At present almost 95% of claim payments made by our Irish Life DC Corporate Business Benefits team are made by Electronic Fund Transfer (EFT). These claim payments relate to Defined Contribution Occupational Pension Schemes, PRB and PRSA Schemes. The claims encompass payments to members, employers, brokers and consultants, trustees and other pension providers under the above Pension arrangements.
We currently ask all Defined Contribution, PRSA and PRB member claimants to confirm their bank Account details at the point of claim to enable payments by EFT.
From 1 January 2020 where a payment is to be made via an Employer or Trustee we will also ask for bank account details to facilitate EFT payment rather than cheque. EFT is a faster and safer way to make and receive payments so we believe this is a positive move for all our customers. There will be a facility for a cheque payment in exceptional circumstances.
If we do not already have a record of Employer/ Trustee account details in respect of your scheme(s) we will require proof of your bank account details for the first EFT payment only. We will contact you where proof of the account is needed.
If you have any questions you can contact your Irish Life Account Manager or Service Manager on (01) 704 2000.
