across the spectrum newsletter may 2010
TRANSCRIPT
Issue 1 2010 May HELPING YOU ACHIEVE YOUR
FINANCIAL PLANNING GOALS...1
RETIREMENT: THE CHANGES
AHEAD ............................. 2
THE LUXEMBOURG STATE
PENSION UPDATE .............. 3
Across the spectrum ADDRESSING THE NEEDS OF THE INDIVIDUAL AND PLANTING THE
SEEDS FOR A SECURE FUTURE.
Where do you turn in these economic times to help achieve your
financial planning goals in the future?
Helping you achieve your financial planning goals
I, Michael Doyle along with my
colleague, David O‟Donoghue are
representatives of the Spectrum IFA
Group in Luxembourg.
We are both UK qualified Independent
Financial Advisers, having over 20
years of experience between us and hold
our full Financial Planning Certificates
as well as other professional
qualifications.
As the Spectrum IFA Group has offices
across Europe, we are well positioned to
The Changes Ahead The Luxembourg State Pension is currently accepted as one of the best in Europe if not the
world. However, within the past few weeks the Luxembourg Health Minister, Mars Di
Bartolomeo was quoted in saying that to maintain the current system, Luxembourg would
have to count on a workforce of 1 to 1.5 million – which is „unrealistic‟.
There are changes ahead and if this concerns you and you would like to discuss this further,
then please contact us and we will arrange a private meeting with you.
offer our clients comprehensive
insurance based advice based on their
nationality, residency and domicile.
We meet our clients on an individual
basis to gain a full understanding of
their current financial situation and then
provide them with a report on how they
can plan for any future shortfalls they
may have.
Our advice is strictly on a no obligation
basis and we are happy to meet at a time
that is convenient to you. We charge no
consultation fees.
Michael Doyle David O‟Donoghue
[email protected] [email protected]
+352 691 128 026 +352 621 522 511
TSG Insurance Services S.A.R.L. (Luxembourg Branch)
RCS Luxembourg: B 95136 - 11, avenue Guillaume, L-1651 Luxembourg. TSG Insurance Services S.A.R.L.
Siège Social: 34 Bd des Italiens, 75009 Paris
« Société de Courtage d'assurances » R.C.S. Paris B 447 609 108 (2003B04384)
Numéro d'immatriculation 07 025 332 - www.orias.fr
Luxembourg State Pension Update By Michael Doyle
I have been working in
Luxembourg as an
Independent Insurance
Adviser for approximately 18
months now and have been
constantly asked by my
clients what benefits they will
receive in retirement from the
state.
I used to ask my clients what
they expected to receive and
the answers ranged from:
102% of my final
net salary, which
will then be taxed
the average of my
best 5 years
71% of my final
salary
Sadly none of these answers
are correct.
Then I would be asked about
the ‟10 Year Rule‟, with
most of my clients believing
that they had to work in
Luxembourg for 10 years
before they qualified for the
pension.
Again, this is not correct. In
most cases you only have to
contribute to the
Luxembourg Pension for 12
months in order to qualify.
Your no-obligation
pension report
If you are interested on a
personal basis in exactly what
you will receive in retirement
then please send an email to
michael.doyle@spectrum-
ifa.com and we will contact
you to arrange a meeting on a
one to one basis and offer
you a no obligation report,
which shows you the earliest
age you can retire and also
what your benefits will be if
you decide to work until 65.
The other main question I get
asked is:
“When can I take my State
Pension?”
Well, the simple answer on
this one is from 57 until 65
depending on your
circumstances. You need
480 months of contributions
across all EU member states
in order to retire early, (there
are also agreements between
the USA & Canada with Luxembourg).
Written by Michael Doyle.
This information is based on our current understanding of the
Luxembourg State Pension System
after our own research and our meetings with CNAP, (the
Luxembourg Pension Office).