Module Code: H8RBEN
Long Title Retirement Benefits
Title Retirement Benefits
Module Level: LEVEL 8
EQF Level: 6
EHEA Level: First Cycle
Credits: 10
Module Coordinator: Deirdre Bane
Module Author:  
Departments: School of Business
Specifications of the qualifications and experience required of staff  
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Demonstrate an enhanced knowledge of the retirement framework in Ireland, the challenges facing society at both an individual and macro level, and the corresponding policies in place to meet such challenges
LO2 Categorise earnings and evaluate the corresponding eligibility to social welfare entitlements and mechanisms and incentives in place for individuals or employers for additional private pension provision.
LO3 Demonstrate an in-indepth knowledge and understanidng of the various penison arrangementsa and be able to apply this understanding to provide retirement solutions.
LO4 Evaluate and apply the legislative provisions underpinning Revenue approved retirement arrangements in given situations.
LO5 Identify and compute the range of options available on changing employment, retirement, or death and evaluate the corresponding impact on future retirement provision by critically analysing and evaluating appropriate situations.
Dependencies
Module Recommendations

This is prior learning (or a practical skill) that is required before enrolment on this module. While the prior learning is expressed as named NCI module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
20678 H8RBEN Retirement Benefits
Co-requisite Modules
No Co-requisite modules listed
Entry requirements  
 

Module Content & Assessment

Indicative Content
The need for Retirement Planning
• Why plan • Retirement Framework - Four Pillars • An aging society- financial & social Impact of longevity. macro need for adequate retirement provision. Studies and appropriate literature. • State Intervention, Current Government Policy, Social Welfare and Social Assistance. Mysaver scheme *Option to bridge the income gap
Personal Taxation
• Employee – Schedule E income. PAYE & PRSI & Levy, overview of pension social welfare entitlements. • Company Directors Income. File & Pay obligations & PAYE. Social welfare entitlement • Self Employed/Partner – Schedule D Income –Net relevant earnings. PRSI and impact on social welfare benefits, accounting periods & self-assessment obligations • Company Employer: Importance of company year- end. Tax/PRSI relief on pension contributions • Pensions in payment - Tax Treatment • Earned V’s unearned income. Pension /Non Pensionable income. • Tax Rates and Income Bands & Credits . * Termination and Compensation payments *Pension tax relief.
General Pension Features
Tax Benefits Product benefits Charges Risks
Retirement Annuity Contract/Personal Pension Plans
• Legislation- Revenue approval & conditions, Insured/Trust. S.785 policies • Eligibility. Net relevant earnings. Tax relief, mixed source income • Benefits on retirement, death & serious ill health • Change in employment status. Transferring benefits to/from RAC
Personal Retirement Savings Account (PRSA
• Standard/Non Standard/AVC • Approval, Regulations, disclosure & reporting requirement • Eligibility. Employer obligations. Tax relief on contributions & limits • Benefits on retirement- normal/early, death & serious ill health • Change in employment status. Transferring PRSA benefits
Annuities
• Purchasing an annuity, open market option, annuities rates, guaranteed annuity rates. Taxation of annuities in payment
Approved Retirement Fund & Approved Minimum Retirement Fund
• Legislation & Approval. Eligibility. Qualifying Fund manager • Investment restrictions, transfers, drawdowns/distributions, benefits & tax treatment • Death – transfer to spouse/children/family/other
Occupational Pension Schemes (OPS)
• OPS Structures - Approved/Unapproved, DC/DB/Hybrid/SAS • Single Employer/Employee, Multi-Employer/Employee schemes *AVC schems, types and limitations
Establishing an Occupational Pension Scheme
• Establishing an Occupational Pension Scheme Revenue Approval. Trust Deed & Rules. Trustee Appointments. Overview of Trustee responsibilities
Key Factors for consideration when establishing employee pension scheme
• Such as membership, level & type of retirement & risk benefit. Confidentiality. Employer & Trustee obligation. Funding capacity etc.
Eligibility and contributions
• Eligibility. Contribution types & tax relief • Employer & trustee obligations with respect to payment, remittance and investment of contributions
• Changing Employment
• Change in employer or employment status – implications for pension provision • DC & DB Scheme –scheme & statutory withdrawal options, preservation, transfer options • Analysis of merits and limitations of options •
Benefits:
• Retirement options under trust deed & rules - normal, early, ill health & trivial. • Death • 20% Director – options & restrictions • Revenue maximum benefits
Pension Fund limits
• Benefit Crystallisation Events. Limits & chargeable excess. SFT & PFT
Pension Legislation
• Overview of Pensions Act 1990 and Taxes Consolidation Act /Finance Acts and how changes to pension related legislation is made. Whistle blowing obligations, Social welfare & Pensions acts legislation to include Scheme Wind up and trustee obligations.
Finanical Planning and Pensions
Concept and Benefits of Financial Planning, life stages Retirement needs, identify, quantify, recommend and review compare and contrast various types of pensions contract create a statement of suitability for pension recommendations
Assessment Breakdown%
Coursework40.00%
End of Module Assessment60.00%

