The Gazette 1990

GAZETTE

' APRIL

1 9 90

T ime to Invest? The tax year is rapidly coming to a close. This is normally the time to consider making payments or in- creasing contributions to a Plan. Why not consider the Law Society Retirement Plan for your next contribution. Even if you are contributing to another scheme, you can make contributions to the Law Society Plan. • Minimum contribution £500. • Not committed to making payments every year. • Choice of retirement date. Please contact me for further details at:- The Investment Benk of Irelsnd Limited, 26 Fitzwillism Piece, Dublin 2. Tel: (01) 616433, Ext. 1215. Harry Cassidy CAS ES RELATING TO MILK QUOTAS I would be very interested in assembling reports on such cases if possible and would be most grateful if practitioners would let me know from time to time of any pending or decided cases at any level (including disputes referred to the new Tribunal). Also, I would like to hear from any practitioner who might like to be circularised with particulars of such reports from time to time (would such people please send an S.A.E.) OLIVER RYAN- PURCELL, T. V. O ' SU L L I V AN & CO ., SOL I C I TORS, St. Mi chael S t r ee t, T i ppe r a r y. N P.L.M. Photographic Studios Specialists in all aspects of Legal and Corporate Photography 20, Stephen's Lane, Dublin 2. Telephone: 761406/761088 r,

Law Society retirement plan - Now is the time to get in

Most people would agree that planning for retirement is common sense. The tax break on pension contributions also makes financial and economic sense. Like most forms of savings and investments, there are a number of choices as to where you should invest. Few professional bodies have their own group schemes in which to contribute. The legal profession is one exception. The Incorporated Law Society established a Retirement Annuity Plan in 1975 xo provide its members who are self employed or in non- pensionable employment with the opportunity to provide for their retirement during their working life. Unfortunately at the present time only a small percentage of solicitors support their own scheme. Only a quarter of qualified solicitors are members of the Retirement Plan. Why? This is due to a number of factors.- • Membership of the Plan not promoted. • Strong performance only known to members. • Significant advantages over other schemes not highlighted. Agreement was reached with the Finance Committee that The In- vestment Bank of Ireland Limited, who are the fund managers, would undertake the promotion of the Plan. The objective is to:- • Increase awareness of the Plan among solicitors. • Provide information on the Plan. • Highlight the strong performance. • Be available to discuss the Plan with any member. and overall increase the member- ship. Main Advantages The entry and ongoing costs of the RAP are lower than those of many

of the plans available through life insurance companies. The initial charge, 2.5% of each sum invested, is to cover adminis- trative charges. The ongoing managment fee is only 0 . 5% per annum. The Plan does:- • Not charge the normal bid/offer spread. • Not reduce contributions by use of allocations. • Not create "initial" or "capital" units which attract 5/7 times the normal annual management fees. By Harry Cassidy, Senior Manager, • Not charge for switching between funds. • Not charge an annual fee for administration. Cho i ce of Funds The Plan is invested in two funds. A solicitor can choose to invest in the Managed Fund for growth or the Cash Fund in the years prior to retirement allows an individual to protect accumulated gains. Performance Although the rate of return cannot be guaranteed, the objective of IBI's fund managers is to achieve a real rate of return substantially in excess of inflation. The returns for the past six years are as follows:- Investment Department The Investment Bank of Ireland Limited

1987

1984

1986 1985

1989

1988

Incorporated Law Society Scheme

7.1% 24.3% 26.3%

5.9% 3.2% 5.4%

19.2% 25.9%

16.4% 29.0% 14.1% 20.8% 31.2% 19.8% 26.1% 10.9% 22.1% 24.9%

Standard Life

Irish Life

The Law Society Scheme has performed favourably alongside two of the large life offices.

70