Cornmarket Presentation Cornmarket Group Financial Services Ltd. is regulated by the Central Bank of Ireland. Friends First Life Assurance Company Ltd. is regulated by the Central Bank of Ireland. Telephone calls may be recorded for quality control and training purposes.
About Cornmarket • With over 40 years' experience, we are the largest Public Sector financial services company in Ireland. • We currently administer over 50 Union, Association and Employer In a recent survey, 95% of our customers said endorsed Schemes. we were • We are now a member of the extremely/quite helpful & knowledgeable* GreatWest LifeCo group of companies. *Source: feedback collated from 1,347 online surveys completed by Cornmarket customers in 2014.
Some our clients
Agenda 1. Group Life Plan 2. Tax 3. Savings 4. Health Insurance 5. Car / Home Insurance
1. Group Life Plan
• Death Benefit of 2.5 times your annual salary up to age 65 or the date that you retire, if earlier (separate to any Life Cover under the UL Pension Scheme). • Reduction in cost: from 0.558% to 0.53% of gross salary (0.32% of net salary based on a member paying tax at the 40% rate). • 5 year rate guarantee: The new reduced rate is guaranteed for the next 5 years (until 1st May 2020). • Enhancements announced: the Plan is now more beneficial than ever before with new enhancements.
Who can join the Plan? All pensionable employees of the University of Limerick, who are under age 65, are entitled to join the Plan. IMPORTANT: You must remain an employee of UL to remain an eligible member of the UL Group Life Plan. If you leave employment with UL you must inform Cornmarket in writing, as you can no longer stay in the Plan and you will not be able to claim from it.
Cost of Membership • Salary of €40,000 – cost €2.40 per week • Salary of €50,000 – cost €3.00 per week • Salary of €60,000 – cost €3.58 per week. 0.53% of gross salary (0.32% of net salary based on a member paying tax at the 40% rate).
How Can I Join? To apply to join the Plan or for more information on the benefits available, Call Cornmarket: (01) 470 8054 Email: pensions@ul.ie Phone UL on: (061) 202930.
2. Tax
How many people here do tax returns? 82% of PAYE In 2014, the workers overpaid average tax in tax last year rebate was €1,200! Source: Midas PAYE customer statistics, 2014. Midas is a tax based service and not a regulated financial product. Cornmarket Retail Trading Ltd. is a wholly- owned subsidiary of Cornmarket Group Financial Services Ltd. Telephone calls may be recorded for quality control and training purposes.
Why Public Sector Employees Overpay Tax Factors Repercussions x Not sharing credits and cut-off Married points in a tax efficient manner Change Job x Not claiming the appropriate tax credits, reliefs, rate bands, etc Agency Work x Not availing of all allowances & entitlements Income changes x Tax Credit Certificate details incorrect Birth of child Incorrect allocations accumulate x Human error when calculating and year on year. deducting tax.
Tax Credit Cert It instructs your employer on the amount of Tax to deduct. If it’s wrong…… YOU PAY too much or too little!
Check your Tax Credits & Rate Bands
Standard Rate Bands - 2016 Personal Circumstances 2016 Single €33,800 @ 20% Balance @ 40% Lone Parent €37,800 @ 20% Balance @ 40% Married with one income €42,800 @ 20% Balance @ 40% Married with two €65,600 @ 20% incomes* Balance @ 40% *transferrable between spouses, maximum of €42,800 with one spouse.
Maximise your Allowances & Reliefs
Flat Rate Expenses Agreed between Revenue and your Union for expenses incurred directly related to the nature of your employment. Relief at your marginal tax rate Professor, Heads of Schools/Departments: €608 Lecturer on full hours: €518 Part-time lecturer (not on full hours): €279
Claim relief on your Medical Expenses 1. Make your medical insurance claim (www.hia.ie) Tax relief at source, unless paid by employer. 2. Avail of the Drug Payments Scheme - max €144 pm ( www.hse.ie) 3. Apply for your tax relief through Form Med 1.
Qualifying Health Expenses Doctor, GP, consultant or hospital fees Items or treatments prescribed by a Doctor Approved nursing home fees (40%) Non-routine Dental Treatments Prescribed medicines Certain dietary products, e.g. Coeliac/Diabetic. Keep the receipts for 6 years.
