1www.cornmarket.ie (01) 408 4195

INCOME CONTINUANCE PLAN Review 2017

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Member update The Plan in action*

The SIPTU LAPO Income Continuance Plan is exclusively available to SIPTU LAPO members. The Plan has proven to be truly invaluable for members and their families (see page 3 for details), and following the 2017 review it provides the same great benefits, at no extra cost (see page 5 for details).

Cornmarket approached all insurers in the Irish market and carried out a comprehensive review, to secure the best deal available. Irish Life (the current insurer) has been retained, as it provided the most competitive rate and benefits for members.

As a member of this Plan, you are eligible to apply to join the Cornmarket Retired Members’ Life Cover Plan without the need for medical underwriting, provided you apply to join within the 6 months before or after your retirement. Enrolment is not automatic, so please contact Cornmarket to complete an application form if you wish to join.

Usually members are required to pay a Medical Immunity Premium of 0.05% per annum in order to join the Cornmarket Retired Members’ Life Cover Plan without medical underwriting. However, Irish Life who underwrites this Plan has waived the 0.05% premium for 12 months from 1st March 2017 and they will review this concession after this period to see if it can be maintained.

The next Plan review will take place on or after 1st October 2019.

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The true value of the Plan can be seen in the vital benefits that it pays out to members and their families.

*Source: Irish Life, January 2017

Paid in Disability Benefi t to date

91%

of Disability Benefi t claims have been paid since the

2013 Plan review

260

Paid in Death Benefi t to date

€570,000

Currently paid in Disability Benefi t to members each year

€173,000

The Plan in action*

Members currently in the Plan

€2.3 million

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A reminder of your benefits Cost of membership

Death Benefit (Life Cover)

— of twice your annual salary.

Terminal Illness Benefit

— 25% of the Death Benefit on diagnosis of

a terminal illness (before age 62) with

death expected within 12 months.

Accidental Death Benefit

— €15,000 is payable in addition to the

normal Death Benefit, in the event of

accidental death.

Children’s Death Benefit

— €4,000 if a member’s child

(aged 0-21) dies.

Disability Benefit

— an income of up to 75% of salary less any other income that you may be entitled to (e.g. half pay, Ill Health Early

Retirement Pension, Temporary

Rehabilitation Remuneration, State

Illness Benefit).

Please go to www.cornmarket.ie/siptu or contact Cornmarket for more information.

IMPORTANT: You must be a SIPTU LAPO member to be an eligible member of the Plan. If you leave SIPTU LAPO you must inform Cornmarket in writing, as you can no longer stay in the Plan and you will not be able to claim from it.

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*This premium may change after the next Plan review which will take place on or after 1st October 2019.

**Members of this Plan can join the Cornmarket Retired Members’ Life Cover Plan without medical underwriting provided you apply to join the Plan within the 6 months before or after your retirement. Please contact us to complete a Preferential Application Form. Irish Life reserves the right to review this Medical Immunity concession in 12 months.

***Assuming you are paying income tax at 40%. If you are paying income tax at 20% your net contribution will be 1.39%.

Benefit Gross Rate Net Rate***

Disability Benefit 1.00% 0.60%

Death Benefit 0.74% 0.44%

Medical Immunity Benefit** 0.00% 0.00%

Total Cost 1.74% 1.04%

A helping hand from Revenue After tax relief is applied, your ‘real’ weekly contribution is significantly less than the amount you see on your payslip.

No change in cost For just 1.74%* of your gross salary, the Plan provides you with vital financial security and peace of mind. What’s more you can claim tax relief on your contributions to the Plan, so the net cost is in fact 1.04% of salary for the higher rate tax payer.

Cost of membership

Income Gross Cost Net Cost***

€55,000 €18.34 €11.00

€65,000 €21.67 €13.01

€75,000 €25.01 €15.01

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We’re here to help you

You’re in good hands Cornmarket’s Claims Team is dedicated to representing you in all interactions with the insurance company. We pride ourselves on getting claims paid for members.

Our team is specialised, experienced and easy to talk to. We do all we can to help in a member’s time of need. We provide a vital ‘hand-holding’ function from start to finish of the claims process.

Should you need to make a claim, you can rest assured that your claim will be dealt with in the efficient, professional and sensitive manner that you deserve.

To talk to us today, call us on (01) 408 4195 or email spsclaims@cornmarket.ie.

IMPORTANT INFORMATION ABOUT MAKING A CLAIM

Claims can take around 3 months to process from the date that the claim form is received, until the decision is made. It takes time to gather the necessary medical evidence and information from employers to assess the amount of benefit due. This can include details of salary, sick leave, half and off pay dates, Temporary Rehabilitation Remuneration and Ill Health Early Retirement Pension. Therefore, it is vital that you contact us as soon as you become aware that you will need to make a claim.

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www.cornmarket.ie/siptu

Cornmarket Group Financial Services Ltd. is regulated by the Central Bank of Ireland. Cornmarket is part of the Great-West Lifeco group of companies, one of the world’s leading life assurance organisations. Telephone calls may be recorded for quality control and training purposes. Irish Life Assurance plc is regulated by the Central Bank of Ireland.

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Review Booklet 2017 04-17

This booklet is designed as a quick reference only to the main enhancements arising from the 2017 Plan review. The master Policy Document (No. 21320) is definitive in all matters of interpretation and entitlements to benefits. Members of the Plan may request a copy of the Policy Document from Cornmarket Group Financial Services Ltd. The information herein is based upon our current understanding of Revenue law and practice as at April 2017.

The Death Benefit is provided under Group Life Assurance Plan No. 21320 issued by Irish Life. This is a Defined Contribution Scheme for the purposes of the Pensions Act 1990. It is designed to qualify as an exempt, approved Scheme under Chapter 1 of Part 30 of the Taxes Consolidation Act 1997 and is established under Trust with formal Rules. All benefits payable under the Plan are provided by means of one or more insurance policies with Irish Life Assurance plc.

We’re here to help youTo speak to a member of our team about a query or a claim:

Phone: (01) 408 4195

Queries: spsadmin@cornmarket.ie

Claims: spsclaims@cornmarket.ie

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