Our Remuneration

We, WP O’Reilly & Associates Limited act as Intermediary between you, the consumer, and the product provider with whom we place 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.

 

Profit Share Arrangements

In some cases, the intermediary may be a party to a profit-share arrangement with a product provider and will earn additional commission.  Any business arranged with these product providers on a client’s behalf will be placed with the product provider because that product provider is at the time of placement, the most suitable to meet the client’s requirements, taking all the client’s relevant information, demands and needs into account.

 

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 or renewal 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 Protection, Regular Premium Life Assurance Investments, Single Premium (lump sum) Insurance-based Investments, and Single Premium Pensions.

 

Credit Products/Mortgages

Commission may be earned by intermediaries for arranging credit for consumers, such as mortgages. The single, or standard, commission model is the most common commission model applied to the sale of mortgage products by mortgage credit intermediaries (Mortgage Broker).

 

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. WP O’Reilly & Associates Ltd may apply a Subscription fee for Greenman Investments. WP O’Reilly & Associates Ltd may apply an administration fee when applying for a mortgage on your behalf. The fee is €400 in total, €200 when applying for the mortgage and €200 on completion of the mortgage.

 

Preferred Provider Rate

WP O’Reilly & Associates Limited has selected one preferred product producer, Irish Life Assurance plc, for life insurance plans (including life assurance, specified illness cover, income protection, unit linked savings, investments, retirement plans, tracker bonds and Personal Retirement Savings Accounts (PRSAs).

 

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: Assisting with Advertising and Branding.

 

Click on a link below to access a list of the providers that our firm deals with, which for ease of reference is in alphabetical order.

 

Aviva Life & Pensions Ireland Limited (Friends First Life Assurance Company 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
  Initial Trail Bullet   Initial Trail Bullet
Single Contribution Pension
Default n/a n/a n/a n/a n/a n/a
Max 5% 1% n/a 5% 0.75% n/a
Single Contribution PRSA
Default n/a n/a n/a n/a n/a n/a
Max 4% 0.50% n/a 7.50% 0.25% n/a
Approved (Minimum) Retirement Funds
Default n/a n/a n/a n/a n/a n/a
Max 5% 1% n/a 5% 0.75% n/a
Annuities
Default 2% n/a n/a 2% n/a n/a
Max 3% n/a n/a 3% n/a n/a
Investment Bonds
Default n/a n/a n/a n/a n/a n/a
Max 5% 1% n/a 4% 0.75% n/a
Investment Only
Default n/a n/a n/a n/a n/a n/a
Max 1% 1% n/a 5% 0.75% n/a
Regular Contribution Pension
Default n/a n/a n/a n/a n/a n/a
Max 15% 1% 40% 25% 0.75% n/a
Regular Contribution PRSA
Default n/a n/a n/a n/a n/a n/a
Max 22.50% 0.50% n/a 17.50% 0.25% n/a
Savings Plan
Default n/a n/a n/a 10% n/a n/a
Max 15% 1% n/a 10% 0.75% n/a

 

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%

 

 

INITIAL COMMISSION

(% OF INVESTMENT AMOUNT)

 CLAWBACK PERIOD  

TRAIL COMMISSION
 

Structured products                    Max. 2.50%*

  

n/a

  

n/a
 

Property Value Add Fund             Max. 3.00%*

  

n/a

  

0.00% or

0.50% per annum
 

Min 0.00% to
Pension / A(M)RFs                                   n/a n/a Max. 0.75%

per annum taken in increments of 0.05%

 

 

BCP Asset Management DAC

 

 

 

 

 

 

 

Bastow Charleton Wealth Management Ltd

We do not currently sell products for this provider

 

 

 

Cantor Fitzgerald Ireland Ltd

Initial Commission

(Year 1 Max.)

 Renewal or Trail Commission Other Commission
2% n/a n/a

 

 

Conexim Advisors Limited

Currently we sell Conexim products on an Execution Only, no commission basis.

