NUI GALWAY PRSA

1. NUI GALWAY PRSA 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 Jan.2019

2. Index • Background • Pensions Update • Eligibility & Contributions • Charges • Tax Benefits • Retirement Benefits • Fund Choice and performance • Communication

3. 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) • Multi-asset Managers

4. 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

5. Pensions Update 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.

6. 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 2019

7. Pensions Update State Pension: • Transition Pension from 65 abolished • Contributory Pension from 66 • €12,956 per annum ( single ) • Retirement age has been extended to: • 66 from 2014 • 67 from 2021 • 68 from 2028

8. 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 • Salary/Payroll deduction facility in place by NUI Galway to deduct and remit the Employees PRSA contributions through “net pay” arrangement.

9. 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

10. Charges • 5% Contribution Charge for contributions under €1,000 per month • 4% Contribution Charge for contributions greater than €1,000 per month • 1% Annual Fund Management Charge for Standard range of funds. • Other funds are available for additional costs per annum – please refer to New Ireland Advisor

11. Tax Benefits • Tax Savings on contributions • Tax Free Investment • Tax Free Lump Sum at Retirement

12. Tax Relief On Pension Contributions Salary €48,000 Employee Contribution €200 p.m. (5% of Salary)

13. PRSA Contributions Age Limits Max PRSA Contributions* *Percentage of your pay that you can contribute to your PRSA and obtain tax relief Subject to Salary/Earnings Cap of €115,000 per annum.

14. 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)

15. 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

16. Investment Choice Investment Ezine: 16 available funds for Investment • Standard PRSA Investment Ezine

17. Investment Choice

18. Investment Choice cont..

19. 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

20. IRIS Glide Path – Default Fund

22. 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

25. 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 €248.30 per week- providing you have the appropriate PRSI contributions paid .

26. 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

27. Thank you For 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

28. 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. Compliance Notice