Richard Barr t/a Malahide Insurance Shop act as Broker between you, the consumer, and
the product provider with whom we place your business.
The background
Pursuant to provision 4.58A of the Central Bank of Ireland’s September 2019 Addendum to
the Consumer Protection Code, all Brokers, 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 Broker which it has agreed with
its product producers.
What is commission?
For the purpose of this document, commission is the payment earned by the Broker for
work undertaken on behalf of both the provider and the consumer. The amount of
commission is generally directly related to the quantity or value of the products sold.
We are remunerated by commission and other payments from product producers. When
assessing products, we will consider the different approach taken by product providers in
terms of them integrating sustainability risks into their product offering. This will form
part of our analysis for choosing a product provider. Our Brokerage commission options
are displayed as a range, showing the maximum amount which can be received. The level of
commission depends on individual circumstances, based on the following factors: The
factors that may impact a variation in charges include; • Client segmentation • Adviser
discretion • Competitive pressures • Investment/pensions/saving size • Schemes size •
Term/timeline of a policy or service • Complexity of advice • Preferential terms in the
market, available to a Brokerage & client at the time
There are different types of commission models:
Single commission
model:
where payment is made to the Broker shortly after the sale is completed and is invested/amount borrowed.
Recurring
commission model:
For Pensions, Savings & Investments recurring commission refers to further payments of the product & may be based on a percentage of the value of the fund or the For Protection products recurring commissions refers to further payments at intervals product & are based of the annual premium.
Indemnity
commission
Indemnity commission is the term used to describe a commission payment made Indemnity commission may be subject to a clawback (see below) if the consumer is deemed to be earned.
Other forms of indemnity commission are advances of commission for future sales granted
to Brokers in order to assist with set up costs or business development.
General insurance products
General insurance products, such as motor, home, travel, health, retail or liability
insurance, are typically subject to a single or standard commission model, based on the
amount of premium charged for the insurance product.
Profit Share arrangements
In some cases, the Broker 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 Recurring
Commission (related to premium)
Recurring Commission is the ongoing remuneration facilitated on a financial advice
product to allow for the ongoing service, administration & review processes that are linked
to financial advice for Protection, Pensions, Investments & Savings products. Recurring
commission can also be described as trail or fund based renewal commission on
Pensions/Investments/Savings, or renewal commission on Protection. Where an
investment fund is being built up though 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.
Examples of products include Life Protection, Regular Premium Life Assurance
Investments, Single Premium (lump sum) Insurance-based Investments, and Single Premium
Pensions.
Investments
Investment firms, which fall within the scope of the S.I. 375 of European Communities
(Markets in Financial Instruments) Regulations 2017 (the MiFID Regulations), offer both
standard commission and commission models involving initial and recurring commission.
Increments may be based on a percentage of the investment management fees, or on the
value of the fund.
Credit Products/Mortgages
Commission may be earned by Brokers for arranging credit for consumers, such as
mortgages. The single, or standard, commission model is the most common commission
model applied to the sale of mortgage products by mortgage credit Brokers (Mortgage
Broker).
Clawback
Clawback is an obligation on the Broker to repay unearned commission. Commission can be
paid directly after a contract is concluded but is not deemed to be ‘earned’ until after a
specified period of time. If the consumer cancels or withdraws from the financial product
within the specified time, the Broker must return commission to the product producer.
Fees
The firm may also be remunerated by fee by the product producer such as policy fee, admin
fee, or in the case of investment firms, advisory fees. Include arrangements etc
Please Note
The enclosed commission guidance section gives indicative values across every product
provider and every product advised whereby a commission or fee is received within our
business. This is the maximum our Brokerage will take and is subject to change, in certain
cases our Brokerage may take a different remuneration than the enclosed
percentages/amounts. This will be disclosed to each client as per the Central Bank
Consumer Protection Code regulations, on a client by client basis.
Other Fees, Administrative Costs/ Non-Monetary Benefits
The firm may also be in receipt of non-monetary benefits such as:
• Attendance at product provider seminars
• Assistance with Advertising/Branding
Further detail on the providers we work with, the products we sell and the maximum
commissions available to us are outlined below.
