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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 086-8186163 - 091 563023

Email; noel.hackett@newireland.ie 3rd March 2015

NUI GALWAY PRSA

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Index

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

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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)

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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

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Pensions Update

Pensions Levy:

2011-2014 Temporary Pensions levy finished 0.15% for 2015, what then? Applicable to private pension funds in operation for Irish residents. The amount of levy paid in any year will be determined based on the

market value of the assets on 30th June each year.

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.

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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 2014, unchanged for 2015

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Pensions Update

State Pension:

Transition Pension from 65 abolished

Contributory Pension from 66• €11,976 per annum ( single )

Retirement age has been extended to:• 66 from 2014

• 67 from 2021

• 68 from 2028

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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

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PRSA Scheme

Company Normal Retirement Date 65

Retirement for PRSA is any age between 60-75 years

Early retirement may be taken from age 50 if retiring from your employment

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Charges

5% Contribution Charge

1% Annual Fund Management Charge

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Tax Benefits

Tax Savings on contributions

Tax Free Investment

Tax Free Lump Sum at Retirement

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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 200.00 200.00

Less Tax Relief on Employee Contribution 40.00 - 80.00

Net monthly cost to Employee 160.00 120.00

Total Contribution Invested 200.00 200.00

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PRSA Contributions

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

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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)

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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

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Investment Choice

Investment Ezine: 16 available funds for Investment

Standard PRSA Investment Ezine

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Investment Choice

Lifestyle Option Individual Retirement Investment Service (IRIS) Passive IRIS Indexed Euro-zone Long Bond Fund

Low Risk Funds Pension Cash Fund

Medium Risk Funds Pension Gilt Fund Pension Income and Growth Fund

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Investment Choice cont..

Medium to High Risk Pension Funds

Pension Evergreen Fund Pension Managed Fund Pension Consensus Fund Pension Ethical Managed Fund KBI Pension Managed Fund

High Risk Funds Pension Equity Fund Pension International Equity Fund Indexed all Equity World Indexed Hedged Fund World Indexed Unhedged Fund

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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

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Active IRIS: Moving to safer assets as you get older

Active IRIS

Absolute ReturnEquities Bonds / Cash

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IRIS Glide Path – Default Fund

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Passive IRIS Glide Path

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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

http://www.newireland.ie/ and click on Pensions Online

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Pension Schemes Online is a secure, password-protected website from New Ireland Assurance where you can view up-to-date information on Pension holdings, including contributions paid to date, fund values and choice of funds. It forms part of our on-going effort to provide our customers with the best service possible.

Access to Pension Schemes Online is available 24 hours Monday to Saturday and 8am to 6pm on Sunday. Note Online Transactions are available from 8am to 8pm, Monday to Saturday.

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To access Pension Schemes Online, please input the following data:

Pension Schemes Online

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G005000AScheme No:

View Further Details

Bank of Ireland group avc scheme

Schedule of Fund Values

Fund NameCurrent Fund

Value(€)No. of Units

Consensus Iris 2050 17,520.00 0.61100 10,704.72

Trilogy II 76,144.00 0.68900 52,463.22

Total 63,170.94

Unit Price

Employer(%)Current Fund Selection

Member(%) AVC(%)

Consensus Iris 2050

Trilogy II

Evergreen

25 25

20

30

75

0

25

50

50

Contributions

Total 100100 100

Funds Values

This value is based on unit prices as at 10 Jan 2012.

These figures are based on the latest information available to New Ireland Assurance. Adjustments may be required to take into account any contributions over or underpaid by your employer. Please contact your scheme contact to advise of any updates.

These funds may be affected by changes in currency exchange rates. The value of your investment may go down as well as up. Past performance is not a reliable guide to future performance.

Consensus Iris

Trilogy II

J Smyth Group Retirement PlanScheme Name: Bridie McGrathMember Name:

J Smyth Group Retirement PlanScheme Name:

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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 €230.30 per week.

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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

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Thank youFor further information please contact

NOEL HACKETT QFA

New Ireland Assurance

Atlanta House

36 Dominick Street

Galway

Tel: M 086-8186163 O 091-563023

Email: Noel.hackett@newireland.ie

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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.