Revenue extend the deadline on pension savings threshold notification
Posted onThe Revenue Commissioners have extended a deadline for people in excess of current limits on pension savings to notify them. The deadline has now been moved to the 31 July 2015.
The Standard Fund Threshold is a limit to the amount of pension funds that a person can accumulate while availing of tax relief. Over the last years the Government has reduced this limit. As the threshold drops, those above the new threshold can notify Revenue and receive a Personal Fund Threshold to reflect their fund… Continue reading →
Getting Retirement Ready - more than just financial preparation
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Mention retirement planning and more often than not, people’s thoughts turn straight to financial planning and pension provision. Scratch the surface, however, and people’s concerns can run a little deeper than financial fears. There is more to consider as we embark on this transitional life stage than counting one’s pennies. Yet, this is generally the area where employers feel most obliged to support their staff.
The reality is that retirement – as with… Continue reading →
Pension Adjustment Orders - Change in tax treatment
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Pension Adjustment Orders: Change in tax treatment where a ‘Chargeable Excess’ arises
The Finance Act 2014 has introduced a number of changes to the tax treatment of retirement savings over which a pension adjustment order has been made. This change applies specifically to cases where a Chargeable Excess arises.
As you will be aware currently a €2m Standard Fund Threshold (SFT) limit applies. This is a lifetime limit on the total capital value of pension benefits that an individual can draw… Continue reading →
Smarter investment strategies
Posted onPatrick Burke, MD of Irish Life’s investment managers, talks about their smarter investment strategies to Newstalk Business. He explains how these strategies – which are key components in Irish Life MAPS – can help those looking for real returns while aiming to deliver lower volatility and reduced drawdowns during extreme market conditions. Listen here:
Patrick Burke - Newstalk interview
Capital Protection Fund changes
Posted onFrom 23 January 2015 the following restrictions will apply to the Capital Protection Fund in Irish Life Corporate Business (ILCB) products:
The Fund is closed to new Single Premium Investments and Transfer Values
The Fund is no longer available as an option to switch existing ILCB pension investments into
The Fund is closed to new Regular Premium Investments
The document at the link below is aimed at financial advisors, scheme trustees and scheme members and sets out the details… Continue reading →
Risk Rating changes
Posted onFollowing a review of our fund risk ratings which are based upon the ups and downs that each fund experiences over time, the following fund risk ratings have been revised:
If you have any queries about these changes, please don't hesitate to contact us.
Release of our Defined Contribution Retirement Readiness Report
Posted onWe are delighted to share with you our first Defined Contribution (DC) Retirement Readiness Report.
DC schemes are now the company pension plans of choice for most companies looking to help their employees secure income for their retirement. As the market leading provider of occupational Defined Contribution schemes in Ireland, we at Irish Life are well placed to provide an insight into how Defined Contribution schemes around Ireland are operating.
Having analysed the company DC schemes that… Continue reading →
Important Customer Information
Posted onImportant Customer Information: Proposed transfer of Canada Life Ireland business to Irish Life
Proposed transfer of the business of Canada Life Assurance (Ireland) Limited (“Canada Life”) to Irish Life Assurance plc (“Irish Life”)
Great-West Lifeco Inc., through its indirect wholly owned subsidiary Canada Life Limited, completed the acquisition of the Irish Life Group on 18th July 2013. As a result, we are starting to implement our plan to combine the business of Canada Life with Irish Life… Continue reading →
Property Fund - removal of notice period
Posted onThe 6 month notice period on the Corporate Business Property Fund will be removed from the 1st May 2012. This affects Defined Contribution, Additional Voluntary Contributions pension plans as well as Personal Retirement Bonds (PRBs).
A notice period may be reintroduced on the property fund at some point in the future. The length of any future notice period may depend on how long it takes to sell the assets in the fund.
