Our Remuneration

The Background

Pursuant to provision 4.58A of the Central Bank of Ireland’s September 2019 Addendum to the Consumer Protection Code, all intermediaries, must make available in their public offices, or on their website if they have one, a summary of the details of all arrangements for any fee, commission, other reward or remuneration provided to the intermediary which it has agreed with its product producers.

What is Remuneration?

Remuneration is the payment earned by the intermediary for work undertaken on behalf of both the provider and the consumer. The amount of remuneration is generally directly related to the value of the products sold.

What is Commission?

Commission is payment that may be earned by an intermediary for work undertaken for both provider and consumer.

There are different types of remuneration and different commission models:

Single commission model
Where payment is made to the intermediary shortly after the sale is completed and is based on a percentage of the premium paid/amount invested/amount borrowed.

Trail/Renewal commission model
Further payments at intervals are paid throughout the life span of the product.

Indemnity Commission
Indemnity commission is the term used to describe a commission payment made before the commission is deemed to be ‘earned’. Indemnity commission may be subject to a clawback (see below) if the consumer lapses or cancels the product before the commission is deemed to be earned.

Other forms of indemnity commission are advances of commission for future sales granted to intermediaries in order to assist with set up costs or business development.

Life Assurance/Investments/Pension Products

For Life Assurance products commission is divided into initial commission and renewal commission (related to premium), fund based or trail (relating to accumulated fund).

Trail commission, bullet commission, fund based, flat commission or renewal commission are all terms used for ongoing payments. Where an investment fund is being built up though an insurance-based investment product or a pension product, the increments may be based on a percentage of the value of the fund or the annual premium. For a single premium/lump sum product, the increment is generally based on the value of the fund.

Life Assurance products fall into either individual or group protection policies and Investment/Pension products would be either single or regular contribution policies. Examples of products include Life Protection, Regular Premium Life Assurance Investments, Single Premium (lump sum) Insurance-based Investments, and Single Premium Pensions.

Investments

Investment firms, which fall within the scope of the European Communities (Markets in Financial Instruments) Regulations 2007 (the MiFID Regulations), offer both standard commission and commission models involving initial and trail commission. Increments may be based on a percentage of the investment management fees, or on the value of the fund.

Clawback

Clawback is an obligation on the intermediary to repay unearned commission. Commission can be paid directly after a contract is concluded but is not deemed to be ‘earned’ until after a specified period of time. If the consumer cancels or withdraws from the financial product within the specified time, the intermediary must return commission to the product producer.

Fees

The firm may also be remunerated by fee by the product producer such as policy fee, admin fee, or in the case of investment firms, advisory fees. We have no such arrangement with any Product Producer.

Other Fees, Administrative Costs/ Non-Monetary Benefits

The firm may also be in receipt of other fees, administrative costs, or non-monetary benefits such as:

Attendance at product provider seminars.

Set out below are the product providers with which we hold an agency. Remuneration arrangements are shown for each provider and product type.

Throughout this summary, there may be various commission options, ranges or maximum percentages of commissions shown. Where these are shown, the basis on which the level of commission taken may be decided at our discretion, set by the product provider, or as otherwise agreed with you, and will be dependent on the type of policy, premium amount, length of term of the policy, length of investment period, our time spent in researching, advising and arranging product(s), complexity of the product(s) and service provided, seniority of personnel involved, amount of commission we deem to be appropriate to remunerate us for providing our services to you.

Sustainable Finance Disclosure Regulation (SFDR)

We are remunerated by commission and other remuneration from product providers. The key product providers with which we engage, and receive remuneration from, have developed responsible investment as part of their investment philosophies and sustainability risk policies.

