We, at Employee Financial Wellness Limited, part of the Wealth at Work group, act as an intermediary between you, the consumer, and the product provider with whom we place your business.

The Background

Pursuant to the Central Bank of Ireland’s 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 Commission?

For the purpose of this document, 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.

There are different types of remuneration/commission models:

Single Commission Model

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 lifespan 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 through 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.

For a serious illness policy, we will explain clearly to you the restrictions, conditions, and general exclusions that attach to that policy.

Disclosure of Information

Any failure to disclose material information may invalidate your claim and render your policy void.

Statement of Charges

We may earn our remuneration on the basis of fees, commission, and any other type of remuneration, including a non-monetary benefit or a combination of these methods. A non-monetary benefit will only be accepted if it enhances the quality of the service to our clients.

You may choose to pay in full for our services by means of a fee.

Where we receive recurring commission, this forms part of the remuneration for initial advice provided. We reserve the right to charge additional fees if the number of hours relating to ongoing advice/assistance exceeds 3 hours.

Life and Pensions – Fees

You may elect to deal with us on a fee basis. It is common to distinguish fees based on seniority and between advisers and support staff:

· Principals / Directors: €250 per hour

· Senior Advisers: €150 per hour

· Associates: €100 per hour

· Support Staff: €75 per hour

Additional fees may be payable for complex cases or to reflect value, specialist skills, or urgency. Our scale of fees for such cases ranges from a minimum of €150 per hour to a maximum of €500 per hour. We will notify you in advance and agree the scale of fees to be charged.

Personal Retirement Savings Accounts (PRSAs) – Fees

Where advice is requested for PRSAs, the following hourly fees will apply:

· Advisor Fees: €250 per hour

· Support Staff: €75 per hour

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 educational seminars

· Assistance with advertising/branding

The tables below show the maximum commission we may receive from the product provider and product named. We may receive lower commission than disclosed below. The actual commission we will receive will be disclosed to each client as per the Central Bank Consumer Protection Code regulations, on a client by client basis.