Earning more than €3,175 outside of PAYE Income If you earn more than €3,175 of income from any source outside the PAYE system you are obligated to file a return annually. If you don’t file a return, penalties and late fees apply.
Rental Income Income - Expenses = Taxable Profits Example of allowable expenses • Mortgage interest (75%) • Insurance • Mortgage protection • Management Fees • Letting Fees • Repairs & Maintenance • Advertising • Accountancy fees • Painting & Decorating • PRTB • Utility bills • Wear & Tear on Fixtures & Fittings.
Rental Income Taxpayer’s Revenue’s View View Monthly Rental Income €1,000 €1,000 Mortgage repayment / (€1,200) (€720)* interest Profit / (Loss) (€200) €280 * Assuming 80% of repayment is interest, restricted to 75% allowable.
3. Savings
Spiralling cost of college education Parents face enormous costs once children start in college education: Can all add up to approximately €800+ per month College fees (rising) + Rent/accommodation + OR up to €10,000+ per child per annum! Living expenses… Etc. Tailor-made plans to help ensure you have enough money to fund your children’s college education.
Where to save? • Bank • Credit Union • Government Bonds • Property • Managed Funds
4. Health Insurance
Private Health Insurance ‘Best deals to save you money’ Cornmarket Group Financial Services Ltd. is regulated by the Central Bank of Ireland. A member of the Irish Life Group Ltd. Telephone calls may be recorded for quality control and training purposes.
Market Overview • Costs increasing again • C. 365 plans to choose from • Difficulty making ‘Life -for- Like’ comparisons • Special Offers • Other plans for Dental and Health Cash
Benefit of Health Insurance Choice & Control Choice - Consultant - Hospital - Accommodation Type - Time of Admission Control - You decide to use your cover whenever it suits you - Enables you to bypass public hospital waiting lists by going private Always check everything in advance with either Cornmarket or Insurer – DON’T GET CAUGHT OUT!!
Outpatient National by Group/Hospital as at 31/08/2016 0-3 months 3-6 months 6-9 months 9-12 12-18 18+ Months Total Months Months 435,116 154,975 95,335 61,894 48,828 30,702 21,073 Inpatient/Day Case National by Group/Hospital as at 31/08/2016 0-3 months 3-6 months 6-9 months 9-12 12-18 18+ Months Total Months Months 78,499 25,937 16,970 11,552 9,666 6,132 4,143
Our Health Insurance Comparison Service • Largest Health Insurance broker in Ireland • Unique comparison tool covering all insurers • Expert staff who deal in health insurance only • No obligation to accept our advice • Now includes Dental Cover
Is Switching Easy?? • Credit for time served • No new waiting periods • No age loadings Cannot be penalised for switching @ renewal • Protection if an insurer goes bust • Upgrade rule may apply
Things to watch out for! • Plans covering public hospitals only • High Excess plans • Plans with restricted hospital lists • I don’t need kids covered • Sign here…
Did you know…. • Public treatment is not free • You can join any plan on the market • No insurer can refuse to insure you • Do you have to pay these age loadings • Why do I have to have the following on my plan; - maternity - convalescence - psychiatric
Play the game…. • The premium dance • Watch out for renewal changes!! – benefits aswell as price • They looked after me? • Use the call to your advantage
Making things easy…. • The premium dance • Watch out for renewal changes!! – benefits aswell as price • They looked after me? • Use the call to your advantage
Other General Benefits available Overseas Cover Elective Scan & claim or Day to Day Treatments online claims cover A&E Return Home Overseas Cover Employee Elective Online GP Assistance Treatments Programme A&E Return Home
Are you on a dated plan? • Health Plus Choice (Plan C) • Health Plus Access (Plan B) • Forward Plan • Parent & Kids • Family or First Plan Plus Level 1
Are you on a dated plan? • Essential Plus Schemes • Health Manager Schemes • Simply Health Excess • Company Care Schemes • Complete Care
Are you on a dated plan? • Level 2 Hospital • Level 2 Family Health or Complete Health • Level 3 Schemes • Level 1 Everyday • Business Plans (Extra, Select, Choice)
Are you on a dated plan? • Better Plan • Better Saver Plan • Better Smart Plan • Good Plan • Ultra Plan
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