Government may let people defer State pension to qualify for higher benefits
Posted onFuture Government incentives for those who want to work beyond the traditional retirement age could include permitting people to defer their State pension and receive higher benefits when they actually do finish working. Tim Duggan, assistant secretary at the Department of Social Protection, said on Tuesday one option would be to offer an actuarially-enhanced pension to those who decide to put off receiving their State pension when they reach the qualifying age and continue working… Continue reading →
How 'nudge theory' can improve pension provision
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Published in: The Irish Times
An element of behavioural science is nudging people towards better pension provision, says Sean Egan, Head of Sales at Irish Life Corporate Business.
“Getting people to engage with pensions can be hard for human resources and benefits managers,” says Sean Egan, Head of Sales at Irish Life Corporate Business. These are the people that typically offer employees a menu of “flex benefits” to choose from, including income protection,… Continue reading →
Capital Protection Fund Update August 2017
Posted onIn August 2017 we are making changes to the availability of Irish Life’s Capital Protection Fund.
The Capital Protection Fund is currently closed to new Single Premium investments. Existing customers cannot switch their existing investments into the Capital Protection Fund or invest a new Single Premium in the fund.
These restrictions apply to existing funds invested with Irish Life and to new funds invested in the future.
An existing investor can of course switch… Continue reading →
Majority of Irish people are saving again, but unaware of potential extra value in pensions
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64% of Irish people have savings, but a third claim to have no savings at all
More women are saving compared to men (67% versus 59%)
43% of people who save put away over €100 a month
42% of consumers who intend to start saving could afford to save €80 to €100 a month*
Ireland’s saving habits have been revealed in recent research* by Irish Life. Just under two thirds of Irish people are actively saving and have some savings, and in contrast, a third of… Continue reading →
More than half of working adults in Ireland say they do not have a company pension plan available
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New research* conducted by Irish Life gives an insight into the pension status of Ireland’s workforce. Just 46% of working adults say there is a company pension plan available for them at work and, where there is such a plan, 76% of people are saving into a company pension.
Nearly half of all workers who make savings into a group pension plan (49%) are aware of the amount that their employer pays into the plan. From the research, younger workers seem more aware of their contribution levels… Continue reading →
Annual renewal cycle of a DC scheme - Infographic
Posted onWe have developed an infographic guide that shows the regular steps in the annual renewal process of a Defined Contribution (DC) scheme.
We have set out the various steps in the process that both Irish Life as well as the trustees and employer must complete during a year to meet compliance obligations.
Click here or on the image below for the guide in PDF format.
Change to PRSAs proposed in Finance Bill
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The Finance Bill proposes a change in the tax treatment of certain PRSAs for policyholders over the age of 75.
A change to the treatment of certain PRSAs has been included in the recently published Finance Bill.
Currently vested PRSAs (i.e. PRSAs from which assets have been made available to the PRSA owner or some other person) are subject to an imputed distribution regime, similar to Approved Retirement Funds. This means that… Continue reading →
Irish Life Health established following health insurance acquisitions
Posted onIrish Life Health established following health insurance acquisitions
Set to be a new force in the Irish market
Tuesday 2 August, 2016: Irish Life Health has been established as a new force in the Irish health insurance market. This follows the completion of Irish Life Group’s transactions to acquire Aviva Health and assume control of GloHealth, where Irish Life previously had a 49% shareholding.
This move is a positive development for competition in the Irish market, and gives customers a… Continue reading →
Challenges facing employers and providers as only 29% of Irish people know what they will need for retirement
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• Irish Life host a major conference with the aim of helping to EMPOWER employers and employees
• Only half of Irish people are in a pension plan, most starting in their 30s and saving only 10% of their salary*
• Life expectancy on the rise as females aged 65 have 50% chance of living beyond 91 years; males aged 65 have 50% chance of living beyond 87**
• Almost a third of people have no plans to retire and will continue to work as long as they are able*
Irish Life… Continue reading →
Irish Life to create new health insurer to customers through proposed acquisition of Aviva Health and GloHealth
Posted on9 March, 2016 – The Irish Life Group, the parent company of Irish Life, Ireland’s leading provider of life insurance, pensions and investments, has announced agreements to acquire Aviva Health and to take full 100% ownership of GloHealth.
Over two million health insurance customers will benefit from the combination of the two businesses and the creation of a significant new force in the health insurance market.
The business will continue to offer excellent health cover and outstanding service… Continue reading →
