How we are paid

Our Remuneration

We, Lucan District Credit Union Ltd (LDCU) act as intermediary between you, the consumer, and the product provider with whom we place your business. Any fees or commissions earned by the credit union, stay in the credit union for the benefit of members.

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The background

Pursuant to provision 4.58A of the Central Bank of Ireland’s September 2019 Addendum to the Consumer Protection Code, all intermediaries, 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 intermediary which it has agreed with its product producers.

What is commission?

For the purpose of this document, remuneration is the payment earned by the intermediary for work undertaken on behalf of both the provider and the consumer. The amount of remuneration is generally directly related to the 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.

There are different types of remuneration/commission models:

Single commission model: where payment is made to the intermediary shortly after the sale is completed and is based on a percentage of the premium paid/amount invested/amount borrowed.

Trail/Renewal commission model: Further payments at intervals are paid throughout the life span of the product. Indemnity commission

Indemnity commission

Indemnity commission is the term used to describe a commission payment made before the commission is deemed to be ‘earned’.

Indemnity commission may be subject to a clawback (see below) if the consumer lapses or cancels the product before the commission is deemed to be earned.

Other forms of indemnity commission are advances of commission for future sales granted to intermediaries in order to assist with set up costs or business development.

Life Assurance/Investments/Pension products

For Life Assurance products commission is divided into initial commission and renewal commission (related to premium), fund based or trail (relating to accumulated fund).

Trail commission, bullet commission, fund based, flat commission or renewal commission are all terms used for ongoing payments. Where an investment fund is being built up through 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.

Life Assurance products fall into either individual or group protection policies and Investment/Pension products would be either single or regular contribution policies. Examples of products include Life Protection, Regular Premium Life Assurance Investments, Single Premium (lump sum) Insurance-based Investments, and Single Premium Pensions.


Clawback is an obligation on the intermediary 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. If the consumer cancels or withdraws from the financial product within the specified time, the intermediary must return commission to the product producer.


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.

Preferred Provider Rate

Lucan District Credit Union Ltd have no preferred provider commission arrangements in place.

Other Fees, Administrative Costs/ Non-Monetary Benefits

The firm may also be in receipt of other fees, administrative costs, or non-monetary benefits such as: A non-monetary benefit could include (but is not limited to): Attendance at product provider seminars, industry educational seminars, use of product providers resources, co-branded literature, product provider hospitality and assistance with advertising/branding.

Maximum Commission Rates
Single Contribution ProductsInitial CommissionClawback PeriodTrail commission
Single Contribution Pension
Aviva5%1% p.a.
Irish Life5%0.75% p.a.
New Ireland5%5 years0.50% p.a.
Standard Life5%1% p.a.
Zurich Life5.5%0.50% p.a.
Single Contribution PRSA
Aviva7.50%0.25% p.a.
Irish Life5%0.75% p.a.
New Ireland7%5 years0.50% p.a.
Standard Life5%4 yearsn/a
Zurich Life5.5%0%
Aviva5%1% p.a.
Irish Life5%0.75% p.a.
New Ireland5%n/a1% p.a.
Standard Life4%1% p.a.
Zurich Life5%0.50% p.a.
Irish Life3%n/a
New Ireland3%n/an/a
Standard Life2%n/a
Zurich Life3%n/a
Investment Bond/Only
Aviva5%0.75% p.a.
Irish Life5%0.50% p.a.
New Ireland4%3 years1% p.a.
Standard Life4%1% p.a.
Zurich Life5%0.50% p.a.
Regular Contribution ProductsInitial commissionClawback PeriodRenewal / Flat CommissionTrail commission
Regular contribution pension
Aviva20%1% p.a.
Irish Life17.5%5%0.50% p.a.
New Ireland25%5 years8%1% p.a.
Standard Life25%5%1% p.a.
Zurich Life20%4 years3%0.50% p.a.
Regular contribution PRSA
Aviva17.5%0.75% p.a.
Irish Life17.5%5%0.50% p.a.
New Ireland25%5 years6%0.50% p.a.
Standard Life5%5%0.50% p.a.
Zurich Life5%4 years5%0.50% p.a.
Aviva10%0.75% p.a.
Irish Life5.5%5.5%0.50% p.a.
New Ireland10%5 years2.5%0.50% p.a.
Standard Life15%5 yearsn/a1% p.a.
Zurich Life10%4 years1%0.50% p.a.
Individual ProtectionYr 12345678 +Claw Back
Aviva200%30%30%30%30%30%30%30%6 years
Irish Life120%28%30%28%28%30%28%28%2 years
New Ireland225%50%20%20%20%12.5%12.5%12.5%5 years
Royal London220%40%40%40%40%3%3%3%5 years
Zurich Life100%12%12%12%12%12%12%12%1 year
Group ProtectionDeath In ServiceClawback PeriodPHIClawback Period
Irish Life6% p.a.12.5% p.a.
New Ireland15%1 year20%1% p.a.
Zurich Life6%n/a12.5%n/a

Our Products

Where Lucan District Credit Union Ltd. provides advice on the establishment and on-going administration of a Small Self-Administered (SSAP) scheme, we will agree any up-front and on-going renewal fees to be levied in advance with the client

If you would like to meet with John Miller, our in-house Financial Advisor, please call the office on 0818 297 007 or email John directly at or complete the contact form below, to arrange an appointment.

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