Aviva Life & Pensions Ireland DAC
Term Life Protection
A Term Life Protection Product provides for an initial commission as outlined below. These
policies have an inbuilt recurring commission structure to remunerate the Brokerage for
reviews, service and claims support. If for some reason a client moves or terminates their
policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Term Protection 150% 22% Single Premium PRSA
Product Initial % Single Premium PRSA 4%
Specified Illness
A Specified Illness Product provides for an initial commission as outlined below. These
policies have an inbuilt recurring commission structure to remunerate the Brokerage for
reviews, service and claims support. If for some reason a client moves or terminates their
policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Specified 150% 22% Savings
The Savings contract typically provides for an Initial Commission as outlined below.
Brokerages may also agree with a client a recurring commission that may be based on a
percentage of the value of the fund or the annual premium. If for some reason a client
moves or terminates their policy within a particular period of time, this might result in the
provider seeking to ‘ clawback ‘ some or all of the commission paid to the broker,
depending on how long the policy was active with the provider.
Product Initial % Recurring Commission % Savings 15% 1% Personal Retirement Savings Account RP (PRSA)
A Personal Retirement Savings Account or PRSA typically provides for an Initial
Commission as outlined below with certain restrictions around PRSA’s. Brokerages may
also agree with a client a recurring commission that may be based on a percentage of the
value of the fund or the annual premium. If for some reason a client moves or terminates
their policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Regular Premium PRSA 22.5% 0.5% Personal Retirement Bond (PRB)
The Pension Retirement Bond typically provides for an Initial Commission as outlined
below. Brokerages may also agree with a client a recurring commission that may be based
on a percentage of the value of the fund or the annual premium. If for some reason a client
moves or terminates their policy within a particular period of time, this might result in the
provider seeking to “clawback” some or all of the commission paid to the broker, depending
on how long the policy was active with the provider.
Product Initial % Recurring PRB 5.25% Mortgage Protection
A Mortgage Protection Product provides for an initial commission as outlined below. These
policies have an inbuilt recurring commission structure to remunerate the Brokerage for
reviews, service and claims support. If for some reason a client moves or terminates their
policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Mortgage Protection 150% 22% Income Protection
An Income Protection Product provides for an initial commission as outlined below. These
policies have an inbuilt recurring commission structure to remunerate the Brokerage for
reviews, service and claims support. If for some reason a client moves or terminates their
policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Income Protection 200% 30% Investment
An Investment Product typically provides for an Initial Commission as outlined below.
Brokerages may also agree with a client a recurring commission that may be based on a
percentage of the value of the fund or the annual premium. If for some reason a client
moves or terminates their policy within a particular period of time, this might result in the
provider seeking to “clawback” some or all of the commission paid to the broker, depending
on how long the policy was active with the provider.
Product Initial % Recurring Investments 5.25% Defined Contribution Pension
A Defined Contribution Product typically provides for an Initial Commission as outlined
below. Brokerages may also agree with a client a recurring commission that may be based
on a percentage of the value of the fund or the annual premium. If for some reason a client
moves or terminates their policy within a particular period of time, this might result in the
provider seeking to “clawback” some or all of the commission paid to the broker, depending
on how long the policy was active with the provider.
Product Initial % Recurring Commission % Regular Premium pension 20% 1% Single premium pension 5.25% 1% Approved Retirement Fund (ARF) & Approved Minimum
Retirement Fund (AMRF)
An ARF / AMRF Product typically provides for an Initial Commission as outlined below.
Brokerages may also agree with a client a recurring commission that may be based on a
percentage of the value of the fund or the annual premium. If for some reason a client
moves or terminates their policy within a particular period of time, this might result in the
provider seeking to “clawback” some or all of the commission paid to the broker, depending
on how long the policy was active with the provider.
Product Initial % Recurring ARF 5.25% Irish Life Assurance plc
Whole of Life Protection
The Whole of Life Protection Product provides for an initial commission as outlined below.
These policies have an inbuilt recurring commission structure to remunerate the Brokerage
for reviews, service and claims support. If for some reason a client moves or terminates
their policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Whole of Life 100% 28% Term Life Protection
A Term Life Protection Product provides for an initial commission as outlined below. These
policies have an inbuilt recurring commission structure to remunerate the Brokerage for
reviews, service and claims support. If for some reason a client moves or terminates their
policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Term Protection 100% 28% Single Premium PRSA
Product Initial % Single Premium PRSA 5% Specified Illness
A Specified Illness Product provides for an initial commission as outlined below. These
policies have an inbuilt recurring commission structure to remunerate the Brokerage for
reviews, service and claims support. If for some reason a client moves or terminates their
policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Specified 100% 28% Savings
The Savings contract typically provides for an Initial Commission as outlined below.
