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GAZETTE
' APRIL
1 9 90
Law Society retirement plan
- Now is the time to get in
Most people would agree that
planning for retirement is common
sense. The tax break on pension
contributions also makes financial
and economic sense.
Like most forms of savings and
investments, there are a number of
choices as to where you should
invest. Few professional bodies
have their own group schemes in
which to contribute. The legal
profession is one exception.
The Incorporated Law Society
established a Retirement Annuity
Plan in 1975
xo
provide its members
who are self employed or in non-
pensionable employment with the
opportunity to provide for their
retirement during their working life.
Unfortunately at the present time
only a small percentage of solicitors
support their own scheme. Only a
quarter of qualified solicitors are
members of the Retirement Plan.
Why?
This is due to a number of
factors.-
• Membership of the Plan not
promoted.
• Strong performance only
known to members.
• Significant advantages over
other schemes not
highlighted.
Agreement was reached with the
Finance Committee that The In-
vestment Bank of Ireland Limited,
who are the fund managers, would
undertake the promotion of the
Plan.
The objective is to:-
• Increase awareness of the
Plan among solicitors.
• Provide information on the
Plan.
• Highlight the strong
performance.
• Be available to discuss the
Plan with any member.
and overall
increase the member-
ship.
Main Advantages
The entry and ongoing costs of the
RAP are lower than those of many
of the plans available through life
insurance companies.
The initial charge, 2.5% of each
sum invested, is to cover adminis-
trative charges.
The ongoing managment fee is
only 0 . 5% per annum.
The Plan does:-
• Not charge the normal
bid/offer spread.
• Not reduce contributions by
use of allocations.
• Not create "initial" or
"capital" units which attract
5/7 times the normal annual
management fees.
By
Harry Cassidy,
Senior Manager,
Investment Department
The Investment Bank of
Ireland Limited
• Not charge for switching
between funds.
• Not charge an annual fee for
administration.
Cho i ce of Funds
The Plan is invested in two funds.
A solicitor can choose to invest in
the Managed Fund for growth or
the Cash Fund in the years prior to
retirement allows an individual to
protect accumulated gains.
Performance
Although the rate of return cannot
be guaranteed, the objective of
IBI's fund managers is to achieve a
real rate of return substantially in
excess of inflation.
The returns for the past six years
are as follows:-
The Law Society Scheme has
performed favourably alongside
two of the large life offices.
T ime to Invest?
The tax year is rapidly coming to a
close. This is normally the time to
consider making payments or in-
creasing contributions to a Plan.
Why not consider the Law
Society Retirement Plan for your
next contribution. Even if you are
contributing to another scheme,
you can make contributions to the
Law Society Plan.
• Minimum contribution £500.
• Not committed to making
payments every year.
• Choice of retirement date.
Please contact me for further
details at:-
The Investment Benk of Irelsnd
Limited, 26 Fitzwillism Piece,
Dublin 2.
Tel: (01) 616433, Ext. 1215.
Harry Cassidy
CAS ES RELATING TO
MILK QUOTAS
I would be very interested in
assembling reports on such cases if
possible and would be most grateful if
practitioners would let me know from
time to time of any pending or decided
cases at any level (including disputes
referred to the new Tribunal).
Also, I would like to hear from any
practitioner who might like to be
circularised with particulars of such
reports from time to time (would such
people please send an S.A.E.)
OLIVER RYAN- PURCELL,
T. V. O ' SU L L I V AN & CO .,
SOL I C I TORS,
St. Mi chael S t r ee t,
T i ppe r a r y.
r,
N
P.L.M.
Photographic
Studios
Specialists in all aspects of
Legal and Corporate Photography
20, Stephen's Lane, Dublin 2.
Telephone: 761406/761088
1989
1988
1987
1986 1985
1984
Incorporated Law
Society Scheme
19.2% 25.9%
7.1% 24.3% 26.3%
5.9%
Standard Life
16.4% 29.0% 14.1% 20.8% 31.2%
3.2%
Irish Life
19.8% 26.1% 10.9% 22.1% 24.9%
5.4%
70