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

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 8^th 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:
  • 75^th 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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