Brokerages may also agree with a client a recurring commission that may be based on a
percentage of the value of the fund or the annual premium. If for some reason a client
moves or terminates their policy within a particular period of time, this might result in the
provider seeking to ‘ clawback ‘ some or all of the commission paid to the broker,
depending on how long the policy was active with the provider.
Product Initial % Recurring Commission % Renewal Savings 5.5% 0.5% 5.5% Personal Retirement Savings Account RP (PRSA)
A Personal Retirement Savings Account or PRSA typically provides for an Initial
Commission as outlined below with certain restrictions around PRSA’s. Brokerages may
also agree with a client a recurring commission that may be based on a percentage of the
value of the fund or the annual premium. If for some reason a client moves or terminates
their policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Renewal Regular Premium PRSA 17.5% 0.5% 5% Personal Retirement Bond (PRB)
The Pension Retirement Bond typically provides for an Initial Commission as outlined
below. Brokerages may also agree with a client a recurring commission that may be based
on a percentage of the value of the fund or the annual premium. If for some reason a client
moves or terminates their policy within a particular period of time, this might result in the
provider seeking to “clawback” some or all of the commission paid to the broker, depending
on how long the policy was active with the provider.
Product Initial % Recurring PRB 5% Mortgage Protection
A Mortgage Protection Product provides for an initial commission as outlined below. These
policies have an inbuilt recurring commission structure to remunerate the Brokerage for
reviews, service and claims support. If for some reason a client moves or terminates their
policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Mortgage Protection 100% 28% Income Protection
An Income Protection Product provides for an initial commission as outlined below. These
policies have an inbuilt recurring commission structure to remunerate the Brokerage for
reviews, service and claims support. If for some reason a client moves or terminates their
policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Income Protection 120% 30% Investment
An Investment Product typically provides for an Initial Commission as outlined below.
Brokerages may also agree with a client a recurring commission that may be based on a
percentage of the value of the fund or the annual premium. If for some reason a client
moves or terminates their policy within a particular period of time, this might result in the
provider seeking to “clawback” some or all of the commission paid to the broker, depending
on how long the policy was active with the provider.
Product Initial % Recurring Investments 5% Defined Contribution Pension
A Defined Contribution Product typically provides for an Initial Commission as outlined
below. Brokerages may also agree with a client a recurring commission that may be based
on a percentage of the value of the fund or the annual premium. If for some reason a client
moves or terminates their policy within a particular period of time, this might result in the
provider seeking to “clawback” some or all of the commission paid to the broker, depending
on how long the policy was active with the provider.
Product Initial % Recurring Commission % Renewal
Regular Premium pension 17.5% 0.5% 5% Single premium pension 5% 0.75% – Approved Retirement Fund (ARF) & Approved Minimum
Retirement Fund (AMRF)
An ARF / AMRF Product typically provides for an Initial Commission as outlined below.
Brokerages may also agree with a client a recurring commission that may be based on a
percentage of the value of the fund or the annual premium. If for some reason a client
moves or terminates their policy within a particular period of time, this might result in the
provider seeking to “clawback” some or all of the commission paid to the broker, depending
on how long the policy was active with the provider.
Product Initial % Recurring ARF 5% New Ireland Assurance Company plc
Term Life Protection
A Term Life Protection Product provides for an initial commission as outlined below. These
policies have an inbuilt recurring commission structure to remunerate the Brokerage for
reviews, service and claims support. If for some reason a client moves or terminates their
policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Term Protection 225% 50% Single Premium PRSA
Product Initial % Recurring % Single Premium PRSA 7% 0.5%
Specified Illness
A Specified Illness Product provides for an initial commission as outlined below. These
policies have an inbuilt recurring commission structure to remunerate the Brokerage for
reviews, service and claims support. If for some reason a client moves or terminates their
policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Specified 225% 50% Savings
The Savings contract typically provides for an Initial Commission as outlined below.
