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  • retirement plan that suits you Here s how they stack up on some of the more important issues Standard PRSA Personal Pension Plan Benefits at retirement You can take 25 of your fund tax free and leave the balance in the PRSA to keep growing with some conditions You can take 25 of your fund tax free but the remainder must also be withdrawn as taxable cash or to buy an annuity ARF AMRF some conditions apply Fund choice You ll have access to a limited pool of funds with the option of a default investment strategy that gradually changes your pension fund from a higher to lower risk portfolio as you approach retirement There are no investment fund restrictions with Personal Pension Plans Charges Charges are limited to a maximum of 5 of contributions and 1 of the fund There are no charges if you terminate your PRSA or transfer your funds out suspend or vary your contributions for initial transfers received into your PRSA RaboDirect s PRSA Fees There are no restrictions on the types or levels of charges for Personal Pension Plans These will vary between providers Eligibility Standard PRSAs are available to everyone regardless of employment status You must have or have had a source of relevant earnings to take out and continue contributing to this type of pension for example employees in non pensionable employment and those in self employed trades or professions Transferring money in You can transfer money in from other PRSAs Occupational Pension Schemes some conditions apply AVCs and Personal Pension Plans You can only transfer money in from other Personal Pension Plans Disclosure of information It s also worth noting that there are more disclosure of information requirements for PRSAs PRSA holders will receive a half yearly Statement of Account a

    Original URL path: https://www.rabodirect.ie/more/prsa/compare.aspx (2016-02-16)
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  • own investment decisions and choose from the Prisma range of Standard PRSA funds provided by Zurich Life If you opt in to the Default Investment Strategy DIS your funds will be selected and managed for you for the duration of your policy If however you d like to make your own fund choices further down the line you can write to Zurich Life explain that you d like to change and they ll arrange it for you It s worth bearing in mind that you can t opt back in if you ever come out of the DIS Tell me more about the Default Investment Strategy It s a lower risk strategy but it s designed to meet the reasonable needs and expectations of a typical investor selecting funds with the most suitable risk and reward profile based on the number of years you have until retirement If you ve quite a few years to go it s normal to invest in funds with potentially higher risk and returns early on and move into more stable investments as you get closer to retirement If you don t select from the Zurich Prisma range of funds available for a Standard PRSA you ll be invited to select the Default Investment Strategy for an ARF or an Annuity How does the Prisma range of funds work With this option you choose the funds you want to invest in from a range offered by Zurich Life It s worth taking some time to think about how much control and risk you would be comfortable with if you re thinking of going down that road And if need be get some financial advice to make sure it s right for you ESMA Risk Rating Zurich Fund choices 1 Secure 3 3 Cautiously Managed Active

    Original URL path: https://www.rabodirect.ie/more/prsa/how-its-invested.aspx (2016-02-16)
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  • d prefer the security of a guaranteed level of income each month during your retirement you should consider an annuity With a basic annuity your income would stop when you die but an annuity can be set up with a minimum payment period e g five or ten years pre selected rate at which the payout would increase each year e g 3 or benefit for your spouse if you should die first If you d prefer the security of a guaranteed level of income each month during your retirement you should consider an annuity With a basic annuity your income would stop when you die but an annuity can be set up with a minimum payment period e g five or ten years pre selected rate at which the payout would increase each year e g 3 or benefit for your spouse if you should die first Option 2 Invest in an Approved Retirement Fund ARF or remain invested in your PRSA until age 75 Option 2 Invest in an Approved Minimum Retirement Fund AMRF In the past the value of funds built up for retirement had to be used to buy an annuity after the tax free cash amount had been taken ARFs now offer an alternative solution with the option to invest in funds similar to those available under PRSAs Before you can invest in an ARF you must currently have A guaranteed pension income of at least 12 700 each year or Otherwise you must invest 63 500 or residual fund if lower in an Approved Minimum Retirememnt Fund AMRF While your fund is invested in an ARF your investment growth is not taxed you can make regular withdrawals which are liable to tax as income to provide you with a pension income and you can withdraw your money at any time so you have complete control over how your pension fund is invested If you re 60 or over for a complete tax year and you don t draw down at least 4 of the value of your fund each year the difference between your actual withdrawals and 4 of the value of your fund will be treated as an imputed distribution and will be liable to tax as income If the value of your ARF is over 2 000 000 6 applies Of course if your withdrawals are consistently high you could exhaust your ARF pretty quickly It s worth bearing this in mind particularly if the funds you ve invested in don t produce the returns you d hoped for When you die the remaining value of your ARF will be paid to your family subject to income tax and levies on any subsequent withdrawals This is an important point to remember if you d like your family to benefit from the contributions you ve made to your PRSA over the years Remain invested in your PRSA to age 75 If you are using your PRSA as your primary retirement vehicle then you

