A company pension plan is a long-term savings plan set up for you by your employer also known as a workplace pension. Some of the benefits included in a workplace pension may include tax relief (available on the money you contribute to your pension savings), and your employer may also make contributions to your pension plan on your behalf.

At retirement, you may also be eligible to a tax-free lump sum up to a maximum of €200,000. This option allows people to have flexibility and control over their retirement savings and can be used to support the early years of retirement.

Tax relief is the amount deducted from your gross pay before income tax is taken. It is provided to you by the government and is quite generous when it comes to workplace pension savings as the government wants to encourage everyone to save for their retirement.

Pensions are a very tax efficient way of saving and are provided to you at the rate you currently pay income tax at.

If you decide, for example, to save €100 a month into your pension plan, your payroll department will arrange for that amount to be paid into your pension plan directly from your salary. They will also calculate and apply the tax relief that you are entitled to. Your take-home pay will only reduce by the difference.

Below is an example of how tax relief works on a contribution of €100:

In a lot of cases your employer will also contribute up to certain limits making it even more efficient to save for the long term. Speak to your HR contact today to find out more.

Speak to your HR contact today to find out more.

The rules for joining a workplace pension vary from company to company so speak to your HR contact today to understand how you can get started.

The rules for joining a workplace pension vary from company to company so speak to your HR contact to understand when you can join your pension plan.

The rules for joining a workplace pension vary from company to company so speak to your HR contact to understand if it is compulsory to join their pension plan.

The rules for opting out of a workplace pension vary from company to company so speak to your HR contact to understand how you can opt out.

Speak to your HR contact or refer to your Member Guide to understand the normal retirement age for your workplace pension plan.

Any fees or costs are outlined in your new joiner pack and benefit statement, please refer to these for more information.

You can find more information on how your funds are invested by visiting the investment section of our online portal here, or, alternatively by referring to your Member Guide.

Your employer may provide you with valuable benefits such as Life Cover and/or Income Protection while employed with them. Your employer will let you know what benefits are available to you so please contact your HR department for further information.

When you join your company pension plan, your employer may require you to make certain minimum contributions to your pension each month which is usually a set percentage of your salary. Your company may also make monthly contributions on your behalf to help you grow your savings for retirement.

Your pension contributions may change throughout your working life so a great way to check how much you should save for your future is by using our simple pension calculator.

The Government want to encourage everyone to set aside money for retirement. So as a pension saver, you may get tax relief on what you pay into your pension plan.

Below is an example of how tax relief works on a contribution of €100:

If you want to increase the value of your pension fund you can, by making Additional Voluntary Contributions (AVCs) or making a lump sum contribution. The good news is that you may also get tax relief on any of these contributions. AVCs are the same as your regular pension contributions when it comes to getting your tax relief. Just remember that your employer does not match AVCs.

The table below displays the percentage of your earnings that may qualify for tax relief when contributing to a pension plan. This includes any compulsory contributions to your plan and any AVCs you choose to make.

The Revenue’s limits are applied to your total earnings, subject to a maximum earnings limit of €115,000. Please note that contributions to your employer pension plan are a percentage of basic salary, rather than total earnings. The earnings limit is subject to review.

Payments are made by a deduction from your salary each month as either a set amount or a percentage contribution.

Speak to your payroll or HR contact to change your contribution amount.

This depends on the contribution structure of your plan. Some pension plans allow for changes to the employee contribution rate, but some have fixed contribution rates and do not allow for changes. Speak to your payroll or HR contact to understand your plan rules. If you are already paying the maximum contribution amount, you can make Additional Voluntary Contributions. If not, you can increase your contributions in line with your company’s pension plan rules and you may even benefit from an increase in your employer contributions depending on the plan rules. In many cases it is possible to decrease contributions, but this varies by plan so please speak to your HR contact.

Your investment centre has all the investment information, such as market commentaries and fund performance updates.

Speak to your HR contact today to find out more.

If you decide to make a once-off lump sum payment into your pension before the 31st of October, you can still qualify for a tax relief in respect of the previous year. Click here for more information.

The rules around transferring benefits from a previous pension plan into your Irish Life plan depend on many factors. To learn more about how to transfer your previous pension benefits into an Irish Life plan, click here.

Log on to our online portal where you can access all your plan information, view transactions, update contact details and download documents. If you haven’t signed up already, you can sign up here. 

The easiest and quickest way to update your details is to log into your online pension account here and click on the ‘My Profile’ tab in the top right-hand corner of the screen. You will be able to update your marital status, address, Eircode, email address and mobile phone number online. Alternatively, you can contact our corporate pensions team by emailing - happytohelp@irishlife.ie or calling - 01 704 2000.

If you are wondering about your pension, log on to our online portal. To get the latest fund price and performance information click on the investment option in your member portal here.

You can switch funds online within the investment section of your online portal here. You can also submit a fund switch request by post. The below steps are for members of Defined Contribution plans, Additional Voluntary Contribution (AVC) plans and Personal Retirement Savings Accounts policies.

We highly recommend you register for the Pension Portal now, if you haven’t already done so. It only takes a minute - enter your mobile number and date of birth. Then we’ll text you a security code and you can complete your quick and easy registration.

Online
1. Log onto your pension online

2. Visit the investment Section, You will see a switch funds button, click this

3. Follow the simple steps from there

By Post
1. Simply download and compete the form here

2. Post the completed form to.

Irish Life Assurance plc, CODE, Corporate Business,Lower Abbey Street, Dublin 1, D01 PK03

3. Alternative, email the completed form to Happytohelp@irishlife.ie

If you would like to contact us directly you can email code@irishlife.ie

If you have a Personal Retirement Bond (PRB) policy you can download and complete the form here, please remember to include the name of the fund you wish to and email code@irishlife.ie, alternatively you can post this to:

Irish Life Assurance plc, CODE, Corporate Business,Lower Abbey Street, Dublin 1, D01 PK03

It can take up to 4 working days to show the updated investment information online. Rest assured your switch request applies from the date we receive it. Please note, the date we receive your request is defined as before 5pm, Monday - Friday.

To understand the funds your pension is currently invested in, log into your online pension account here where you can access investment information within the Investment Section on the left-hand side of the screen. We would recommend you speak to your plan financial advisor for specific investment advice.

If you change jobs within two years qualifying service you may have some options; like a refund less tax, a transfer value or leaving the money invested. The rules around these options are specific to your company plan. After more than two years qualifying service in the pension plan, if you leave your current employer, you will not have access to your pension fund until age 50. However, you will have some options for the retirement savings you have built up during your time with the company. To learn more about leaving service options – click here.

If your employer and the trustees agree, you may retire early once you have reached age 50. However, your pension is designed to provide benefits at your Normal Retirement Age (NRA) and retiring earlier than this means that your retirement savings may be lower than they would have been at NRA.

If you die before you reach retirement age, your pension plan rules will determine what benefits will be made available to your dependant’s. The benefit for each company is different so please refer to your Member Guide.

To ensure your pension savings remain available to support you in retirement, you cannot use your benefits to obtain a loan and cannot assign these benefits to a third party.

Your retirement and death benefits could be subject to a Pension Adjustment Order. Further information on the impact of a Pension Adjustment Order may be obtained from the Pensions Authority here. 

An ‘expression of wishes’ is your nomination of the person(s) you wish to receive the pension benefits should you die. To update your expression of wishes, click on this feature in your pension portal and feel reassured that your loved ones will know what your wishes are.

Still have questions? Our corporate pensions team are on hand to support you with questions regarding your workplace pension, you can email us at - happytohelp@irishlife.ie or call us on - 01 704 2000.