Doyle

Financial
protection for
you and your ,
family.

Our Remuneration

Our Remuneration

Doyle Pension & Insurance Management Ltd acts as intermediary between you, the consumer, and the product provider with which we arrange your business.

The Background

Pursuant to provision 4.58A of the Central Bank of Ireland’s September 2019 Addendum to the
Consumer Protection Code, all intermediaries, must make available in their public offices, or on their
website if they have one, 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 producers.

What is Remuneration?

Remuneration is the payment earned by the intermediary for work undertaken on behalf of both the
provider and the consumer. The amount of remuneration is generally directly related to the value of
the products sold.

What is Commission?

Commission is payment that may be earned by an intermediary for work undertaken for both provider
and consumer.
There are different types of remuneration and different commission models:

Single commission model: where payment is made to the intermediary shortly after the sale
is completed and is based on a percentage of the premium paid/amount invested/amount
borrowed.
Trail/Renewal commission model: Further payments at intervals are paid throughout the life
span of the product.
Indemnity Commission
Indemnity commission is the term used to describe a commission payment made before the
commission is deemed to be ‘earned’. Indemnity commission may be subject to a clawback
(see below) if the consumer lapses or cancels the product before the commission is deemed
to be earned.
Other forms of indemnity commission are advances of commission for future sales granted to
intermediaries in order to assist with set up costs or business development.

Life Assurance/Investments/Pension Products

For Life Assurance products commission is divided into initial commission and renewal commission
(related to premium), fund based or trail (relating to accumulated fund).


Trail commission, bullet commission, fund based, flat commission orrenewal commission are all terms
used for ongoing payments. Where an investment fund is being built up though an insurance-based
investment product or a pension product, the increments may be based on a percentage of the value
of the fund or the annual premium. For a single premium/lump sum product, the increment is
generally based on the value of the fund.


Life Assurance products fall into either individual or group protection policies and Investment/Pension
products would be either single or regular contribution policies. Examples of products include Life tection, Regular Premium Life Assurance Investments, Single Premium (lump sum) Insurancebased Investments, and Single Premium Pensions.

Investments

Investment firms, which fall within the scope of the European Communities (Markets in Financial
Instruments) Regulations 2007 (the MiFID Regulations), offer both standard commission and
commission models involving initial and trail commission. Increments may be based on a percentage
of the investment management fees, or on the value of the fund.

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.

Fees

The firm may also be remunerated by fee by the product producer such as policy fee, admin fee, or in
the case of investment firms, advisory fees. Include arrangements etc.

Other Fees, Administrative Costs/ Non-Monetary Benefits

The firm may also be in receipt of other fees, administrative costs, or non-monetary benefits such as:
     • Attendance at product provider seminars
     • Assistance with Advertising/Branding
Set out below are the product providers with which we hold an agency. Remuneration arrangements
are shown for each provider and product type.

New Ireland Assurance Company plc

Single contribution products

Initial
Commission
Clawback Period Trail commission
per annum
(p.a.)
Single Contribution Pension
Max
5%
5 years
1%
Single Contribution PRSA
Max
7%
5 years
0.5%
Approved (Minimum) Retirement Funds
Max
5%
n/a
1%
Annuities
Max
3%
n/a
n/a
Single Premium Investment Policies
4%
3 years
1%

Regular contribution products

Initial
Commission
Clawback
Period
Renewal / Flat Commission Trail Commission
per annum
(p.a.)
Regular Contribution Pension
Max
25%
5 years
8% p.a.
1% p.a.
Regular Contribution PRSA
Max
25%
5 years
6% p.a.
0.5% p.a.
Regular Premium Investment Policies
Max
10%
5 years
2.5% p.a.
0.5% p.a.

Individual protection

Year 1 2 3 4 5 6 7 8 9+
Max
100%
12.5%
12.5%
12.5%
12.5%
12.5%
12.5%
12.5%
12.5%
Clawback Period
None

Group protection

Death in Service Permanent Health Insurance
Year
1+
1+
Max
12%
6 years
contri_title_content
1 year
1 year

Irish Life Assurance

Product Initial
Commission
(year 1)
Trail
Commission
(p.a.)
Renewal
Commission
p.a.
Other
Commission
Unit Linked
Pension Products
Pre -
Retirement
(PP, PRSA, CP
& PRB)
1+
1+

Group Protection

Renewal commission
Life
Max
6%
Income protection
Max
12.5%
Serious Illness Cover
Max
12.5%

Aviva Life & Pensions Ireland DAC

Standard Commission Terms

Flexible Protection, Mortgage Protection Plan, Personal and Executive Pension Term Assurance

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 +
22% - 150%
3% - 22%
3% - 22%
3% - 22%
3% - 22%
3% - 22%
3% - 22%

Personal & Executive Income Protection & WageProtector

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 +
30% - 200%
15% - 30%
15% - 30%
15% - 30%
3% - 30%
3% - 30%
3% - 30%

Unit Linked Products

Heritage Aviva Product Heritage Friends Product
30% - 200%
15% - 30%
15% - 30%
15% - 30%

Group Life

Yr1 Yr2+
Default
Flat commission of either 0% or 6%
0% or 6% each year thereafter
Max
6%
6%

Group Income protection

Yr1 Yr2+
Default
Flat commission of either 0% or 12.5%
0 or 12.5% each year thereafter
Max
12.5%
12.5%

Zurich Life Assurance plc

This document provides summary details of the commission arrangements I/we have in place for unit-linked and protection business with [Zurich Life Assurance plc]. Alternative commission structures may be available which are different from the commission structures shown below.

These details are correct as at 1st April 2020.

Single contribution products (Pensions, Investments)

Up front commission Trail commission
(p.a.)
Single Contribution Pension
Max
5.50%
0.50%
Single Contribution PRSA (Standard)
Max
5.50%
0.00%
Single Contribution PRSA (Non-Standard)
Max
5.0%
0.50%
Approved (Minimum) Retirement Funds
Max
5.0%
0.50%
Annuities
Max
3.0%
N/A
Investment Bonds
Max
5.0%
0.50%
Trustee Investment Plans
Max
5.0%
0.50%

Commission clawback:

Commission clawback typically does not apply on single contribution products

Regular contribution products (Pensions, Savings)

Initial commission Renewal / Bullet
Commission
Trail
commission
(p.a.)
Regular Contribution Pension
Max
20.0%
3.0% renewal
0.50%
Regular Contribution PRSA (Standard)
Max
5.0%
5.0% renewal
0.0%
Regular Contribution PRSA (Non-Standard)
Max
5.0%
5.0% renewal
0.50%
Savings Plan
Max
10.0%
1.0% renewal
0.50%

Commission clawback:

Commission clawback applies over a 4 year period for all initial commission.
Commission clawback also applies over a 4 year period for any bullet commission noted.

Individual Protection

Guaranteed Term Protection & Guaranteed Mortgage Protection

Yr1 2 – 10 11+
Max
100%
12%
3%
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