Restaurants – Benefit Statement

Benefit Statement

• One of Ireland’s largest leading Insurance Brokers with a team of Hospitality Insurance Experts

• Approved partner of the Restaurant Association Ireland

• Full Comprehensive review of insurance cover requirements, which:

• ensures appropriate cover is in place from leading Insurers

• ensures continuity of trade

• Full in-house comprehensive risk management review to allow you to implement best practice and processes. This will:

• help minimise incidents occurring

• encourage you to proactively manage your insurance costs

• help you avoid reputational damage due to non-compliance

• Bespoke Franchisee insurance cover at a competitive premium

• Dedicated claims teams at your service

 

Campion

• One of the largest Insurance Brokers in Ireland

• Over 60,000 clients

• 170+ insurance specialists nationwide

• Access to over 100 insurers

• Local presence with 11 branches across the country

• €180m funds under management

• 36 years in business

• Winner of the Deloitte Best Managed Companies Award for 10 consecutive years from 2011 to 2020

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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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