 

 

Greenman Investments

Single Contribution Product – Investment Only

 

  • GMO Share Classes WP1 & WP2
  • Subscription Fee – Max 1%
  • 5% trail per annum
  • Share Class Administration Fee: 0.75% of NAV (Net Asset Value)
  • Equity Financing Fee: 0.75% of Contributed Capital
  • Investor Relations Maintenance Fee: 0.38% of NAV (Net Asset Value)
  • Acquisition Review Fee: 0.23% of NAV (Net Asset Value)
  • Clawback period: n/a
  • Lock in period: 12 months

 

 

 

 

Independent Trustee Company Ltd

We do not currently sell products for this provider

 

 

Irish Life Assurance plc (Preferred Provider)

Product Initial Commission (year 1) Trail Commission Renewal Commission Other Commission
Unit Linked Pension Products

Pre-Retirement

(PP, PRSA, CP & PRB)

 Annual Premium
Max 17.5%

(1st Bullet)

 0.5% trail 5%

17.5%

(Bullets X 3)

 N/A
Single Premium
Max 5% 0.75% N/A N/A
Unit Linked

Pension products

Post Retirement (ARF / AMRF)

 Single Premium
Max 5% 0.75% N/A N/A
Guaranteed Annuity Single Premium
Max 3%
Investment Bonds Single Premium
Max 3% 0.5% N/A N/A
Investment Only Single Premium
Max 5% 0.5% N/A N/A
Savings Products Annual Premium
Max 5.5%

(1st Bullet)

 0.25% trail to year 8, 0.5% trail from year 9 5.5%

 

Bullets X 3

 N/A
Product Yr1 Additional Renewal
Life Assurance Option 1 140% Level From Year 2 - 5 40%
140% Indexed From Year 2 - 5 40% From Year 6 - 12%
Option 2 100% From Year 2 - 5 80% From Year 6 - 3% level
From Year 6 - 6% indexed
Option 3 25% level From Year 2 - 9 25% From Year 10 - 10% level
28% indexed From Year 2 - 9 28% From Year 10 - 13% indexed
Option 4 20% level From Year 2 - 20% level
23% indexed From Year 2 - 23% indexed
Option 5 80% Level From Year 2 - 12%
80% Indexed From Year 2 - 15%
Default Profile
Yr1 Additional Renewal
Income Protection Max 120% From Year 2 - 5 - 60% 3% level
6% indexed

 

Product
 

 

Group

Protection

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

 

 

J & E Davy

We do not currently sell products for this provider

 

 

 

Newcourt Retirement Fund Managers

We do not currently sell products for this provider

 

 

 

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% p.a.
Single Contribution PRSA
Max 7% 5 years 0.5% p.a.
Approved (Minimum) Retirement Funds
Max 5% n/a 1% p.a.
Annuities
Max 3% n/a n/a
Single Premium Investment Policies
Max 4% 3 years 1% p.a.

 

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 225% 50% 20% 20% 20% 12.5% 12.5% 12.5% 12.5%
Clawback Period 5 years

 

Group protection

Death in Service Permanent Health Insurance
Year 1+ 1+
Max 15% 20%
Clawback Period 1 year 1 year

 

 

Phoenix Ireland

Phoenix Ireland is no longer open to New Business

 

 

Standard Life Assurance Company

Single Contribution Products

Up front commission Clawback

Period

 Trail commission
Single Contribution Pension Max 5% n/a 1%
Percentage taken
Single Contribution PRSA Max 5% n/a 0.5%
Percentage taken
Approved (Minimum) Retirement Funds Max 4% n/a 1%
Percentage taken
Annuities Max 2% n/a n/a
Percentage taken
Investment Bonds Max 4% n/a 1%
Percentage taken
Regular Contribution Pension

 

 

 

 

 

 

Regular Contribution Pension
Initial Clawback Renewal Trail
commission Period commission commission
Max (front loaded) 1.25% x term 5 years* 2% 1%
(max 25%)
Percentage taken
Max (level) 5% n/a 5% 1%
Percentage taken
 

 

Regular Contribution PRSA
Max 5% n/a 5% 0.5%
Percentage taken
 

 

Savings Plan
Funded Initial Commission*                          Max 0% - 15%, 5 years* n/a 1%
payable as
a lump sum
after the first premium is paid
Percentage taken
Premium Based** 0% - 15% n/a n/a 1%
Percentage taken

 

* If the initial contributions are not maintained for 5 years, a proportion of the initial commission paid will be claimed back from your intermediary account.

