In order to comply with of the Central Bank of Ireland’s September 2019 Addendum to the Consumer Protection Code, all intermediaries must make available 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 providers.
In providing financial planning services, we, Joseph G. Byrne & Sons Consulting Actuaries Limited act as an intermediary between you, the consumer, and the relevant product provider with whom the business is placed. It is our priority to provide clear and transparent information regarding our remuneration and / or commission arrangements with the various product providers.
This document provides a summary of the details of all arrangements for any fee, commission or other remuneration provided to us, subject to agreement with the product providers. Commission rates and charges vary depending on the complexity of the transaction. Our consultants will always make clear to the client the actual commission receivable before any product is put in place.
In some cases we will place business on a “fee only” basis, in which case we will not receive any commission or remuneration from the product provider.
Definitions
Initial Commission – A once off commission payment received from the product producer when a client purchases a product.
Trail Commission – Ongoing commission received annually from the product producers expressed as a percentage of the total fund held by the client.
Renewal Commission – Ongoing commission received annually from the product producers expressed as a percentage of the premiums payed by the client.
Single Premium Products – A product where premium payed by the client is in one lump sum.
Regular Premium Products – A product where premium payed by the client is in regular instalments.
Group Protection Products – A product set up to provide a group of people with protection benefits.
Individual Protection Products – A product set up to provide a single person with protection benefits.
Single Premium Products
Examples of single premium products would be Approved Retirement Funds (ARFs), Approved Minimum Retirement Funds (AMRFs), Personal Retirement Bonds (PRBs), Investment Bonds and Annuities. Below is the range of initial commission and trail commission which may be paid to us from each of the product producers on single premium products (excluding Annuities):
| Product Producer | Initial Commission | Trail Commission |
| Aviva Insurance Ireland DAC | 0% – 3% | 0% – 0.5% |
| Davy Select | 0% – 3% | 0% – 0.5% |
| Friends First Life Assurance Company Ltd. | 0% – 3% | 0% – 0.5% |
| Irish Life Assurance | 0% – 3% | 0% – 0.5% |
| Independent Trustee Company | 0% – 0.5% | 0% – 0.5% |
| New Ireland Assurance Company plc | 0% – 3% | 0% – 0.5% |
| Royal London Insurance DAC | 0% – 3% | 0% – 0.5% |
| Standard Life | 0% – 3% | 0% – 0.5% |
| Zurich Life | 0% – 3% | 0% – 0.5% |
Below is the range of initial commission which may be paid to us from each of the Annuity providers:
| Product Producer | Initial Commission |
| Aviva Insurance Ireland DAC | 0% – 3% |
| Friends First Life Assurance Company Ltd. | 0% – 3% |
| Irish Life Assurance | 0% – 3% |
| New Ireland Assurance Company plc | 0% – 3% |
| Royal London Insurance DAC | 0% – 3% |
| Standard Life | 0% – 2% |
| Zurich Life | 0% – 3% |
The actual initial commission and trail commission paid to us in respect of each transaction may be lower than those outlined in the tables above. The actual rates will be agreed with the client and will be outlined in the Statement of Suitability.
Products set up with Conexim, NewCourt and Wealth Options are fee based which is agreed with the client before the policy is set up.
Regular Premium Products
Examples of regular premium products would be Personal Retirement Savings Accounts (PRSAs), Personal Pensions, Executive Pensions and Savings Products. Below is the range of initial commission, renewal commission and trail commission which may be paid to us from each of the product producers on regular premium products:
|
Product Producer |
Initial Commission | Renewal Commission | Trail Commission |
| Aviva Insurance Ireland DAC | 0% – 22.5% | 0% – 5% | 0% – 0.5% |
| Davy Select | 0% – 2% | – | 0% – 0.5% |
| Friends First Life Assurance Company Ltd. | 0% – 25% | 0% – 5% | 0% – 0.5% |
| Independent Trustee Company | 0% – 0.5% | – | 0% – 0.5% |
| Irish Life Assurance | 0% – 17.5% | 0% – 5% | 0% – 0.5% |
| New Ireland Assurance Company plc | 0% – 25% | 0% – 5% | 0% – 0.5% |
| Royal London Insurance DAC | 0% – 25% | 0% – 5% | 0% – 0.5% |
| Standard Life | 0% – 25% | 0% – 5% | 0% – 0.5% |
| Zurich Life | 0% – 20% | 0% – 5% | 0% – 0.5% |
The actual initial commission, renewal commission and trail commission paid to us in respect of each transaction may be lower than those outlined in the table above. The actual rates will be agreed with the client and will be outlined in the Statement of Suitability.