Brokerages may also agree with a client a recurring commission that may be based on a
percentage of the value of the fund or the annual premium. If for some reason a client
moves or terminates their policy within a particular period of time, this might result in the
provider seeking to ‘ clawback ‘ some or all of the commission paid to the broker,
depending on how long the policy was active with the provider.
Product Initial % Recurring Commission % Renewal Savings 10% 0.5% 2.5% Personal Retirement Savings Account RP (PRSA)
A Personal Retirement Savings Account or PRSA typically provides for an Initial
Commission as outlined below with certain restrictions around PRSA’s. Brokerages may
also agree with a client a recurring commission that may be based on a percentage of the
value of the fund or the annual premium. If for some reason a client moves or terminates
their policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Renewal Regular Premium PRSA 25% 0.5% 6% Personal Retirement Bond (PRB)
The Pension Retirement Bond typically provides for an Initial Commission as outlined
below. Brokerages may also agree with a client a recurring commission that may be based
on a percentage of the value of the fund or the annual premium. If for some reason a client
moves or terminates their policy within a particular period of time, this might result in the
provider seeking to “clawback” some or all of the commission paid to the broker, depending
on how long the policy was active with the provider.
Product Initial % Recurring Commission % PRB 5% 1% Mortgage Protection
A Mortgage Protection Product provides for an initial commission as outlined below. These
policies have an inbuilt recurring commission structure to remunerate the Brokerage for
reviews, service and claims support. If for some reason a client moves or terminates their
policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Mortgage Protection 225% 50% Income Protection
An Income Protection Product provides for an initial commission as outlined below. These
policies have an inbuilt recurring commission structure to remunerate the Brokerage for
reviews, service and claims support. If for some reason a client moves or terminates their
policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Income Protection 225% 50% Investment
An Investment Product typically provides for an Initial Commission as outlined below.
Brokerages may also agree with a client a recurring commission that may be based on a
percentage of the value of the fund or the annual premium. If for some reason a client
moves or terminates their policy within a particular period of time, this might result in the
provider seeking to “clawback” some or all of the commission paid to the broker, depending
on how long the policy was active with the provider.
Product Initial % Recurring Commission % Investments 4% 1% Defined Contribution Pension
A Defined Contribution Product typically provides for an Initial Commission as outlined
below. Brokerages may also agree with a client a recurring commission that may be based
on a percentage of the value of the fund or the annual premium. If for some reason a client
moves or terminates their policy within a particular period of time, this might result in the
provider seeking to “clawback” some or all of the commission paid to the broker, depending
on how long the policy was active with the provider.
Product Initial % Recurring Commission % Renewal Regular Premium pension 25% 1% 8% Single premium pension 5% 1% – Approved Retirement Fund (ARF) & Approved Minimum
Retirement Fund (AMRF)
An ARF / AMRF Product typically provides for an Initial Commission as outlined below.
Brokerages may also agree with a client a recurring commission that may be based on a
percentage of the value of the fund or the annual premium. If for some reason a client
moves or terminates their policy within a particular period of time, this might result in the
provider seeking to “clawback” some or all of the commission paid to the broker, depending
on how long the policy was active with the provider.
Product Initial % Recurring ARF 5% Royal London Insurance DAC
Whole of Life Protection
The Whole of Life Protection Product provides for an initial commission as outlined below.
These policies have an inbuilt recurring commission structure to remunerate the Brokerage
for reviews, service and claims support. If for some reason a client moves or terminates
their policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Whole of Life 200% 36% Term Life Protection
A Term Life Protection Product provides for an initial commission as outlined below. These
policies have an inbuilt recurring commission structure to remunerate the Brokerage for
reviews, service and claims support. If for some reason a client moves or terminates their
policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Term Protection 200% 36% Specified Illness
A Specified Illness Product provides for an initial commission as outlined below. These
policies have an inbuilt recurring commission structure to remunerate the Brokerage for
reviews, service and claims support. If for some reason a client moves or terminates their
policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Specified 225% 36% Mortgage Protection
A Mortgage Protection Product provides for an initial commission as outlined below. These
policies have an inbuilt recurring commission structure to remunerate the Brokerage for
reviews, service and claims support. If for some reason a client moves or terminates their
policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Mortgage Protection 200% 36% Income Protection
An Income Protection Product provides for an initial commission as outlined below. These
policies have an inbuilt recurring commission structure to remunerate the Brokerage for
reviews, service and claims support. If for some reason a client moves or terminates their
policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Income Protection 225% 60% Zurich Life Assurance plc
Whole of Life Protection
The Whole of Life Protection Product provides for an initial commission as outlined below.
