EMPOWERING better outcomes
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Currently retirement readiness depends heavily on the State Pension as people are not making adequate private pension provision. Only 29% of us know what we need to live on in retirement.* It is projected that the State Pension will become unsustainable in its current form due to demographics.** To combat the aging population, the State have tightened eligibility conditions and the age payable is rising.
Irish Life EMPOWER aims to achieve better outcomes at retirement for members so that… Continue reading →
What are the main trustee duties?
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Trustee duties fall under two main headings. They are:
1. Duties under Trust Law.
And
2. Duties under the Pensions Acts.
… Continue reading →
Employees in Ireland remain committed to work, but fall behind in pension planning
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Average contribution to workplace pension of 10%
Over a third of employees have never missed a day at work
One in three have a problem ‘leaving work at work’
Further insights into the habits of Ireland’s workforce have been revealed through recent employee research carried out by Irish Life*. The research found that Ireland’s workforce remains committed to their jobs, with over a third of employees in Ireland stating they have never missed a day in work. However, Ireland’s… 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 →
PLS update
Posted onTo ensure our Personal Lifestyle Strategy (PLS) remains at the forefront of innovation in the Irish Defined Contribution (DC) pension market, we undertake an annual review of the overall process and the PLS constituent parts.
During this review we take account of changes to the investment landscape over the past year and also any changes in legislation which impact on individual scheme members and how they will most effectively drawdown their benefits at retirement.
Click here for a summary… Continue reading →
Latest review of personal pension customer data
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Average monthly pension contributions increase by 30% since 2010
Significant variations across counties and genders
Still not enough women have pensions (only 30% versus 70% for men)
Today our colleagues in Irish Life Retail published a review of their data for their personal pension customers. This shows that the average pension contribution during the first half of this year was €562 per month, compared to €372 per month in 2010. In the last five years alone, the… Continue reading →
Risk Rating Changes - September 2015
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:
Active Managed Fund has changed from a 5 rating to a 4 rating
Indexed Pacific Equity Fund has changed from a 6 rating to a 7 rating
PRSA Active Managed Fund has changed from a 5 rating to a 4 rating
PRSA Pacific Equity Fund has changed from a 6 rating to a 7 rating
If you have any queries about… Continue reading →
Irish Life Staff Charity Abseil Event
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Irish Life Staff Charity Abseil event
More than 100 Irish Life staff will abseil down the front of the iconic Irish Life head office building Friday 21 Aug 2015 – raising funds for this year's selected Irish Life Staff Charities the St Francis Hospice and Friends of Frank.
Double for your trouble
The company matches every Euro Irish Life staff raise for their selected charities. With each participant aiming for a minimum of €100 in sponsorship, and some of those roped in raising a whopping… Continue reading →
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 →