    Original URL path: https://www.rabodirect.ie/more/prsa/at-retirement.aspx (2016-02-16)
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  • you that you re moving to Zurich Life s secure site to complete a simple online application 2 Submit your application Step 2 Submit your application Submit your application and we ll send you a PRSA Pack in the post with few forms for you to sign and return to us If you d like to contribute more than 15 of your salary we ll need your PPS number and some ID Your passport driving licence or original birth certificate are all good for us 3 Getting your contract to you Step 3 Getting your contract to you Your application will be processed and a pack with your contract and supporting documents will be posted to you Your Contract Document is a legal document so it s important that you keep it safe You ll also get a username password and pin separately for the Zurich Life secure website giving you access to all the info about how your PRSA is performing Who will keep me updated Zurich Life will update you regularly on how your PRSA is performing This is what you can expect Document When What it will tell you Account Statement Every six months It s a record of the last six months contributions and the value of your PRSA assets at the end of the period Tip Keep these statements safe as they may be required by your Inspector of Taxes Investement Report Every six months Info on the performance of your funds Statement of Reasonable Projection At the start of your contract and each year thereafter This will give you an estimate of your fund value at retirement Tip Remember projections are not a guarantee and the size of your accumulated fund will depend on your future contributions and investment returns Start a PRSA today

    Original URL path: https://www.rabodirect.ie/more/prsa/how-to-apply.aspx (2016-02-16)
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  • apply PRSA fees FAQs The Blog Check it out Open Account Log in Home More PRSA Pension PRSA fees Why Compare How it s invested At retirement How to apply PRSA fees FAQs PRSA Fees Standard PRSAs are State approved retirement savings plans so the most any provider can levy for this type of plan is a 5 charge on contributions as they re paid and a 1 annual management charge of the fund At RaboDirect we charge less on contributions so you can save more For regular contributions If your monthly contributions are Your upfront costs will be You could save up to Annual management fee 10 499 3 5 1 5 1 500 999 2 75 2 25 1 1000 plus 2 0 3 0 1 For one off contributions Making a one off contribution of Your upfront costs will be You could save up to Annual management fee Less than 15 000 3 5 1 5 1 At least 15 000 2 75 2 25 1 At least 30 000 2 0 3 0 1 There are no charges for initial transfers received into your PRSA if you cancel your PRSA or transfer your funds out or suspend or vary your contributions Please note that the fees on PRSA s are different from the fees charges on other types of pension contracts For example with Personal Pension Plans there are no restrictions on the types or levels of charges for plans These will vary between providers Warning Past performance is not a reliable guide to future performance The value of your investments can go down as well as up If you invest in this product you may lose some or all of the money you invest Benefits may be affected by changes in currency exchange rates Need

