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Analysis for good value for money of the general conditions for the new individual pension savings Asac Fapes PER

  • General condition analysis of contracts
  • Good value for money

ASAC FAPES PER (Asac Fapes / Spirica)

Good value for money analysis of the general conditions

Version per November 11, 2022

Reference elements

  • Insurance company:
  • Contract type:
    • Individual pension savings (PERIn)
  • Contract type:
    • Collective with individual subscription
  • Signing entity in the collective agreement:
  • Version of the analyzed general conditions:
  • Contract status:
    • Open for new subscriptions

Costs

  • Association fees:
    • €10 in association dues for the first membership of the APPEIR association
  • Entry fees for payments:
    • No upfront fees on payments
  • Frontend fees on incoming transfers:
    • Absence of access fees on incoming transfers
  • Annual management fees for the fund in euros:
    • Euro PER New Generation Fund: 2.00% of which:
      • 0.70% administrative and commercial management fees
      • 1.30% used to increase asset allocation
    • Annual management fees on the internal fund:
      • Long Term Allocation Growth Fund (ALT):
        • 1.00% annual management fee
          + 10% fee for financial performance if positive
      • Annual management fees on account units:
        • 0.50% deducted quarterly up to 0.125% per reduction in the number of units of account
      • Annual fees additional in managed management:
        • 0.26% deducted quarterly up to 0.065% per reduction in the number of billing units, regardless of which profile the saver has chosen

Mortality Table Guarantee

  • Absence of guaranteed mortality table

Minimum payment amount

  • Minimum opening amount:
    • in free administration: €500with a minimum of €25 per medium
    • in managed management over the horizon: €500 per profile
    • in managed management: €500 per profile
  • Minimum amount for incoming transfer:
  • Minimum free deposit amount:
    • in free administration: €100with a minimum of €25 per medium
    • in managed management over the horizon: €500 per profile
    • in managed management: €500 per profile
  • Minimum amount for scheduled free payments:
    • Monthly frequency:
      • in free management: from €50 with a minimum of €25 per medium
      • in managed management on the horizon: €150 per already invested profile
      • in managed management: €150 per already invested profile
    • Quarterly periodicity:
      • in free management: from €100 with a minimum of €25 per medium
      • in managed management on the horizon: €150 per already invested profile
      • in managed management: €150 per already invested profile
    • Semi-annual frequency:
      • in free management: from €100 with a minimum of €25 per medium
      • in managed management on the horizon: €150 per already invested profile
      • in managed management: €150 per already invested profile
    • Annual frequency:
      • in free management: from €100 with a minimum of €25 per medium
      • in managed management on the horizon: €150 per already invested profile
      • in managed management: €150 per already invested profile
  • Possibility of annual indexation of planned free payments:

Funds in euros with partial capital guarantee up to 98% per annum
“New generation PER Euro Fund”

  • Foundation name:
    • New Generation PER Euro Fund
  • History of rates paid (net of fees and gross social security contributions):
    • 2021: 1.65%
    • 2020: 1.65%
    • 2019: 1.65%
    • 2018: 2.20%
    • 2017: 2.30%
  • Possible investment restrictions:
    • Payment ceiling: €2,000,000

Internal fund “Long Term Allocation Growth (ALT)”

  • Operating principle:
    • Issuance of a new medium every year for a period of 8 years,
      which means that each generation of the fund will have its own performance
      with a term of 8 years
  • Guaranteed minimum amount at maturity
    • 80% of the first payment excluding fees
  • Commitment period:
    • 31 December of 8th year
  • The fund’s financial results (minus fees and gross social security contributions):
    • 2021: +4.88%
    • 2020: +1.96%
  • Possible investment restrictions:

Suggested financial management methods

  • Free management
    • Free investment:
      • in the partially guaranteed Eurofund (Euro PER New Generation Fund), subject to compliance with the payment ceiling,
      • in the internal long-term allocation growth fund (ALT)knowing that every year there is a generation of the launch fund with a term of 8 years (for example: 31 December 2031 for payments made during the year 2023)
    • Access to the range of 508 CPUs offered in free administration
  • Possible activation of the following financial management options:
    • Progressive investment
      • Requirement for a minimum outstanding amount stipulated in the contract of €10,000
      • Requirement for a minimum amount of €100 per month
      • Free choice of the units of account to be invested in and the distribution in %with a requirement of a minimum amount of €50 invested per medium
      • Arbitrage from the euro fund “New Generation PER Euro Fund”
      • Realization of a monthly arbitration on the first Friday of each month of the stated sum for an entire number of months chosen by the subscriber
      • No arbitration fees
    • Protection of capital gains
      • Requirement for a minimum outstanding amount stipulated in the contract of €10,000
      • Different settings possible for each account unit
      • Choice of capital gain level between 5% and 30% (whole number)
      • Arbitration against a security fund chosen by the customer from among authorized means
      • Controls are carried out daily
      • Requirement of a minimum amount of €100 to be mediated
      • No arbitration fees
    • Limitation of relative price losses (“ stop loss relative “)
      • Requirement for a minimum outstanding amount stipulated in the contract of €10,000
      • Different settings possible for each account unit
      • Choice of loss level between 5% and 50% (whole number)
      • Arbitration against a security fund chosen by the customer from among authorized means
      • Controls are carried out daily
      • Requirement of a minimum amount of €100 to be mediated
      • No arbitration fees
  • Horizon-based management
    • Choice of the saver of one of the three management profiles offered:
      • Prudent Profile Retirement Horizon
      • Horizon Retirement Balanced Profile
      • Dynamic Profile Retirement Horizon
  • Driven management
    • Selection by the member of one or more of the managed management profiles offered:
      • Balance profile administered by Ofi AM
      • Profile Future trends administered by Ofi AM
      • Carte Blanche profile administered by Ofi AM
  • Methods for possible accumulation of the proposed management methods
    • Option for the saver to combine several management methods
    • Possibility for the saver to change the management mode at any time

Range of billing units offered in free administration

  • Classical units of account:
    • 313 accounting units from 102 management companies
  • Real estate supports:
    • 12 OPCIs
    • 2 SCI / 3 SC / 1 SCP
    • 18 REITs
  • Trackers:
  • Live titles:
    • 114 live tracks (listed shares)
  • Private equity funds (unlisted):

Investment restrictions on property support

  • Maximum investment per real estate media:
    • SCPI :
      • Investment up to 50% for each operation
      • 3% fines in case of disinvestment in the first 3 years after the first investment
    • SCI / SC / SCP:
      • Possible investment up to 100% per operation
    • OPCI :
      • Possible investment up to 100% per operation
  • Maximum investment per contract regarding property support:
    • Investment ceiling of DKK 1 million. EUR on all SCPIs per contract
    • Possible investment of up to 100% of the allocation in real estate within the same contract, i limit of 2 million EUR for all property subsidies combined

Arbitration

  • Free management
    • Minimum arbitration amount of €500 or the entire selected media
    • Reinvestment of at least €50 per selected media
    • Requirement for a minimum balance per media after arbitration of at least €50
    • Free online arbitration
  • Horizon-based management
  • Horizon-based management
    • Absence of additional billing for arbitration
  • Trade-offs between management methods
    • Billing up to €15

Death floor guarantee

  • Warranty available regardless of financial management method chosen
  • The maximum amount of insurable loss:
  • Age limit for taking out the guarantee:
  • Age limit for warranty coverage:
    • 75th birthday of the insured
  • Annual warranty costs:
    • Billing from 0.17% to 4.08% depending on the risk capital and the age of the insured

Other possible optional warranties

Annuity withdrawal terms

  • Maximum age for applying for annuitization:
  • Fees for receiving annuity arrears:

Annuity options are offered

  • Simple annuity
  • Annuity with guaranteed annuity
    • Limitation to the number of life expectancy reduced by 5 years
  • Joint annuity
    • between 50% and 150% in 10% increments
  • Joint annuity with guaranteed annuities
    • between 50% and 100% in 10% increments
  • Differentiated annuity
    • Possible completion of 1 or 2 payment periods
    • Maximum possible duration of each of the first 2 periods of 10 years

To learn more about the analysis of good value for money, click on the following link: https://www.goodvalueformoney.eu/product/selection-sel0000495-asac-fapes-per-selection-2022-2023

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