Financial and Insurance News

Income tax relief in respect of all pension contributions subject to a max earnings cap of €115,000 and the following limits; Under 30,    15% of net relevant earnings; 30 to 40,    20% of net relevant earnings; 40 to 50,    25% of net relevant earnings; 50 to 54,    30% of net…
1. Corporation tax relief in respect of pension contributions; 2. No PRSI payable on employer pension contributions; 3. No USC payable on employer pension contributions; 4. No BIK on employer’s contribution to employee’s pension plan; 5. Tax Free Investment growth; there is no DIRT tax payable in respect of investment…
€7500 in cash (€5000 now and €2500 paid after the 5 th year) or extra interest payments of €51,877 over 30 years, you decide... A bird in the hand is not always worth 2 in the bush. If you are a First Time Buyer and thinking of buying your first…
The gap between pension savings and pension income is growing, and Ireland is in the most precarious position in Europe says a report by insurer Aviva. To maintain the same level of pension that a retireee would have received in 2010, a persion would need to save an additional €1000…
Corporation tax relief in respect of pension contributions; No PRSI payable on employer pension contributions; No USC payable on employer pension contributions; No BIK on employer’s contribution to employee’s pension plan; Tax Free Investment growth; there is no DIRT tax payable in respect of investment returns; Tax free retirement lump…
Customers who had a policy with the failed Gibraltar underwriter Enterprise Insurance, are to get a pro-rata refund of their premium.  Wexford based Wrightway Underwriting (owned by Zurich Insurance) which sold the polices  has said that the ex-gratia payments will be made to brokers to pass on to the affected…
As financial advisers helping our clients to build a better financial future for themselves, we are talking to clients every day about a whole range of issues in relation to their personal finances. With some clients, we are helping them with their retirement planning and to build diversified and risk…
How much control do you have of your retirement plan? The government, pension providers and financial advisers such as us expend quite a bit of time and energy encouraging individuals to take control of their retirement planning. After all, we’re all becoming more aware of the folly of relying on…
Allianz in the UK announced in January that they will nolonger apply the traditional solution of average to SME claims, meaning that SMEs who are underinsured (and it's estimated that 40% in the UK are), will not have their claim met in full. Allianz have stated that using internal and…
Uk Chancellor George Osborne announced on Monday 3rd July, that the rate at which companies pay corporation tax will be reduced from 20% to 15%, but importantly did not announce when the rate would become effective. The play is part of Osborne's strategy to make the UK more competitive following…
Standard Life has closed it's Investments UK Real Estate Fund and associated funds, after the company moved to stop a flood of withdrawals post the Brexit referendum.Standard Life blamed “exceptional market circumstances” for the decision. The suspension would remain in place until it is “practicable” to lift it, and said…
Income tax relief in respect of all pension contributions subject to a max earnings cap of €115,000 and the following limits:- Under 30, 15% of net relevant earnings 30 to 40, 20% of net relevant earnings 40 to 50, 25% of net relevant earnings 50 to 54, 30% of net…
Concerns about the slowdown in China’s economy Concerns over global growth in general Overreliance on central bank policy Collapsing commodity prices Deflation in Eurozone & Japan continuing unabated China Economic Snapshot GDP growth has averaged about 10% a year since 1980 Real per capita income has quadrupled since 1980 600…
More than two in five businesses believe they are unlikely to be a target of cybercrime, according to research by Aviva.The insurer further said that 23% of businesses taking part in its SME Pulse survey did not know how to protect themselves, despite being worried about cybercrime.