New Ireland Assurance Company plc

Single contribution products

	Initial Commission	Clawback Period	Trail commission per annum (p.a.)
Single Contribution Pension
Max	5%	5 years	1%
Single Contribution PRSA
Max	7%	5 years	0.5%
Approved (Minimum) Retirement Funds
Max	5%	n/a	1%
Annuities
Max	3%	n/a	n/a
Single Premium Investment Policies
Max	4%	3 years	1%

Regular contribution products

	Initial Commission	Clawback Period	Renewal / Flat Commission	Trail Commission per annum (p.a.)
Regular Contribution Pension
Max	25%	5 years	8% p.a.	1% p.a.
Regular Contribution PRSA
Max	25%	5 years	6% p.a.	0.5% p.a.
Regular Premium Investment Policies
Max	10%	5 years	2.5% p.a.	0.5% p.a.

Individual protection

Year	1	2	3	4	5	6	7	8	9+
Max	225%	50%	20%	20%	20%	12.5%	12.5%	12.5%	12.5%
Clawback Period	5 years

Group protection

	Death in Service	Permanent Health Insurance
Year	1+	1+
Max	15%	20%
Clawback Period	1 year	1 year

Irish Life Assurance

Product			Initial Commission (year 1)	Trail Commission(p.a.)	Renewal Commission p.a.	Other Commission
Unit Linked Pension Products Pre-Retirement (PP, PRSA, CP & PRB)	Annual Premium	Max
			17.5% (1st Bullet)	0.5% trail	5% 17.5% (Bullets X 3)	N/A
	Single Premium
		Max	5%	0.75%	N/A	N/A
Unit Linked Pension products Post Retirement (ARF / AMRF)	Single Premium
		Max	5%	0.75%	N/A	N/A
Guaranteed Annuity	Single Premium
		Max	3%
Investment Bonds	Single Premium
		Max	3%	0.5%	N/A	N/A
Investment Only	Single Premium
		Max	5%	0.5%	N/A	N/A
Savings Products	Annual Premium
		Max	5.5% (1st Bullet)	0.25% trail to year 8, 0.5% trail from year 9	5.5% Bullets X 3	N/A

		Yr1	Additional (annual)	Renewal (annual)
Protection	Option 1	100%	From Year 2 - 5: 20%	From Year 6: 3% level
				From Year 6: 6% indexed
	Option 2	25% level	From Year 2 - 10: 25%	From Year 11: 10% level
		28% indexed	From Year 2 - 10: 28%	From Year 11: 13% indexed
	Option 3	20% level		From Year 2: 20% level
		23% indexed		From Year 2: 23% indexed
	Option 4	80% Level		From Year 2: 12% level
		80% Indexed		From Year 2: 15% indexed
Default Profile
Income Protection	Max	120%	Year 3 & Year 6: 30%	From Year 7: 3% level
				From Year 7: 6% indexed

Group Protection

	Renewal commission
Life
Max	6%
Income protection
Max	12.5%
Serious Illness Cover
Max	12.5%

Irish Life Assurance plc (Portus platform)

Product			Initial Commission (year 1)	Trail Commission (p.a.)	Renewal Commission (p.a.)	Other Commission
Unit Linked Pension Products Pre-Retirement (PP, PRSA, CP & PRB)	Annual Premium	Max Range	10%	1%	4% (2nd bullet)	N/A
	Single Premium	Max Range	5%	1%	N/A	N/A
Unit Linked Pension products Post Retirement (ARF / AMRF)	Single Premium	Max Range	5%	1%	N/A	N/A
Guaranteed Annuity	Single Premium	Max Range	5%	1%	N/A	N/A
Investment Bonds	Single Premium	Max Range	5%	1%	N/A	N/A
Investment Only	Single Premium	Max Range	5%	1%	N/A	N/A
Savings Products	Annual Premium	Max Range	0%	0.75%	N/A	N/A

		Yr1	Additional (annual)	Renewal (annual)
Protection	Option 1	100%	From Year 2 - 5: 20%	From Year 6: 3% level
				From Year 6: 6% indexed
	Option 2	25% level	From Year 2 - 10: 25%	From Year 11: 10% level
		28% indexed	From Year 2 - 10: 28%	From Year 11: 13% indexed
	Option 3	20% level		From Year 2: 20% level
		23% indexed		From Year 2: 23% indexed
	Option 4	80% Level		From Year 2: 12% level
		80% Indexed		From Year 2: 15% indexed
Default Profile
Income Protection	Max	120%	Year 3 & Year 6: 30%	From Year 7: 3% level
				From Year 7: 6% indexed

