Irish Life Staff Charities Update 2023
Posted onEvery year Irish Life employees raise funds for two chosen charities. Started in 1995, Staff Charities and our employees have raised a total of €4million. As well as annual fundraising events and taking part in MyLife challenges, 1000 Irish Life employees donate via salary deduction every month, raising €130k annually. This year's Irish Life charity partners are Child Vision and The Gavin Glynn Foundation. In 2021, the total donated was €414,000 between two charities: … Continue reading →
Pensions Authority: Increase of member fees for occupational pension schemes
Posted onWith effect from 1 January 2022 the Pensions Authority fees for members have increased.
Click here for the information that was published by the Pensions Authority.
Click here or on the image below to find out more.
Changes to Leaving Service Options - Finance Act 2021 Update
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The Finance Act 2021 which was signed into law in December 2021 and brings a number of changes to benefit options for retirees in 2022.
Find out more by downloading the document here.
What has changed?
Retirees will see a few changes to their retirement options this year. Approved Minimum Retirement Funds (AMRFs) are no longer available and a number of requirements to invest in Approved Retirement Funds (ARF) have… Continue reading →
The IORP Il Draft Code of Practice is here! Get the Summary from Irish Life
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What is IORP II?
IORP II is an EU directive that sets new pensions standards to be passed into law by each EU member state. In the Republic of Ireland, IORP II legislation was introduced on April 27, 2021.
The draft code of practice - in summary
On July 22, 2021 the Pensions Authority published their draft code of practice, which outlines the minimum standards required for trustees of occupational pension… Continue reading →
IORP II Update - Pensions Authority issues Timelines for Compliance
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Where the recent transposition of the legislation gave some element of assurance after such a long period of anticipation, the Pension Authority’s release gave further clarity on 13 May 2021 - in particular around the timelines for compliance - and the sense that there is definite forward momentum.
A long build up, like the one we’ve seen with IORP II can lead to widespread uncertainty, which can impact the ability of plan sponsors and trustees to fully prepare and… Continue reading →
IORP II Transposed in Ireland - Significant changes lie ahead for pension schemes
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Regulations have been published this week by Minister for Social Protection, Heather Humphreys, to transpose the EU IORP II Directive into Irish legislation. These regulations introduce higher standards for pension scheme governance.
The regulations will apply to all company pension schemes, but there are different timelines depending on the type of scheme.
One-member arrangements have a derogation that defers most aspects of the regulations for… Continue reading →
Property Fund Notice Period Lifted
Posted onIn March 2020 we introduced a six-month delay (notice period) for withdrawals or switches from our Irish and UK Property Funds.
This six-month notice period has now been removed from our Pension Property Funds, with effect from 16 April 2021.
From this date any withdrawal or switch requests are processed without delay.
Why has the notice period been lifted on the Pension Property Funds?
The onset of COVID-19 created material uncertainty around property valuations. This… Continue reading →
Sustainability Disclosures
Posted onResponsible Investing (RI) is a now major area of focus for investment managers. Irish Life Investment Managers (ILIM) have incorporated RI into our investment philosophy with our EMPOWER and MAPS range of funds to ensure that the companies in which we invest have sustainable practices that will promote favourable long-term outcomes for the companies, the funds and ultimately planet Earth! Two recent pieces of legislation have been enacted which increase the onus on providers and Trustees… Continue reading →
State Pension Age stays at age 66
Posted onAs had already been announced by Government, legislation was passed to keep the State Pension age at 66.
The Social Welfare Act 2020 was signed on 22 December 2020 and this deleted the relevant provision (Section 7 of the Social Welfare and Pensions Act 2011) which would have increased the State Pension age to 67 from 01/01/2021 and to 68 from 01/01/2028.
There is now no provisions in legislation to trigger a future increase to the State Pension age. New legislation will need to be passed… Continue reading →
Innovating to make change easier for pension savers
Posted onThe emphasis now on Defined Contribution pension schemes means trustees, pension providers and financial advisers must adapt to this change and look for new ways to help people plan for their future, writes Sean Egan, Director – Corporate Partnerships, Irish Life Assurance plc
“Intelligence is the ability to adapt to change.” – Stephen Hawkins
A lot of things have changed in the world since Stephen Hawkins uttered these words – we’ve seen the rise of social… Continue reading →