    Original URL path: https://www.rabodirect.ie/more/prsa/prsa-fees.aspx (2016-02-16)
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  • s worth mentioning up front however if you opt out of the DIS you won t be able to opt back in so it might be worth getting some financial advice before you make your fund choices Can I send in a cheque Yeah that s fine Cheques should be made payable to Zurich and you should pop your name and policy number on the back Post them to Zurich Cashiers Department Zurich House Frascati Road Blackrock Co Dublin Contributions Can I contribute to a PRSA and a Personal Pension Retirement Annuity contract Yes You can make payments to both at the same time If you re self employed or an employee not currently included in an employer sponsored Occupational Pension Scheme you can contribute to a PRSA or Retirement Annuity contract Just remember tax relief on your total contributions will be limited each year to a percentage of your income For more information on this check out the What are the key tax savings FAQ below How often do I have to contribute You can make monthly quarterly half yearly or yearly payments by direct debit from your bank account or simply add one off payments when you can afford to Whatever works for you is fine with us There are no rules on the minimum number of times you need to contribute Is there a minimum contribution The minimum contribution is 10 by electronic transfer or direct debit and 50 any other way including cheque Can I change or stop contributions Yes You can increase reduce or stop PRSA contributions at any time without charge If you re making contributions by direct debit from your bank account you ll need to let Zurich Life know about the change in writing If you stop the fund you ve already built up will continue to be invested and you can start making contributions again at any stage At retirement What happens to my PRSA if I die before retirement The value of your PRSA will be paid tax free to your estate if you die before you receive your retirement benefits Normal Inheritance Tax rules apply on the subsequent payment from your estate which means the value of your plan will be passed to your spouse tax free What happens if I want to buy an annuity with my retirement pot An annuity is a guaranteed income for life You can buy an annuity with your retirement proceeds from Zurich Life or on the open market If you intend buying an annuity when you retire you can choose the Default Investment Strategy Annuity and your contributions will be invested like this Years to retirement Contributions to ESMA Risk Rating Type of fund At least 25 Dynamic Fund 5 Aggressively managed At least 15 but less than 25 Performance Fund 5 Balanced managed At least 5 but less than 15 Balanced Fund 5 Balanced Fund Less than 5 Active Fixed Income Fund 4 Fixed Interest Bonds Five years before your selected retirement date the money invested in the Dynamic Performance and Balanced Funds will gradually be switched into the lower risk Active Fixed Income Fund i e part of the value of each fund will be switched into the Active Fixed Income Fund each month so eventually your PRSA will be invested 100 in the Active Fixed Income Fund The value of the active Fixed Income Fund will change broadly in line with changes in the cost of annuities as interest rates fluctuate thus helping to protect you against the risk of a sudden rise in the price of annuities close to retirement What happens if I want to invest my retirement proceeds in an ARF or keep them in my PRSA An Approved Retirement Fund ARF is an investment fund with a Qualifying Fund Manager that allows flexibility in terms of how you use your AVC Investment Account at retirement With an ARF you can decide where you want your money invested from a choice of different funds make withdrawals from your ARF as you need them withdraw the total amount of the AVC Investment Account If you want to buy an ARF you can choose the Default Investment Strategy ARF and your contributions will be invested like this Years to retirement Contributions to EMSA Risk Rating Type of fund At least 25 Dynamic Fund 5 Aggressively Managed At least 15 but less than 25 Performance Fund 5 Aggressively Managed Less than 15 Balanced Fund 5 Managed Five years before your retirement date the money invested in the Dynamic and Performance Funds will gradually be switched into the Balanced Fund i e part of the value of each fund will be switched into the Balanced Fund each month so eventually your PRSA will be invested 100 in the Balanced Fund What s the maximum pension fund and lump sum allowable at retirement The maximum total pension fund is known as the Standard Fund Threshold SFT The current limit is 2m effective from the 1st January 2015 Any individual that has breached this limit may apply for a Personal Fund Threshold PFT based on the value of their funds as at the 1st January 2014 up to a maximum of 2 3m before the 2nd July 2015 online using the revenue website Any amount in excess of SFT PFT is subject to an up front charge of 40 before maturing policy Further details on application are available by contacting your Local Inspector of Taxes or Revenue ie The total amount of tax free lump sums that can be taken is limited to a Lifetime Limit of 200 000 with effect from the 1st of January 2011 Any tax free lump sum taken prior to 7th December 2005 is excluded Lump sums taken after the 1st of January 2011 in excess of 200 000 are subject to income tax at the standard rate currently 20 on the next 300 000 Any amount over the total 500 000 is taxed at the individual

    Original URL path: https://www.rabodirect.ie/more/prsa/faqs.aspx (2016-02-16)
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  • Open a Bank Account - RaboDirect - Personal Finance.
    apply PRSA fees FAQs The Blog Check it out Open Account Log in Home Open an Account Open an account RaboDirect Savings Products RaboDirect Savings Account RaboDirect Notice Saver Accounts RaboDirect Term Deposit Account RaboDirect Investments Products RaboDirect Investments Account PRSA RaboDirect Business Savings Products RaboDirect On Demand Business Savings Accounts Business Notice Saver Account RaboDirect Business Term Deposit RaboDirect does not provide investment or financial advice or use information provided to give personal recommendations relating to products RaboDirect does not assess the suitability of the products offered and consequently customers will not benefit from the corresponding protections of the relevant conduct of business rules RaboDirect provides an execution only service and it is up to customers to determine which products may be suitable for their own personal circumstances Information shared by RaboDirect is for information purposes only If you need professional advice you should talk to an independent financial adviser We re up for a chat If you ve any savings or investment questions rattling around in your head and want to talk to us we re happy to chat Just drop us an email give us a call or talk to us on our blog Contact us Need

    Original URL path: https://www.rabodirect.ie/open-account/default.aspx (2016-02-16)
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  • Who we are Meet the team No sneaky stuff Our credit rating More Online Security Security Digipass Security tips Security threats Security FAQs Need Help How to videos Form downloads Digipass help Complaints Login problems FAQs PRSA Pension Why Compare How it s invested At retirement How to apply PRSA fees FAQs The Blog Check it out Open Account Log in Home Business Deposits Smart Moves SMART BUSINESS MOVES Successful SMEs all have one thing in common they make the right decisions at the right time We spoke to a few of our business customers about some of their smart business moves Here s what they had to say Bike to Work Their first smart move was ditching paper Irish School of Motoring Their first smart move was a petrol station The Sweater Shop Their first smart move was a word OpenHydro Their first smart move was a tripod base Need help Why not give us a call 1850 88 22 44 Mon Fri 8am 7pm Email us Help FAQs The Blog We tell it like it is Straight talking savings without the jargon Read more Read more Follow us As an online bank we love to engage online Why

    Original URL path: https://www.rabodirect.ie/business-savings/smart-moves.aspx (2016-02-16)
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