1. NUI Galway Group PRSA Scheme Personal Retirement Savings Account
NUI GALWAY PRSA
NUI Galway Group PRSA Scheme
Personal Retirement Savings Account
-suitable for non-pensionable employees
Noel Hackett QFA New Ireland Assurance Atlanta House
36 Dominick Street Galway Tel
; Jan.2019

2. Index Background Pensions Update Eligibility & Contributions Charges
Tax Benefits
Retirement Benefits
Fund Choice and performance
Communication

3. PRSA Scheme –Who’s Who Employer – NUI Galway
Suitability – Non pensionable Employees of NUI Galway
Administrators – New Ireland
Investment Managers
State Street Global Advisors (SSGA)
Kleinworth Benson Investment Managers (KBI)
Multi-asset Managers

4. Legal Aspects Individual PRSA contracts
Assets personally owned by member
New Ireland approved PRSA provider
Registered with the Pensions Board no. APP/H/316/F

5. Pensions Update AMRF / ARF Withdrawal:
Changes with effect from January 2015
AMRF – one optional withdrawal each year to max 4% of fund value
ARF – compulsory 4% withdrawal from fund over the year – doesn’t have to be in one withdrawal.

6. Pensions Update
Maximum salary for pension funding is now €115,000 – tax relief still available at marginal rate.
Overall personal lifetime lump sum available tax free is €200,000, next €300,00 at 20% and anything above this at 40% (>€500,000)
Tax relief currently at marginal rate
Standard Fund Threshold €2 million with effect from 1st January 2019

7. Pensions Update State Pension: Transition Pension from 65 abolished
Contributory Pension from 66
€12,956 per annum ( single )
Retirement age has been extended to:
66 from 2014
67 from 2021
68 from 2028

8. Eligibility
Employees are given immediate access to the PRSA on joining NUI Galway
Scheme is voluntary. Employee only contributions
New Ireland notified of new entrants to arrange a 1:1 meeting with them
Salary/Payroll deduction facility in place by NUI Galway to deduct and remit the Employees PRSA contributions through “net pay” arrangement.

9. PRSA Scheme Company Normal Retirement Date 65
Retirement for PRSA is any age between years
Early retirement may be taken from age 50 if retiring from your employment

10. Charges
5% Contribution Charge for contributions under €1,000 per month
4% Contribution Charge for contributions greater than €1,000 per month
1% Annual Fund Management Charge for Standard range of funds.
Other funds are available for additional costs per annum – please refer to New Ireland Advisor

11. Tax Benefits Tax Savings on contributions Tax Free Investment
Tax Free Lump Sum at Retirement

12. Tax Relief On Pension Contributions
Salary €48,000
Employee Contribution €200 p.m. (5% of Salary)
20% tax
40% tax
Employee Monthly Contribution before Tax
200.00
Less Tax Relief on Employee Contribution
40.00
Net monthly cost to Employee
160.00
120.00
Total Contribution Invested

13. PRSA Contributions Under 30 30 to 39 40 to 49 50 to 54 55 to 59 60 +
Age Limits Max PRSA Contributions*
Under 30
15%
30 to 39
20%
40 to 49
25%
50 to 54
30%
55 to 59
35%
60 +
40%
*Percentage of your pay that you can contribute to your PRSA and obtain tax relief
Subject to Salary/Earnings Cap of €115,000 per annum.

14. What happens if You Leave
You can take your Investment with you
(Please ask your advisor before you decide to ensure it is in your best interest)

15. What do I get at Retirement?
25% of fund tax free
Balance as*
ARF / AMRF - Open Market Option
Annuity ( via ARF ) - Open Market Option
Taxable Cash
*Balance of retirement fund can invest in an ARF if guaranteed income of €12,700 or €63,500 invested in an AMRF

16. Investment Choice Investment Ezine: 16 available funds for Investment
Standard PRSA Investment Ezine

17. Investment Choice

18. Investment Choice cont..

19. Investment Strategy Lifestyle Approach
The longer the term is to retirement, the higher the proportion invested in equities
As retirement approaches, income is secured by switching into Fixed Income Assets/Cash

20. IRIS Glide Path – Default Fund

22. Communication Every 6 months: Statement of Account & Investment Report
Every year:
Statement of Reasonable Projection
Ongoing:
Online Service Available - go to New Ireland’s website
and click on Pensions Online

25. Summary State Retirement age increasing Living longer in retirement
Earlier you start the better
Marginal rate tax relief on Employee contributions
Currently the State old Age Contributory Pension is € per week- providing you have the appropriate PRSI contributions paid .

26. Next Steps Talk to Noel Hackett Consider paying into a PRSA
Review Investment fund/s
If you don’t select / haven’t selected a fund contributions will be invested in the IRIS Fund

27. For further information please contact
Thank you
For further information please contact
NOEL HACKETT QFA
New Ireland Assurance
Atlanta House
36 Dominick Street
Galway
Tel: M O

28. Compliance Notice
This presentation if of a general nature and should not be relied upon without seeking additional information. Terms and conditions apply. All opinions and estimates constitute best judgement and are subject to change.
New Ireland Assurance Company plc is regulated by the Central Bank of Ireland and is a member of the Bank of Ireland Group.
Warning: The value of your investment may go down as well as up.
Warning: The funds may be affected by changes in currency exchange rates.
Warning: Past performance is not a reliable guide to future performance.