We hold deposit agencies with a number of banks and the following are three very competitive rates:
1 year fixed rate of 4.10%
2 year fixed rate of 4.25% p/a
5 year fixed rate of 4.5% p/a with the potential of an additional .5% p/a
These rates are not available through bank branches but directly through MGM Capital.
Pensions – Trustee Training
With effect from 1st February 2010 all trustees of Occupational Pensions (Executive Pensions), must undergo what is described in legislation as “appropriate trustee training”. For existing Trustees (appointed before 01/02/2010), the initial training will need to be completed within a 2 year period, while for new trustees the training will need to be completed within 6 months of their appointment. All trustees must repeat their training every 2 years.
“Appropriate training” in the case of one or two member pension schemes involves reading a trustee training manual, signing and keeping on file.
In the case of larger schemes this involves the trustees taking part in a training course
This applies to Company Directors who have pension schemes in place and any Employers who setup a scheme (not a PRSA) to facilitate a spouse or staff members contributing to a pension.
We will be in contact with those who are in this category in the coming days to identify the appropriate training required
This is not a requirement for PRSA contracts or Personal Pensions.
Summary of Budget 2012
- No changes to Pensions
- ARF imputed distribution remains at 5% p/a for funds with asset values up to 2 million and increases to 6% p/a above this amount
- Transfer of ARF assets on death to a child aged over 21 is currently taxed at the standard rate of 20%. It is proposed to increase this to 30% in the Finance Bill
- “Vested PRSAs” are PRSAs from which retirement benefits have commenced to be taken, usually in the form of tax free cash. These had been exempt from the ARF imputed distribution of 5% p/a. These imputed distribution provisions will apply to vested PRSA on the same basis as the ARF (5 % p/a up to 2 million and 6% in excess of this amount)
- Exit Tax – This applies to life assurance policies and investment funds. This has increased from 30% to 33%.
- DIRT – Applies to deposits. This has increased from 27% to 30%
Finally … a little bit of humour to add to your day …