Irish Life sponsors the National Pensions Summit 2025
Posted onThe team at Irish Life are once again proud sponsors of the National Pensions Summit 2025. We are excited to share our insights on the future of pensions, how to drive better outcomes for members and ask the question: where to next? And will be joined by other leading industry experts.To learn more or view the agenda, please visit - https://pensionssummit.ie/
Irish Life annuity buy-in transaction: largest deal in the Irish market over the last year
Posted onIrish Life has completed a €133 million bulk annuity onboarding transaction with the trustees of Greencore plc’s Irish defined benefit pension scheme. It marks the largest bulk annuity transaction to take place in the Irish market over the last year.. The €133 million ‘bulk annuity’ contract is an insurance policy taken out by the Trustee of the Greencore Group pension scheme with Irish Life and is held by the Trustee as an asset of the scheme’s wider investment portfolio. The policy… Continue reading →
Interest rates push pension buy-in market over €1bn mark
Posted onIrish Life says early stage ‘mega deals’ may yet drive defined benefit fund deals to even greater heights.
Irish Independent - Fearghal O'Connor
Irish Life has seen a huge jump in its defined benefit buy-in business, a market that has now topped a billion euro per annum on the back of high interest rates.
The business involves the transfer of defined benefit schemes from the books of a company to that of large insurance firms such as Irish Life, which commands about 50pc of… Continue reading →
Changes to our Bank Accounts
Posted onPlease note that our Ulster Bank accounts are now due to close. It is important to understand that Irish Life may not have any visibility of or receive notification of any payment made to our Ulster Bank accounts after 5th May 2023. Therefore, it is important to be mindful of regulatory requirements and employer responsibility around the remittance of monthly pension contributions and to ensure all payments are made to the correct Irish Life account with AIB.
As you may know, both… Continue reading →
Christmas closing arrangements 2024
Posted onIrish Life will close for the Christmas period on Monday, 23 December 2024 at 4pm and will re-open on Thursday, 02 January 2025 at 9am.Depending on the method you use for paying regular contributions this will mean the following:Payments into Defined Contribution (DC) arrangements {wrapper}Customers paying by Electronic Funds Transfer (EFT){block} Payments received on or between 18 December and 31 December 2024 will be invested using the unit prices declared for 31 December 2024. Payments… Continue reading →
Enhanced Annuity Product Update
Posted onEnhanced Annuity Product - Important Update
Irish Life launched the innovative enhanced annuity a number of years ago. However, customer take up has been very low and following a review of alternative customer outcomes, we plan to cease offering our enhanced annuity product to new customers from the end of 2022. This decision is largely driven by the low level of take-up and the challenges of keeping this complex product operational while sales volumes remain at this low level.
From the start… Continue reading →
Important: Making Payments
Posted onWhen making any lump sum once-off payments to Irish Life Corporate Business, please note that we will only ever ask you to transfer money into an Irish Life account, see details here.
Irish Life Corporate Business remains a customer of Ulster Bank and we will communicate with our customers when our new bank details are available.
If in any doubt, please contact us on 01 704 1845.
Market Value Adjustment: Secured Performance Fund, Capital Protection Fund
Posted onCurrent Market Value Adjustments (MVA)
With effect from 4 December 2023, the Market Value Adjustment (MVA) for the Pension Capital Protected Fund is 0% of the published price.
With effect from 12 April 2023, the Market Value Adjustment (MVA) for the Capital Protection Fund is 0% of the published price.
With effect from 23 December 2013, the Market Value Adjustment (MVA) for the Secured Performance Fund is 0% of the published price.… Continue reading →
Getting Auto Enrolment Pensions Right First Time
Posted onMind the Gap - Latest pension auto-enrolment model is a gender imbalance minefield
You get one chance to get it right first time.
The Government is embarking on a progressive and positive reform programme which will a see an Automatic Enrolment Retirement Savings System introduced in Ireland. As it says on the tin, the aim of Auto Enrolment is to make the decision for workers to save for a pension easier. It also makes it easier for employers to offer colleagues a workplace pension.
The… Continue reading →
Registered Administrator 2022
Posted onThe Pensions Act requires every pension Trust to appoint a Registered Administrator for their schemes and for the Registered Administrator to re-register annually with the Pensions Authority.
Irish Life will be completing the Registration with the Pensions Authority in September 2022 for the schemes that we will be the Registered Administrator for.
Every pension scheme established under a Trust must have an authorised Registered Administrator to maintain records necessary for the preparation… Continue reading →
