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Dr. Anthony Lundon Chairman Trustee GMS Superannuation Fund

‘Rural, Island & Dispensing Doctors of Ireland 28 th Annual Conference 5 th October 2013 ‘Pension Issues’. Dr. Anthony Lundon Chairman Trustee GMS Superannuation Fund. Trustees. Dr. Anthony Lundon - Galway Dr. Eugene Swaine - Dublin Dr. Jim Molloy - Limerick

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Dr. Anthony Lundon Chairman Trustee GMS Superannuation Fund

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  1. ‘Rural, Island & Dispensing Doctors of Ireland28th Annual Conference5th October 2013‘Pension Issues’ Dr. Anthony Lundon Chairman Trustee GMS Superannuation Fund

  2. Trustees • Dr. Anthony Lundon - Galway • Dr. Eugene Swaine - Dublin • Dr. Jim Molloy - Limerick • Dr. Philip Murray - Sligo • Dr. Niall Walsh - Longford • Dr. Martin Healy - Cork • Dr. Fergus Macnamara - Waterford • Dr. Damian Rutledge - Dublin • Dr. Larry Mc McEntee - Meath • Dr. Michael Kelleher - I.M.O. GP Comm Trustee • Corporate Trustee

  3. Administrators – MercerCorporate Trustee – Irish Pensions Trust

  4. Pensions What? Types: - DB (Defined Benefit) Schemes - DC (Defined Contribution) Schemes

  5. Pensions • Private • GMS • AVC’s • Salary + GMS • Old Age Pension/Other

  6. GMS Superannuation Fund 1988/9 – Pensions Negotiated & Capitation • History • Ideals • Benefits

  7. GMS Superannuation Fund Benefits: 1. Pension – GP & Spouse 2. Illness Benefit 3. Death in Service Benefit

  8. GMS Superannuation Fund Pension: “Options on retirement” - Dr: Cash lump sum & pension or pension only. (note revenue limits) - Dr only Vs Dr & Spouse

  9. GMS Superannuation Fund - GP’s - Fund Value - Contributions & Bonuses - Bonus: +/- - 2012 bonus 6.9%

  10. AVCs Additional Voluntary Contributions • What • How • When • Tax efficiency

  11. GMS Superannuation Fund AVCs Specified percentage – Aged under 30 – 15% Aged 30 to 39 – 20% Aged 40 to 49 – 25% Aged 50 to 54 – 30% Aged 55 to 59 – 35% Aged 60 or over – 40%

  12. GMS Superannuation Fund • Release of bonuses: +/- - Active members - Retired members • Four year smoothing system

  13. GMS Superannuation Fund • Effect of Pensions Levy • Options within funds close to retirement

  14. GMS Superannuation Fund - Your pension: GMS fund Vs Insurance Industry E.G. Fund of €500,000 as of 31/12/12

  15. Report on Pension Charges Publication announced on 23/10/12 by Joan Burton, Minister for Social Protection • Individual pension charges expensive - Loss of up to 30% • Occupational : Loss of up to 15%

  16. GMS Superannuation Fund 31/12/12 - Fund of €500,000. GP 65 yrs & 2/3 Spouses pension

  17. GMS Superannuation Fund 31/12/12 - Fund of €500,000. GP 70 yrs & 2/3 Spouses pension

  18. GMS Superannuation FundPerformance Update

  19. GMS Superannuation Fund • 2011: Marks end of negative bonuses • 2012: Fund now fully funded & positive outlook for future. - Markets vary - Investment Strategy diversified

  20. GMS Superannuation Fund • Pension Protection - Premium Waiver Scheme • Permanent Health Insurance

  21. Politics and Pensions - New limits re pensions – 01/01/14 Fund value ? / €60,000 per annum Excluding OAP Note: 30% of AVCs may be withdrawn before 27/03/16

  22. GMS Superannuation Fund Pensions - The Future - New GMS Contract - ARF’s & GMS Superannuation Fund

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