Methods of Payment
As a customer of Irish Life Corporate Business the following methods of payment are available to you when paying your pension contributions or risk premiums.
With Electronic Fund Transfer, payments can be transferred directly from your bank account to our bank account. To avoid any delays in your payment reaching your Irish Life scheme account, please follow the instructions below.
Quote the following information on all Electronic Fund Transfers
Please ensure all payments include their scheme number on the Electronic Fund Transfer request under the following section.
- Beneficiary/Transaction narrative
It is essential that you do not include any spaces or characters before the scheme number in this section.
Electronic Fund Transfers received with no scheme number or instruction may result in the payment being returned to the sender.
Pension contribution schedules for Defined Contribution (DC) Pension Schemes
Send your pension contribution schedules to Corporate Business before you send your payment. The investment date for pension contribution payments will be the date we receive the pension contribution schedule. As most fund prices change daily, a delay in submitting your schedule could result in a financial loss to members of the pension scheme.
Selecting the right account for your payment
Defined Contribution - Pension contributions and Risk premiums for DC schemes only
Account Name: CB Defined Contribution Receipts Account
Account Address: AIB Bank Capel Street Dublin Ireland
Account Number: 03056173
Branch Sort Code: 93-10-55
IBAN: IE78AIBK93105503056173
BIC/ SWIFT: AIBKIE2D
Note: Bank Credits received with no scheme number or instruction may result in the payment being reversed to the sender. Payments received directly through the Irish Life Ass plc New DC Receipts A/C will be assumed to be in respect of regular pension contributions only, unless otherwise stated on the transfer.
Group Risk – Risk Premiums only
Account Name: CB Risk and Sundry Receipts Account
Account Address: AIB Bank Capel Street Dublin Ireland
Account Number: 03046612
Branch Sort Code: 93-10-55
IBAN: IE11AIBK93105503046612
BIC/SWIFT: AIBKIE2D
Note: Bank Credits received with no scheme number or instruction may result in the payment being returned to the sender. Payments received directly through the Irish Life Ass plc Group Bus Div Receipts A/C bank account will be assumed to be in respect of risk premiums only.
Defined Benefit – Pension Contributions only
Account name: Irish Life Investment Accounts
Account address: AIB Bank O'Connell Street
Account number: 03046299
Branch sort code: 93-10-55
IBAN: IE23AIBK93105503046299
BIC/SWIFT CODE: AIBKIE2D
Note: Bank Credits received with no scheme number or instruction may result in the payment being returned to the sender. Payments received directly through the Irish Life Assurance Investments A/C bank account will be assumed to be in respect of pension contributions only.
With variable SEPA direct debit you pay your contributions each month by an electronic process where instructions to collect are sent and received instantly by secure path or email. We will issue you an email confirmation when we have processed your request.
Pension contribution schedules are submitted in a payroll download file or excel format that allows instant upload to our systems meaning:
• The processing time is shorter.
• There is no manual intervention required.
• Investment is given from the date we receive your pension contribution schedule through secure path or by email
The benefits of paying by Variable SEPA Direct Debit
• Instruction is sent by secure path or email. There are no postal costs or delays in transmission.
• Your instruction is processed within 2 days of us receiving it.
• We will issue an email confirming that we have received and processed your instruction.
• We give the benefit of investment from the date we receive your pension contribution schedule.
How to set up the Direct Debit process
Step1: Download the SEPA DC Direct Debit Mandate.
Step 2: Print the mandate and complete the details including your scheme and contact details. Return it by post to Irish Life Corporate Business, Lower Abbey Street, Dublin 1. Send the original, not a scanned or copied version.
Step 3: Once we receive confirmation from your bank that the mandate has been set-up we will contact you to advise that this new payment method is operational.
If you are interested in this service or you have any questions please contact Celine McDonnell on (01) 704 2996 or Priscilla Pegman on (01) 704 1633.
Download our flyer for more information on making payments by Variable SEPA Direct Debit
This payment method is only available to schemes with 10 members or less. These payments are collected monthly in arrears. Any changes to the payment amount must be received by Irish Life 3 working days before the end of the month they are in respect of if the changes are to be included in that months direct debit.
What happens if I do not send my changes in time?
If you miss the deadline for submitting changes to the debit please contact Code@irishlife.ie immediately, quoting your scheme name and number and list the revised amounts to be collect by direct debit the following month. You should also let us know if any arrears are due.
For more information please see Defined Contribution Automatic Pension Direct Debit Terms & Conditions
Download our flyer for more information on making payments by Automatic SEPA Direct Debit
From 1st October 2013, Irish Life Corporate Business will no longer be accepting cheques for payment of Defined Contribution (DC) regular pension contributions.
For information on how to pay your pension contributions by Electronic Funds Transfer (EFT) or Direct Debit, please see the sections above.
We will continue to accept once-off lump sum contributions by cheque until further notice.
21 day rule - Pensions Amendment Act
There is a requirement for employers to meet their compliance obligations in relation to the '21 day rule' (Pensions Amendment Act).
The requirement is that all contributions deducted from employees and due from employers must be paid to the pension scheme within 21 days of the end of the month in which they were deducted or became due. It is your responsibility to ensure that you arrange for the transmission of this report and payment of contributions within the prescribed timeframe.