Group Protection

	Renewal commission
Life
Max	6%
Income protection
Max	12.5%
Serious Illness Cover

Aviva Life & Pensions Ireland DAC

Standard Commission Terms

Flexible Protection, Mortgage Protection Plan, Personal and Executive Pension Term Assurance

Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7 +
22% - 150%	3% - 22%	3% - 22%	3% - 22%	3% - 22%	3% - 22%	3% - 22%

Personal & Executive Income Protection & WageProtector

Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7+
30% - 200%	15% - 30%	15% - 30%	15% - 30%	3% - 30%	3% - 30%	3% - 30%

Unit Linked Products

	Heritage Aviva Product			Heritage Friends Product
	Initial	Trail	Bullet	Initial	Trail	Bullet
Single Contribution Pension
Default	n/a	n/a	n/a	n/a	n/a	n/a
Max	5%	1%	n/a	5%	0.75%	n/a
Single Contribution PRSA
Default	n/a	n/a	n/a	n/a	n/a	n/a
Max	4%	0.50%	n/a	7.50%	0.25%	n/a
Approved (Minimum) Retirement Funds
Default	n/a	n/a	n/a	n/a	n/a	n/a
Max	5%	1%	n/a	5%	0.75%	n/a
Annuities
Default	2%	n/a	n/a	2%	n/a	n/a
Max	3%	n/a	n/a	3%	n/a	n/a
Investment Bonds
Default	n/a	n/a	n/a	n/a	n/a	n/a
Max	5%	1%	n/a	4%	0.75%	n/a
Investment Only
Default	n/a	n/a	n/a	n/a	n/a	n/a
Max	1%	1%	n/a	5%	0.75%	n/a
Regular Contribution Pension
Default	n/a	n/a	n/a	n/a	n/a	n/a
Max	15%	1%	40%	25%	0.75%	n/a
Regular Contribution PRSA
Default	n/a	n/a	n/a	n/a	n/a	n/a
Max	22.50%	0.50%	n/a	17.50%	0.25%	n/a
Savings Plan
Default	n/a	n/a	n/a	10%	n/a	n/a
Max	15%	1%	n/a	10%	0.75%	n/a

Group Life

	Yr1	Yr2+
Default	Flat commission of either 0% or 6%	0% or 6% each year thereafter
Max	6%	6%

Group Income protection

	Yr1	Yr2+
Default	Flat commission of either 0% or 12.5%	0% or 12.5% each year thereafter
Max	12.5%	12.5%

Zurich Life Assurance plc

This document provides summary details of the commission arrangements I/we have in place for unit-linked and protection business with [Zurich Life Assurance plc]. Alternative commission structures may be available which are different from the commission structures shown below.

These details are correct as at 1st April 2020.

Single contribution products (Pensions, Investments)

	Up front commission	Trail commission (p.a.)
Single Contribution Pension
Max	5.50%	0.50%
Single Contribution PRSA (Standard)
Max	5.50%	0.00%
Single Contribution PRSA (Non-Standard)
Max	5.0%	0.50%
Approved (Minimum) Retirement Funds
Max	5.0%	0.50%
Annuities
Max	3.0%	N/A
Investment Bonds
Max	5.0%	0.50%
Trustee Investment Plans
Max	5.0%	0.50%

Commission clawback:
Commission clawback typically does not apply on single contribution products

Regular contribution products (Pensions, Savings)

	Initial commission	Renewal / Bullet Commission	Trail commission (p.a.)
Regular Contribution Pension
Max	20.0%	3.0% renewal	0.50%
Regular Contribution PRSA (Standard)
Max	5.0%	5.0% renewal	0.0%
Regular Contribution PRSA (Non-Standard)
Max	5.0%	5.0% renewal	0.50%
Savings Plan
Max	10.0%%	1.0% renewal	0.50%

Commission clawback:
Commission clawback applies over a 4 year period for all initial commission.
Commission clawback also applies over a 4 year period for any bullet commission noted.