 

**For every 1% taken there is a corresponding plan charge of 0.04% per annum. Commission is paid to you after the first premium is paid. FIC is subject to commission clawback

 

SINGLE CONTRIBUTION PENSION
Up front commission Clawback

Period

 Trail commission
Personal Pension Plus & Plan Max 5% n/a n/a
Percentage taken
Executive Pension Plus Max 1% x term (max 5%) 4 years n/a
Percentage taken
Corporate Pension Series Max 5% n/a n/a
Percentage taken
Tower Pension Series Max 5% n/a n/a
Percentage taken
 

 

 

 
SINGLE CONTRIBUTION PRSA
PRSA Max 1% x term (max 5%) 4 years n/a
Percentage taken
 

 

 
APPROVED (MINIMUM) RETIREMENT FUNDS Up front commission Clawback

Period

 Trail commission
Synergy ARF Max 3% n/a 0.5%
Percentage taken
Synergy Portfolio ARF Max 3% n/a 0.75%
Percentage taken
INVESTMENT BONDS
Synergy Investment Bond Max 3% n/a 0.5%
Percentage taken
Synergy Portfolio Bond Max 3% n/a 0.75%
Percentage taken
Moneyworks Bond Max 3.5% n/a n/a
Percentage taken
Prosperity Bond Max 3.5% n/a 0.5%
Percentage taken

 

 

 

REGULAR CONTRIBUTION PENSION
Personal Pension Plus & Plan
Initial commission Clawback

Period

 Renewal commission Trail commission
A Max (pre 1997 PPPlans) 3% x term

(max 60%)

 n/a 3% n/a
Percentage taken
B Max 2.5% x term

(max 50%)

 n/a 4% n/a
Percentage taken
C Max 2% x term

(max 40%)

 n/a 5% n/a
Percentage taken
D Max 1.5% x term

(max 30%)

 n/a 6% n/a
Percentage taken
E Max 1% x term

(max 20%)

 n/a 7% n/a
Percentage taken
F Max 8% n/a 8% n/a
Percentage taken
Executive Pension Plus
A Max (level) 5% n/a 5% n/a
Percentage taken
B Max (initial & level) 1.25% x term

(max 25%)

 4 years 3% n/a
Percentage taken
C Max (level) 8% n/a 8% n/a
Percentage taken

 

 

 

 

 

 

 

 

REGULAR CONTRIBUTION PENSION
Corporate Pension Series
Initial commission Clawback

Period

 Renewal commission Trail commission
B Max 2.5% x term

(max 50%)

 n/a 4% n/a
Percentage taken
C Max 2% x term

(max 40%)

 n/a 5% n/a
Percentage taken
D Max 1.5% x term

(max 30%)

 n/a 6% n/a
Percentage taken
E Max 1% x term

(max 20%)

 n/a 7% n/a
Percentage taken
F Max 8% n/a 8% n/a
Percentage taken
Tower Pension Series
Members joining on or after

1 September 2019

(regardless of plan start date)                       Max

 1.25% x term

(max 25%)

 n/a 2% n/a
Percentage taken
Members who joined before

1 September 2019

on 1997+ plans                                              Max

 2.5% x term

(max 50%)

 n/a 4% n/a
Percentage taken
Members who joined before

1 September 2019

on 1994 - 1996 plans                                    Max

 3% x term

(max 60%)

 n/a 3% n/a
Percentage taken
Members who joined before

1 September 2019

on pre 1994 plans                                         Max

 2.5% x term

(max 60%)

 n/a 2.5% n/a
Percentage taken
REGULAR CONTRIBUTION PRSA
Personal Retirement Savings Account (PRF)
Initial commission Clawback

Period

 Renewal commission Trail commission
Max (front loaded) 1.25% x term

(max 25%)

 4 years 3% n/a
Percentage taken
Max (level) 5% n/a 5% n/a
Percentage taken
Personal Retirement Savings Account (PRS)
Max (front loaded) 0.63% x term

(max 12.6%)

 n/a 3% n/a
Percentage taken
Max (level) 4% n/a 4% n/a
Percentage taken
Personal Retirement Savings

 

 Account (PRN)