Group Protection Products
We receive the same level of renewal commission from each of the product producers on the following products:
- Group Life Cover – 0% – 6% commission
- Group Income Protection – 0% – 12.5% commission
Individual Protection Products
Examples of individual protection products would be term protection, individual income protection, serious illness and whole of life protection policies. Below is the range of initial commission and renewal commission which may be paid to us from each of the product producers on individual protection products:
| Term Protection | ||
| Product Producer | Initial Commission | Renewal Commission |
| Aviva Insurance Ireland DAC | 0% – 150% | 0% – 10% |
| Irish Life Assurance | 0% – 180% | 0% – 15% |
| New Ireland Assurance Company plc | 0% – 225% | 0% – 3% |
| Royal London Insurance DAC | 0% – 180% | 0% – 3% |
| Zurich Life | 0% – 180% | 0% – 12% |
| Income Protection | ||
| Product Producer | Initial Commission | Renewal Commission |
| Aviva Insurance Ireland DAC | 0% – 200% | 0% – 10% |
| Irish Life Assurance | 0% – 120% | 0% – 6% |
| New Ireland Assurance Company plc | 0% – 130% | 0% – 3% |
| Royal London Insurance DAC | 0% – 200% | 0% – 3% |
| Serious Illness | ||
| Product Producer | Initial Commission | Renewal Commission |
| Aviva Insurance Ireland DAC | 0% – 150% | 0% – 22% |
| Irish Life Assurance | 0% – 100% | 0% – 28% |
| New Ireland Assurance Company plc | 0% – 180% | 0% – 20% |
| Royal London Insurance DAC | 0% – 225% | 0% – 36% |
| Zurich | 0% – 100% | 0% – 12% |
| Whole of Life | ||
| Product Producer | Initial Commission | Renewal Commission |
| Irish Life Assurance | 0% – 180% | 0% – 28% |
| New Ireland Assurance Company plc | 0% – 225% | 0% – 3% |
| Royal London Insurance DAC | 0% – 200% | 0% – 36% |
| Zurich | 0% – 180% | 0% – 18% |
The initial commission amounts outlined above may not all be payable in year one of the policy. Instead, they may be payable in “bullet” payments across a number of years. The actual initial commission and renewal commission paid to us in respect of each transaction may be lower than those outlined in the table above. The actual rates will be agreed with the client and will be outlined in the Statement of Suitability.
Non-Monetary Benefits
As well as the commission outlined above we are provided the following additional benefits from the product producers:
| Product Producer | Benefit |
| Aviva Insurance Ireland DAC | Educational material. CPD events, i.e. Webinars & Seminars |
| Davy Select | Educational material. CPD events, i.e. Webinars & Seminars |
| Friends First Life Assurance Company Ltd. | Educational material. CPD events, i.e. Webinars & Seminars |
| Independent Trustee Company | Educational material. CPD events, i.e. Webinars & Seminars |
| Irish Life Assurance | Educational material. CPD events, i.e. Webinars & Seminars |
| New Ireland Assurance Company plc | Educational material. CPD events, i.e. Webinars & Seminars |
| Royal London | Educational material. CPD events, i.e. Webinars & Seminars |
| Standard Life | Educational material. CPD events, i.e. Webinars & Seminars |
| Zurich Life | Educational material. CPD events, i.e. Webinars & Seminars |
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.
Sustainability Risks
When assessing products, we will consider the different approaches taken by product providers in terms of integrating sustainability risks into their product offering. This will form part of our analysis for choosing a product provider.
