Single Premium Pension (Matrix)

Transcription

1 Single Premium Pension (Matrix) Matrix Funds Product Type The Zurich Life Single Premium Pension is a unit-linked single premium pension plan. There are Executive, Personal (Self-employed) and Group AVC versions. Premium Minimum: 2,500 Maximum: None. Premiums above 500,000 invested in the SuperCAPP fund require prior approval. Single Premium Top-ups Top-ups will be handled by setting up a new policy. Minimum: 500 Maximum: None. Top-ups above 500,000 invested in the SuperCAPP fund require prior approval. Age at Entry Minimum: Maximum: Retirement Age 18 next birthday 66 next birthday (Executive and Group AVC) 71 next birthday (Personal) 55 next birthday for investments in the SuperCAPP fund Minimum: 60 Maximum: 70 (Executive and Group AVC) 75 (Personal) Charging Structure Bid/offer spread: 5% Annual management charge: 0.75% plus trailer commission (If Threadneedle Investments funds are chosen, an extra 0.5% annual management charge applies.) In addition, 1/20th of earnings in the SuperCAPP fund, distributable as dividends, are due to Zurich Life as part of the general maintenance of the fund. This charge is taken before dividends are declared.

2 Allocation Initial Commission is deducted from these gross allocation rates: 103% for premiums < 10, % for premiums >= 10,000 and < 15, % for premiums >= 15,000 and < 25, % for premiums >= 25,000 and < 50, % for premiums >= 50,000 Encashment Charges Year 1 4% Year 2 3% Year 3 2% Year 4 1% These will apply on retirement and transfers within four years of a single premium being paid. Commission Initial: Choice of 0% - 5% (in 0.5% Increments) Trailer: Choice of 0%, 0.25% or 0.5% In addition, 1% Trailer can be taken with 0% Initial Commission.

3 Commission Initial Commission Trailer Commission Basic Allocation Rate Net of Commission* Annual Management Charge RS Code (for use on application form) R1467 HSR R1466 HSR R1465 HSR R1464 HSR R1463 HSR R1462 HSRZ R1461 HSRY R1460 HSRX R1459 HSRW R1458 HSRV R1457 HSRU R1478 HSSF R1477 HSSE R1476 HSSD R1475 HSSC R1474 HSSB R1473 HSSA R1472 HSR R1471 HSR R1470 HSR R1469 HSR R1468 HSR R1489 HSSR R1488 HSSQ R1487 HSSP R1486 HSSN R1485 HSSM R1484 HSSL R1483 HSSK R1482 HSSJ R1481 HSSI R1480 HSSH R1479 HSSG R1490 HSSS Note: The Reason for Sale (RS) Code is used to apply the correct charging and commission structure to your client's policy. Use of the correct RS Code on the application form will speed up the policy issue. Some standard RS Codes are supplied here, other variations may be available. Please contact your Zurich Life Broker Consultant for further details. * Before deduction of Bid/offer Spread and assuming a premium of less than 10,000. Bonus allocations automatically apply to higher premiums - see previous page. Switches Four free switches per policy year are allowed; subsequent switches 20. For this product, clients can only switch within the Matrix range of funds. Death Benefit Bid value of units held at date of notification of death.

4 Investment Options Clients have a choice of two different investment options: PensionSTAR and Matrix. PensionSTAR: PensionSTAR from Zurich Life is an automatic mechanism that gradually transforms your client s pension fund from a high risk portfolio to a moderate risk portfolio as they approach retirement. This protects your client from the full impact of a stock market crash prior to retirement. If selected at the start of the policy, PensionSTAR applies throughout the lifetime of the policy. Zurich Life has further developed this investment strategy to take into account whether your client is funding for an annuity or an ARF on retirement. See below for details on each of these strategies: PensionSTAR (Annuity) Years to retirement Fund that single premium will be invested in 25 or more Dynamic fund Less than 25, at least 15 Performance fund Less than 15, at least 5 Balanced fund Less than 5 Active Fixed Income fund Five years before retirement, all funds are gradually switched into the Active Fixed Income fund. PensionSTAR (ARF) Years to Retirement Fund that single premium will be invested in 25 or more Dynamic fund Less than 25, at least 15 Performance fund Less than 15 Balanced fund Five years before retirement, all funds are gradually switched into the Balanced fund. Investments will remain in the fund the initial single premium was invested in until five years from retirement, at which time funds will be gradually switched into the Active Fixed Income fund, if PensionSTAR (Annuity) is selected, or the Balanced fund, if PensionSTAR (ARF) is selected. Matrix: Matrix range of funds (subject to certain restrictions on switching into and out of the SuperCAPP fund).

5 Zurich Life Assurance plc Zurich House, Frascati Road, Blackrock, Co. Dublin, Ireland. Telephone: Fax: Website: Zurich Life Assurance plc is regulated by the Central Bank of Ireland. Intended for distribution within the Republic of Ireland. The information contained herein is based on Zurich Life s understanding of current Revenue practice as at March 2011 and may change in the future.