 None None None None
SAVINGS PLAN
 
Initial Clawback Renewal Trail
commission Period commission commission
Moneyworks Plan 2.5% x term n/a 4% n/a
Max (max 50%)
Percentage taken
Capital Savings Plan 2.5% x term n/a 4% n/a
Mortgage Plan

Flexible Life Plan

(post 1997 plans)                                           Max

 (max 50%)
Percentage taken
Capital Savings Plan 3% x term n/a 3% n/a
Mortgage Plan

Flexible Life Plan

(pre 1997 plans)                                            Max

 (max 60%)
Percentage taken
Universal Life Plan (4% x 10) + n/a 2.5% n/a
(pre 1994 plans) 2.5% x (term –
Max 10) (max 90%)
Percentage taken
Universal Life Plan 3% x term n/a 4% n/a
(1994 plans)                                                  Max (max 60%)
Percentage taken
Universal Life Plan 3% x term n/a 3% n/a
(1994 protection plans)                                 Max (max 90%)
Percentage taken

 

 

 

The Royal London Mutual Insurance Society Ltd

Individual Protection – non indemnity

 

Year <Maximum>* Commission Rate Available Clawback period
(when polices cancel)
1 100%  

 

5 years
2 20%
3 20%
4 20%
5 20%
6 3%
7 3%
8 3%
9+ 3%

 

*This maximum commission rate includes indexation policies as well as any special offers that are currently available.

 

 

Wealth Options Limited

We do not currently sell products for this provider.

 

 

Zurich Life Assurance plc

Single contribution products (Pensions, Investments)

 

Up front commission Trail commission
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
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%

 

Commission clawback:

Commission paid in year 1 is earned over a 12 month period.

 

Guaranteed Whole of Life

 

Yr1 2 – 5 6+
Max 90% 18% 3%

 

Commission clawback:

Commission paid in year 1 is earned over a 12 month period.

 

Group Protection

 

Group Life Cover

 

Yr1 2 3
Max 6.0% 6.0% 6.0%

 

Commission clawback:

Does not apply. Commission is paid as premiums are received.

 

Group Permanent Health Insurance & Group Serious Illness Cover

 

Yr1 2 3
Default
Max 12.5% 12.5% 12.5%

 

Commission clawback:

Does not apply. Commission is paid as premiums are received.

 

 

Mortgage Providers

Finance Ireland Credit Solutions DAC

Segment type Commission Clawbacks
0-12mths 13-24mths 25-36mths
First-Time Buyer 1% 100% 50% 25%
Second/subsequent Buyer 1% 100% 50% 25%
Switcher 1% 100% 50% 25%
Equity Release 1% 100% 50% 25%
Residential Investment Property 1% 100% 50% 25%

 

 

 

Haven Mortgages Ltd

Segment type Commission Clawbacks
0-12mths 13-24mths 25-36mths
First Time Buyers 1% 75% 50% 25%
Second/subsequent

Buyer

 1% 75% 50% 25%
Switcher 1% 75% 50% 25%
Equity Release 1% 75% 50% 25%

 

 

ICS Dilosk

Segment type Commission Clawbacks
0-12mths 13-24mths 25-36mths
First-Time Buyer 1% 100% 50% 25%
Second/subsequent Buyer 1% 100% 50% 25%
Switcher 1% 100% 50% 25%
Equity Release 1% 100% 50% 25%
Residential Investment Property 1% 100% 50% 25%

 

 

KBC Bank Ireland plc

Segment KBC Commission KBC Commission Clawback
First Time Buyer 1% Clawback is monthly pro-rata over 36 months *
Second and Subsequent Buyer 1% Clawback is monthly pro-rata over 36 months *
Switcher 1% Clawback is monthly pro-rata over 36 months *
Switcher with Equity Release 1% Clawback is monthly pro-rata over 36 months *
Residential Investment Property 1% Clawback is monthly pro-rata over 36 months *
*For example: Mortgage redeemed 15 months post drawdown, clawback will be 21/36 months commission etc

 

 

Permanent TSB plc

Where any of the segment types are in arrears for a period of 90 consecutive days or more within 12 months of the date of issue of the advance, commission retrieval of 100% of the commission paid in respect of such Mortgage will apply.