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Under the terms of our pension group scheme policy conditions, Irish Life Corporate Business may apply a standard member contract charge in respect of each pension scheme member.

Corporate Business carries out an annual review of the contract charge to ensure it remains appropriate, taking account factors such as price inflation and changes in the general business environment. The last change to the standard member contract charge was applied in 2020.

We have concluded our 2023 contract charge review and wish to advise that we will be increasing our standard member contract charges by 5.8% effective for all applicable scheme renewals from August 1, 2023. See sample charges detailing the change below: 

Changes to EMPOWER Master Trust member contract charges will be effective from January 1, 2024.

We will continue to monitor this charge in future.

We have also written to the Trustees of impacted schemes in relation to the above.