Assessments

Full Time

Coursework
Assessment Type: Assignment % of total: 40
Assessment Date: n/a Outcome addressed: 1,2,3,4,5
Non-Marked: No
Assessment Description:
(i)a case study which students will be required to critically analyse, research & apply appropriate provision of legislation and technical knowledge in carrying out specific tasks; or (ii)a project/essay requirement to research, critically analyse a specific report or publication, evaluate and present a comprehensive report outlining findings as indicated in assessment. Learners must provide appropriate summation, conclusions, solutions or advice or carrying out specific benefit computations Module strategy will be decided annually by the lecturer in conjunction with programme team. A minimum of 2500 and a maximum of 3500 words for the continuous assessment project submission.
End of Module Assessment
Assessment Type: Terminal Exam % of total: 60
Assessment Date: End-of-Semester Outcome addressed: 1,2,3,4,5
Non-Marked: No
Assessment Description:
The examination will contain a choice of questions. Questions may include, but not limited to, essay–style responses and case study based questions. All questions will be marked according to clarity, structure, contemporary examples (that illustrate points made), reference to materials covered, theories and outside reading & research in the field.
No Workplace Assessment
Reassessment Requirement
Repeat failed items
The student must repeat any item failed

NCIRL reserves the right to alter the nature and timings of assessment

 

Module Workload

Module Target Workload Hours 0 Hours
Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture No Description 3 Every Week 3.00
Tutorial No Description 1 Every Week 1.00
Independent Learning No Description 12 Every Week 12.00
Assignment No Description 5 Every Week 5.00
Total Weekly Contact Hours 4.00
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture No Description 3 Every Week 3.00
Assignment No Description 55 Once per semester 4.58
Independent Learning Time No Description 116 Once per semester 9.67
Total Weekly Contact Hours 3.00
 

Module Resources

Recommended Book Resources
  • Irish Institute of Pensions Management. Retirement Planning, 2010/11.
  • Department of Social and Family Affairs. (2010), National Pensions Framework publication.
  • OECD. (2014), OECD Review of Pensions Systems Ireland.
  • Institute of Taxation. (2014), Pensions – Revenue, Law & Practice Finance Act 2013.
  • Institute of Chartered Accountants. (2014), CA Proficiency 1 – Taxation 1 (ROI) 2014/2015, 2014/2015.
  • Institute of Chartered Accountants. (2014), CA Proficiency 2 – Taxation 1 (ROI) 2014/2015, 2014/2015.
  • Schweser. (2009), Code of Ethics and Standards of Professional Conduct Standards of Practice Handbook.
Supplementary Book Resources
  • Doyle Dr. G. (2014), Irish Taxation Law & Practice, Irish Taxation Institute.
This module does not have any article/paper resources
Other Resources
  • [Journal], OECD working papers on insurance and private pensions.
  • Insurance Ireland, Tor Financial Consulting Ltd.. (2014), A Universal Pension for Ireland. Policy & Implementation Issues based on International Best Practice, Ireland,
    http://www.insuranceireland.eu/media/Ins urance%20Ireland%20_A%20Universal%20Pens ion%20for%20Ireland_300914.pdf
  • [Website], http://www.nationalpensionsframework.ie.
  • [Website], http://pensionsauthority.ie.
  • [Website], http://www.welfare.ie/.
  • [Website], http://www.revenue.ie/en/about/foi/s16/p ensions/index.html.
  • [Website], www.pensionsombudsman.ie.
  • [Website], http://www.finance.gov.ie/.
  • [Website], http://ec.europa.eu/economy_finance/publ ications.
  • [Website], www.IAPF.ie.
  • [Website], www.betterregulation.com.
  • [Website], www.esri.ie.
  • [Website], http://www.aviva.ie/group/mediacentre/la testnews/mindgap/ireland%20country%20rep ort.pdf.
  • [Website], www.Worldbank.com.
  • [website], Central Statistics Office. CSO,
    http://www.cso.ie
Discussion Note: