Assurance plc is regulated by the Central Bank of Ireland. In the interest of customer service we will record and
                       monitor calls. Irish Life Assurance plc, Registered in Ireland number 152576, VAT number 9F55923G.

								
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