Individual Protection

Guaranteed Term Protection & Guaranteed Mortgage Protection

	Yr1	2 – 10	11+
Max	100%	12%	3%

Commission clawback:
Commission paid in year 1 is earned over a 12 month period.

Guaranteed Whole of Life

	Yr1	2 – 5	6+
Max	90%	18%	3%

Commission clawback:
Commission paid in year 1 is earned over a 12 month period.

Group Protection

Group Life Cover

	Yr1	2	3
Max	6.0%	6.0%	6.0%

Commission clawback:
Does not apply. Commission is paid as premiums are received.

Group Permanent Health Insurance & Group Serious Illness Cover

	Yr1	2	3
Default
Max	12.5%	12.5%	12.5%

Commission clawback:
Does not apply. Commission is paid as premiums are received.

Standard Life

Single contribution products

	Initial Commission	Clawback Period	Trail commission (p.a.)
Single Contribution Pension
Max	5%	N/A	1%
Single Contribution PRSA
Max	5%	N/As	0.5%
Approved (Minimum) Retirement Funds
Max	4%	N/A	1%
Annuities
Max	2%	N/A	N/A
Single Premium Investment Policies
Max	4%	N/A	1%

Clawback period is the timeframe where Standard Life can take a proportion of the commission paid back from an adviser if the premium/contribution ceases, reduces, or the product is closed.

Regular contribution products

	Initial Commission	Clawback Period	Renewal Commission per annum	Trail Commission per annum (p.a.)
Regular Contribution Pension
Max (front loaded)	1.25% x term (max 25%)	5 years*	2%	1%
Regular Contribution Pension
Max (level)	5%	N/A	5%	1%
Regular Contribution PRSA
Max	5%	N/A	5%	0.5%
Savings plan Funded Initial Commission*
Max	0-15%**	5 years*	N/A	1%
Savings plan Premium based***
Max	0-15%	N/A	N/A	1%

*If the initial contributions are not maintained for 5 years, a proportion of the initial commission paid will be claimed back from the intermediary.
** Percentage payable as a lump sum after the first premium is paid.
*** For every 1% taken there is a corresponding plan charge of 0.04% per annum. Commission is paid after the first premium is paid. FIC is subject to commission clawback.

Royal London

Alternative commission structures may be available which are different from the commission structures shown below due to commission sacrifice.

Individual protection

Year	<Maximum>* Commission Rate Available	Clawback period (when polices cancel)
1	225%	5 years
2	0%
3	0%
4	0%
5	0%
6	3%
7	3%
8	3%
9+	3%

*This maximum commission rate includes indexation policies as well as any special offers that are currently available. This may not necessarily accurately reflect your business processes. The maximum commission rate chosen by you and the average commission rate taken by you will be available on our Broker Centre. These maximum and average figures may help to provide an indication of the rates of commission you typically expect to receive.

Other Product Providers

Non-Insurance based Lump Sum Investments

Provider	Initial Commission (Year 1 Max.)	Renewal or Trail Commission	Other Commission
J&E Davy	3%	N/A	N/A
Wealth Options Ltd	3%	N/A	N/A

Non-Insurance Based Pension Investments

Newcourt Retirement Fund Managers

Product	Fund Size	Trail Commission Payable
PRB	€100,000 to €500,000*	0.25%
PRB	Over €500,000*	0.25%
ARF/AMRF	€100,000 to €299,999	0.25%
ARF/AMRF	€300,000 to €499,999	0.25%
ARF/AMRF	Over €500,000	0.15%
PRSA	Less than €25,000	No Commission
PRSA	€25,000 to €100,000	No Commission
PRSA	€100,000 to €499,999	0.25%
PRSA	€500,000 to €1,999,999	0.15%
PRSA	Over €2,000,000	0.10%

*Minimum Fee of €750 to Newcourt

Effective Date: 31 March 2020 V.1

Signature Financial Planning Ltd is regulated by the Central Bank of Ireland