Protecting Your SsaSets 01.07.10
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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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  • 1. Protecting your SSASets Aidan McLoughlin BCL Solr FITI TEP AIIPM Managing Director Independent Trustee Company
  • 2. Agenda
    • Introduction
    • Recent Developments
    • Background
    • Planning Opportunities
  • 3. 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
  • 4. 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
  • 5. National Pensions Framework
    • 33% tax rate
    • Auto –enrolment – contributions and benefits administered by Revenue?
    • Extension of retirement age
      • Impact on ARF
  • 6. Deposits
    • Bank Guarantee
      • Investment pre- September 2010
      • Term Deposit
    • Deposit Guarantee
      • € 100k
      • Self Administered Schemes only
      • Aggregation?
  • 7. Insured Pensions
    • Irish Life & Anglo
    • Quinn Insurance
    • Assets on Balance Sheet
    • Solvency of Insurers
    • Diversify or avoid?
  • 8. Family Law developments
    • Pension Adjustment Orders
      • Revisit on divorce
    • ARFs
      • Property adjustment orders?
    • Civil Partnership Act
  • 9. Brendan Murtagh case
    • Receiver appointed re ARF
    • No published Judgement
    • Degree to which the issues was defended
    • Market Concern
  • 10. 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
  • 11. 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
  • 12. 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”
  • 13. Background
    • ARFs
      • Legal status not defined in legislation
      • Client is clearly the beneficial owner
      • Original ARFs involved direct tax payment by owner
  • 14. 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
  • 15. Planning
    • Multiple pensions
    • Annuity purchase
    • Investment in Tracker Funds/Private Equity
    • Create transfer/ distribution system
    • Invest in AMRF
    • Move pension overseas
  • 16. Questions? Independent Trustee Company is regulated by the Financial Regulator