These policies have an inbuilt recurring commission structure to remunerate the Brokerage
for reviews, service and claims support. If for some reason a client moves or terminates
their policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Whole of Life 90% 18% Term Life Protection
A Term Life Protection Product provides for an initial commission as outlined below. These
policies have an inbuilt recurring commission structure to remunerate the Brokerage for
reviews, service and claims support. If for some reason a client moves or terminates their
policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Term Protection 170% 12% Single Premium PRSA
Product Initial % Single Premium PRSA 5% Specified Illness
A Specified Illness Product provides for an initial commission as outlined below. These
policies have an inbuilt recurring commission structure to remunerate the Brokerage for
reviews, service and claims support. If for some reason a client moves or terminates their
policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Specified 100% 12% Savings
The Savings contract typically provides for an Initial Commission as outlined below.
Brokerages may also agree with a client a recurring commission that may be based on a
percentage of the value of the fund or the annual premium. If for some reason a client
moves or terminates their policy within a particular period of time, this might result in the
provider seeking to ‘ clawback ‘ some or all of the commission paid to the broker,
depending on how long the policy was active with the provider.
Product Initial % Recurring Commission % Renewal Savings 10% 0.5% 1% Personal Retirement Savings Account RP (PRSA)
A Personal Retirement Savings Account or PRSA typically provides for an Initial
Commission as outlined below with certain restrictions around PRSA’s. Brokerages may
also agree with a client a recurring commission that may be based on a percentage of the
value of the fund or the annual premium. If for some reason a client moves or terminates
their policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Renewal Regular Premium PRSA 30% 0.75% 5% Personal Retirement Bond (PRB)
The Pension Retirement Bond typically provides for an Initial Commission as outlined
below. Brokerages may also agree with a client a recurring commission that may be based
on a percentage of the value of the fund or the annual premium. If for some reason a client
moves or terminates their policy within a particular period of time, this might result in the
provider seeking to “clawback” some or all of the commission paid to the broker, depending
on how long the policy was active with the provider.
Product Initial % Recurring PRB 5% Mortgage Protection
A Mortgage Protection Product provides for an initial commission as outlined below. These
policies have an inbuilt recurring commission structure to remunerate the Brokerage for
reviews, service and claims support. If for some reason a client moves or terminates their
policy within a particular period of time, this might result in the provider seeking to
“clawback” some or all of the commission paid to the broker, depending on how long the
policy was active with the provider.
Product Initial % Recurring Commission % Mortgage Protection 170% 40% Investment
An Investment Product typically provides for an Initial Commission as outlined below.
Brokerages may also agree with a client a recurring commission that may be based on a
percentage of the value of the fund or the annual premium. If for some reason a client
moves or terminates their policy within a particular period of time, this might result in the
provider seeking to “clawback” some or all of the commission paid to the broker, depending
on how long the policy was active with the provider.
Product Initial % Recurring
Investment 5% Defined Contribution Pension
A Defined Contribution Product typically provides for an Initial Commission as outlined
below. Brokerages may also agree with a client a recurring commission that may be based
on a percentage of the value of the fund or the annual premium. If for some reason a client
moves or terminates their policy within a particular period of time, this might result in the
provider seeking to “clawback” some or all of the commission paid to the broker, depending
on how long the policy was active with the provider.
Product Initial % Recurring Commission % Renewal Regular Premium pension 20% 0.5% 3% Single premium pension 5.5% 0.5% – Approved Retirement Fund (ARF) & Approved Minimum
Retirement Fund (AMRF)
An ARF / AMRF Product typically provides for an Initial Commission as outlined below.
Brokerages may also agree with a client a recurring commission that may be based on a
percentage of the value of the fund or the annual premium. If for some reason a client
moves or terminates their policy within a particular period of time, this might result in the
provider seeking to “clawback” some or all of the commission paid to the broker, depending
on how long the policy was active with the provider.
Product Initial % Recurring ARF 5%