Summary of Remuneration Arrangements
SMP Financial Ltd t/a mylife.ie
Adapted from SMP Financial's remuneration summary. Scope: protection products and PRSAs — the products arranged via mylife.ie. Last updated: 30 July 2026.
About this summary
SMP Financial Ltd, trading as mylife.ie, is regulated by the Central Bank of Ireland (C42382). When we arrange a financial product for you, the product provider pays us a commission. This page summarises the maximum remuneration arrangements we have with the providers whose products we arrange through mylife.ie. Full details of the commission arrangements applying to any product we recommend to you are available on request, and are set out in the documentation you receive before you complete your application.
We do not charge our clients fees for arranging protection products or PRSAs. Fees: None. Preferred provider rate: None.
How commission works for protection products
For life assurance and protection products (mortgage protection, term life cover, serious illness cover), commission is divided into initial commission (a percentage of the first year's premium) and renewal commission (a smaller percentage of premiums in later years). The premium you pay is set by the insurer and already reflects these arrangements — commission is not an extra charge added to your premium.
Clawback
Commission is paid to us shortly after a policy starts but is not “earned” until a specified period has passed. If a policy is cancelled within that period, we must repay the unearned commission to the insurer. The clawback period for each insurer is shown in the tables below.
Maximum commission rates — Individual Protection
Percentages are of the annual premium in the year shown.
| Insurer | Year 1 | Yr 2 | Yr 3 | Yr 4 | Yr 5 | Yr 6 | Yr 7 | Yr 8 | Yr 9+ | Clawback period |
|---|---|---|---|---|---|---|---|---|---|---|
| Aviva | 200% | 30% | 30% | 30% | 30% | 30% | 30% | 30% | 30% | 2 years |
| Irish Life | 120% | 28% | 30% | 28% | 28% | 30% | 28% | 28% | 28% | — |
| New Ireland | 225% | 50% | 20% | 20% | 20% | 12.5% | 12.5% | 12.5% | 12.5% | 5 years |
| Royal London | 225% | 0% | 0% | 0% | 0% | 3% | 3% | 3% | 3% | 5 years |
| Zurich Life | 100% | 12% | 12% | 12% | 12% | 12% | 12% | 12% | 12% | 1 year |
Maximum commission rates — PRSAs
Single Contribution PRSA
| Provider | Initial commission | Clawback period | Trail commission |
|---|---|---|---|
| Aviva | 4% | — | 0.5% p.a. |
| Irish Life | 5% | — | 0.75% p.a. |
| New Ireland | 7% | 5 years | 0.5% p.a. |
| Standard Life | 5% | — | 0.5% p.a. |
| Zurich Life | 5.5% | — | 0% p.a. |
Regular Contribution PRSA
| Provider | Initial commission | Clawback period | Renewal / flat commission | Trail commission |
|---|---|---|---|---|
| Aviva | 22.5% | — | — | 0.5% p.a. |
| Irish Life | 17.5% | — | 5% | 0.5% p.a. |
| New Ireland | 25% | 5 years | 6% | 0.5% p.a. |
| Standard Life | 5% | — | 5% | 0.5% p.a. |
| Zurich Life | 5% | 4 years | 5% | 0% p.a. |
Sustainability factors — PRSA advice
We take due care so that our internal remuneration policy with respect to advice on pension products promotes sound and effective risk management in relation to sustainability risks and does not encourage excessive risk-taking with respect to sustainability risks. When assessing products, we consider the approach taken by product providers in integrating sustainability risks into their product offering.
Other fees, administrative costs and non-monetary benefits
The firm may also be in receipt of non-monetary benefits such as attendance at product provider seminars and promotional items.
Other products
mylife.ie arranges protection products and PRSAs. SMP Financial Ltd's full summary of remuneration arrangements across all product categories (pensions, investments, mortgages and other products) is available at smpfinancial.com and on request.
SMP Financial Ltd t/a mylife.ie is regulated by the Central Bank of Ireland. Registered office: 55 Ailesbury Road, Ballsbridge, Dublin 4. Directors: Garfield Spollen, Donal Milmo-Penny. Company Registration Number: 315830.