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Protecting Your SsaSets 01.07.10
 

Protecting Your SsaSets 01.07.10

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Presentation on managing the risks to your pension fund

Presentation on managing the risks to your pension fund

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    Protecting Your SsaSets 01.07.10 Protecting Your SsaSets 01.07.10 Presentation Transcript

    • Protecting your SSASets Aidan McLoughlin BCL Solr FITI TEP AIIPM Managing Director Independent Trustee Company
    • Agenda
      • Introduction
      • Recent Developments
      • Background
      • Planning Opportunities
    • Threats to Pensions
      • Fall in Investment Values
      • Reduction in tax reliefs
      • Extension of retirement ages
      • Collapse of Banks and the consequent impact on deposits
      • The Quinn Insurance affair and its impact on insured pensions
      • Developments in Family Law
      • Brendan Murtagh case
    • Tax Relief Restrictions
      • Allowance for self employed reduced from €275k to €150k
      • Income levies
      • High Earner restriction
      • PRSI on ARF drawdowns
      • Insurance Levies
      • 33% tax relief rate
    • National Pensions Framework
      • 33% tax rate
      • Auto –enrolment – contributions and benefits administered by Revenue?
      • Extension of retirement age
        • Impact on ARF
    • Deposits
      • Bank Guarantee
        • Investment pre- September 2010
        • Term Deposit
      • Deposit Guarantee
        • € 100k
        • Self Administered Schemes only
        • Aggregation?
    • Insured Pensions
      • Irish Life & Anglo
      • Quinn Insurance
      • Assets on Balance Sheet
      • Solvency of Insurers
      • Diversify or avoid?
    • Family Law developments
      • Pension Adjustment Orders
        • Revisit on divorce
      • ARFs
        • Property adjustment orders?
      • Civil Partnership Act
    • Brendan Murtagh case
      • Receiver appointed re ARF
      • No published Judgement
      • Degree to which the issues was defended
      • Market Concern
    • Background
      • OPS
        • Section 774 – under “irrevocable trust”
        • Section 772 – “ no pension is capable in whole or in part of surrender, commutation or assignment”
        • NOTE: Buy-out Bonds
    • Background
      • Personal Pension
        • An insurance contract – not under trust
        • Section 784 – must include “provision securing that no annuity payable under it shall be capable in whole or in part of surrender, commutation or assignment”
      • Note: Group Schemes
    • Background
      • PRSA
        • contract not a trust
        • Section 787K – PRSA must include “ provision securing that no annuity payable under it shall be capable in whole or in part of surrender, commutation or assignment”
        • Section 92 Pensions Act – “ No legal or equitable charge may subsist over the PRSA assets”
    • Background
      • ARFs
        • Legal status not defined in legislation
        • Client is clearly the beneficial owner
        • Original ARFs involved direct tax payment by owner
    • Planning
      • Move towards higher protection
        • Occupational pension scheme
        • SSAS v Insured
      • Switch of Employer
      • Waiver of benefits under pension scheme
      • Addition of new members to dilute benefits
      • Pension/property adjustment order
      • Use of Unit Trust Structure in ARFs and PRSAs
    • Planning
      • Multiple pensions
      • Annuity purchase
      • Investment in Tracker Funds/Private Equity
      • Create transfer/ distribution system
      • Invest in AMRF
      • Move pension overseas
    • Questions? Independent Trustee Company is regulated by the Financial Regulator