The insurance companies have put in a lot of work making the public aware of how much money they are losing therefore preparing customers for increased insurance premiums. We will not go into any detail restating their reasons as they have been well publicised. Needless to say, they will not…
Motor Insurance Premiums are rising dramatically, as the number and cost of injury claims continues to rise. Approximately 80% of personal injury claims as a result of road traffic accidents are whiplash injuries, and the compensation for these type of claims is approximately 14,000 euro vs 5,000 euro in the…
Some insurers won’t deal directly with the Public on Commercial Insurances Some insurers will direct you to their call centre who do not have much experience in advising on requirements What can be said is – -          They will only quote you from one perspective. They will not know what…
1. Who do I call if I have a question or need advice ? You should be able to deal consistently with the person of your choice and not just the individual who's turn it was to answer the phone. If you arrange your insurance through a Bank, Building Society,…
The UK's National Crime agency, has issued this statement after 20m has been stolen from bank accounts in the UK. We have heard of a number of Irish Companies who have been contacted by their banks about suspicious transfers from their accounts so its worth  ensuring that the computers used…
There has never been a better time to purchase a property through your pension. Property prices are rising and there is a strong rental demand especially for residential property in Dublin and surrounding areas. If you have pension assets built up, it could be a good time to consider using…
It's a fact that Ireland's economic recovery is driven in part by the number of multi-nationals choosing to locate their european R&D, customer service centres, and European Headquarters here. That choice is driven by a number of factors, one of the most important of which is the availability of  employee…
The insurance sector is taking a pounding, and its going to be the customer who's going to have to pay the price. The majority of insurers in Ireland are losing money, and its not just the client who's paying, the bosses of the insurance companies are losing their jobs on…
This is a question that we get asked a lot by our clients and especially as clients come closer to retirement. The criteria for the State pension has changed over the last number of years and the table below shows the current position. When is the benefit payable? Year of…
The Owner, Director or Manager of any business, you can be held personally accountable not just for your own actions but also for those of your fellow Directors and your employees. Such actions are not necessarily covered under the standard Employers Liability or Public Liability Insurance Policy.  A Director or…
The Employment Investment Incentive Scheme (EII) and Seed Capital Scheme both offer significant tax reliefs to private investors who invest in qualifying Irish SME’s. While the tax relief is attractive, most private investors will base their decisions on sound commercial considerations rather than solely on tax relief. It is important that…
When a relative passes away, there's grief, stress, and possibly financial strain. But now there's also the probability that the relative will be left with a huge bill for inheritance tax - frequently this means liquiditating assets to pay the tax. Prior to 2009, a child could inherit €542,544 without…
Do people really believe this statement to be true? In general a consumer understands that a difference in quality of product is reflected in the purchase price. Simple examples would be clothing, electrical goods or even a meal in a restaurant. You can probably expand this list to every single…
With interest on offer from the banks and building societies at an all time low and likely to remain low for the foreseeable future we have 3 options that we believe will deliver good returns over the next few years. Remember if you invest into a life assurance fund you…
Income is hard earned these days and with the top rate of personal tax and levies amounting to over 50% that’s like working almost six months of every year for the Revenue. The good news is that you can legitimately reduce your tax bill. It is often reported that many…
Whilst this is a report by the FCA in the UK, Tommy O'Brien of Cregan Kelly O'Brien says that the same is true in Ireland. When you buy insurance directly from an insurer, there is no-one but yourself to ensure that you get a fair and prompt settlement from your…
The risks associated with any particular business are constantly changing; keeping up with the dynamics of business risk is a skilled and time consuming activity As a business owner or director, you can choose one of following options: Assume that your insurer will communicate the risk dynamics and mitigation advice…
Capital Acquisition Tax (i.e. Inheritance Tax, Gift Tax and Discretionary Trust Tax) raised €279m in 2013, but this figure increased by 28% to €357m in 2014. The estimate is that this will increase to €396m in 2015. The increase is due to changes in the 2014 finance bill. In 2008…
There are no published figures for Ireland, but in the UK it's estimated that 80% of commercial premises are underinsured, and 40% have insufficient business interruption insurance. So what are the consequences and why does it happen. There's a big difference between the market value of a property and its…
When your starting, expanding your business, launching a new product, or going into a new venture it is sometimes difficult to know what business insurance you need and how much of it to buy, so we've put together a guide to help you on your way. The Key areas of…
Protect your assets 75% of adults in Ireland have not made a will. Not making a will means that your wishes are not taken into consideration when dividing your estate. The Law society state that under current Irish law dying intestate means that your spouse or civil partner (if you…
Two years ago the UK government announced that it was putting a cap on the long term care that a person could receive, they hoped that people would take out insurance to cover the cost of their care in later years, however, the BBC reported Jan 25 that 17 of…
What happens to your family if something happens to you ? If your family was suddenly without your income what would be the consequences and how would it affect their lifestyle? Analysis has shown that you would need between 10 and 15 times your annual income to maintain their lifestyle…
American Insurer AIG this week, agreed to buy Laya Healthcare, this play is seen as a stepping stone to providing healthcare services to other European countries; viewed by many analysts as a strong growth market. AIG business in Ireland currently revolves around providing coverage in motor, home, personal accident, as…
