Commercial Premium Finance Confirmation

Thank you for placing your insurance with us. In order to spread the cost of your premium you have opted to pay for your insurance policy through a credit agreement arranged with one of our premium finance providers Close Brothers Premium Finance Ltd or Premium Credit Ltd. We wish to confirm on your instruction we have either applied for a new finance policy or rolled over your existing finance agreement.

 

Please note where documents have been requested for proof of PPS number Campion Insurance do not require your PPS number, this is requested by the finance company to report to the Central Credit Register. To facilitate your finance application, we pass any documents required to the finance company. The Central Bank of Ireland established the Central Credit Register which is a centralised system for collecting personal and credit information on loans of €500 or above.  This information may be used by other lenders when making decisions on your credit applications and credit agreements. If you require any additional information please visit www.centralcreditregister.ie, where it aims to answer all consumer questions.  

 

It is also important to note the key points that you should be aware of when entering into this agreement with the finance company:

  • The finance company charge an administration fee and interest (noted on your mandate) for financing the policy.
  • The instalments will be drawn from your bank account on the preferred date indicated by you or if ‘none’ is entered the insurance policy inception date.
  • Funds must be available in your account the day before the instalment date to avoid default.
  • There is a €40 default fee for each default on each instalment.
  • Please note if there are more than 3 defaults on the finance policy for any reason then regrettably the finance company may not offer finance as an option on your renewal.

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Important Assumptions

For the purpose of determining the term over which pension contributions are made, we have assumed your birthday was exactly six months ago.

If your target retirement age is lower than the age at which the Social Welfare pension commences (age 68 if you are born on/after 01/01/1961, age 67 if born before this date but on/after 01/01/1955 and age 66 if born before 01/01/1955) the calculations allow for funding for this gap, in addition to the cost of the annuity.

You are entitled to a full Social Welfare pension of €248.30 per week as at March 2019 which is assumed to increase by 2.5% per year.

You are saving for the difference between the Social Welfare pension and your target monthly income in retirement.

We have allowed for inflation of your target monthly income of 2.5% per annum between now and your retirement date.

Any other private pension provision you may have in place has not been taken into account.

Your monthly pension contribution increases by 2.5% each year up until your retirement age and is invested in a pension plan with an annual management charge of 1% and a 5% charge on each contribution, in line with the Standard PRSA fees and charges maximum limit.

A Gross Investment Return of 4.2% per annum on your savings. This is not a forecast because the value of your investment may grow at a faster or slower rate than assumed and the value of your investment may be expected to fall from time to time as well as rise.

On retirement you purchase an annuity which escalates at 1.5% each year, has a 5-year guarantee and is payable monthly in advance. The annuity rate assumes a post retirement interest rate of 2% per annum and no spouse’s pension. The actual annuity rate will depend on the selection of dependant’s pension, guaranteed period and the escalation rate, as well as interest rates prevailing when the annuity is purchased.

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