With 50% of private sector workers not in a pension scheme, the Government has setup a working group to develop a universal retirement savings scheme for private-sector workers. The working group which consists of a senior civil servants from diverse government departments as well as experts from the financial services…
The Cabinet agreed to bring forward legislation that will give borrowers the same consumer protections if their loan is sold on from an entity or company regulated by the Central Bank of Ireland to a company/entity who is not regulated by the Central Bank. Many borrowers have been concerned that…
We at Cregan Kelly O'Brien recommend that clients review their pension performance regularly, and now the Irish Times have published an excellent step by step guide to securing the best return on your pension fund. This methodology is built into our "OnTrack" process, which we use to manage our relationship…
Spending all of our time advising clients in relation to their investments and pensions, researching markets and investment propositions, and meeting fund managers and investments specialists comes with a significant occupational hazard, and that is the use of jargon. So first of all, our apologies if you have been on…
We can all remember a few short years ago when banks were competing for our savings, offering retail savers interest rates of over 4% p.a. However these days are unfortunately now a dim and distant memory as savers struggle to get any return at all on their savings. In addition…
The following changes take effect from 1 January 2015. They are in addition to the announcements made in the Budget speech. The sole pensions point in the Budget speech was confirmation of the end of the Pensions Levy: 0.6% levy gone from this year and the 0.15% levy from 2015.…
Irish state pensions are unsustainable, and workers can no longer have certainty that they will receive a State pension in retirement in future generations, according to a report published on 31st October by Mercers. The existing state liability for pensions are estimated by the Pensions Authority to be €440m, that's…
Currently the revenue require that 5% per annum of an approved retirement fund is drawn down each year, meaning that the fund will be exhausted in a 20 years. People are living longer and the government has now decided in the finance bill to reduce this to 4%, so ARF…
As you are aware Irish law obliges drivers to have motor insurance to cover accidents occurring in a public place. However as a result of yesterdays ruling by the European Court of Justice(ECJ), compulsory motor insurance has to cover any accident caused in the course of the use of a…
Pay no DIRT Tax on your savings for 8 years Tax free growth on your savings for up to 8 years The Tax advantage of saving in a Life Assurance fund / You pay no DIRT for up to 8 years in life assurance saving fund , your money grows…
A Client had his house insurance arranged by Bank of Ireland to RSA and the policy was up for renewal. The premium being collected by instalments by the bank was € 1,369 and was being automatically renewed by them. The cover on the contents was understated and required upward revision.…
Deposit interest rates at almost 0% with Banks! Even if you are getting a low interest rate on your savings , 41% DIRT tax applies So with an interest rate of 1% per annum with an investment of €5000 and with inflation running at 0.23% your real return is €28.40.…
The Economic outlook is brightening says Jim Power of Friends First Outlook May 2014  
Thresholds for passing on wealth in Ireland to family members or others have never been lower and it has become important to start planning to help offset or reduce this tax. We at Cregan Kelly O’Brien Financial Planning are one of the leading advisors on planning for Inheritance tax or…
Cregan Kelly O'Brien have identified an exciting investment opportunity with Friends First. The minimum investment is €12,000. This investment opportunity is in relation to the Friends First Irish Commercial Property fund. The  fund value is up 10% in the last year and it’s the first time in over 6 years…
What is your greatest asset (hint: its your health!), so why wouldn't you insure it, Karl Deeter explains all in the Independent - Weighing up the cost of insurance
If you your health insurance is up for renewal and you are looking for a family plan with hospital cover, maternity cover including children's benefits at a more affordable cost, then Family Value is the right choice for them. The Family Value Plan has also been unaffected by the price…
One of the biggest worries for parents is how they are going to pay for their children’s future educational costs. Cregan Kelly O'Brien Financial Planning has a great range of savings plans that are suitable to help parents pay for these costs. Parents can either save on a monthly basis…
The tax free way of passing on wealth to your Children or Grandchildren The Thresholds for passing on wealth to your children has reduced considerably over the last few years. The current Threshold for Capital Acquisitions Tax to a child is now at €225,000. If you are a parent, with…
Life Assurance – If you were a smoker at the time you took your existing life assurance and mortgage protection policies but you have since given up smoking for more than one year then give us a call and we should be able to save you €000,s on the costs…
Some people believe that they are best served by dealing directly with an Insurance Company for their insurance requirements. We firmly believe that this is an incorrect decision and would explain our reasons for holding this opinion In dealing directly with an Insurance Company you are restricting your options. An…
ABOUT 200,000 of us have been forced to cancel our private health insurance over the last four years – thanks to the recession, the last six austerity budgets and massive private health insurance price hikes. The government reduced tax relief in the last budget, capping tax relief at source to…
Cregan Kelly O'Brien were profiled in the 9th February edition of Sunday Business Post -
VHI Healthcare is to increase its prices across a number of plans by an average of 3% in the coming weeks. The company's most popular plans from the One Plan range will see an increase of approximately 2%. A small number of plans will increase by 6%. The price increases…
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About Cregan Kelly O'Brien

 

In 2007 Maurice Cregan and Colm Kelly established CK Financial Services to provide independent financial planning and advice to business owners and individuals. Tommy O'Brien, a General Insurance expert, then joined them in 2010, enabling them to meet the full financial needs of their clients. The group has since been renamed Cregan Kelly O'Brien.

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