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Payment Methods

Methods of Payment

As a customer of Irish Life Corporate Business the following methods of payment are available to you when paying your pension contributions or risk premiums.

Electronic Fund Transfer

 Pay your pension contributions and risk premiums by Electronic Fund Transfer

With Electronic Fund Transfer, payments can be transferred directly from your bank account to our bank account. To avoid any delays in your payment reaching your Irish Life scheme account, please follow the instructions below.

Quote the following information on all Electronic Fund Transfers

Please ensure all payments include their scheme number on the Electronic Fund Transfer request under the following section.

  • Beneficiary/Transaction narrative

It is essential that you do not include any spaces or characters before the scheme number in this section.

Electronic Fund Transfers received with no scheme number or instruction may result in the payment being returned to the sender.

Pension contribution schedules for Defined Contribution (DC) Pension Schemes

Send your pension contribution schedules to Corporate Business before you send your payment. The investment date for pension contribution payments will be the date we receive the pension contribution schedule. As most fund prices change daily, a delay in submitting your schedule could result in a financial loss to members of the pension scheme.

Selecting the right account for your payment

Defined Contribution - Pension contributions and Risk premiums for DC schemes only
Account name: Irish Life Ass plc New DC Receipts A/C
Account address: Ulster Bank, College Green, Dublin 2
Account number: 05990932
Branch sort code: 98-50-10
IBAN: IE23 ULSB 9850 1005 9909 32
BIC/SWIFT CODE: ULSBIE2D
Note: Bank Credits received with no scheme number or instruction may result in the payment being reversed to the sender. Payments received directly through the Irish Life Ass plc New DC Receipts A/C will be assumed to be in respect of regular pension contributions only, unless otherwise stated on the transfer.
Group Risk – Risk Premiums only
Account name: Irish Life Ass plc Group Bus Div Receipts A/C
Account address: Ulster Bank, College Green, Dublin 2
Account number: 05991823
Branch sort code: 98-50-10
IBAN: IE22 ULSB 9850 1005 9918 23
BIC/SWIFT CODE: ULSBIE2D
Note: Bank Credits received with no scheme number or instruction may result in the payment being returned to the sender. Payments received directly through the Irish Life Ass plc Group Bus Div Receipts A/C bank account will be assumed to be in respect of risk premiums only.
Defined Benefit – Pension Contributions only
Account name: Irish Life Assurance Investments A/C
Account address: Ulster Bank, College Green, Dublin 2
Account number: 19565076
Branch sort code: 98 50 10
IBAN: IE25ULSB 9850 1019 5650 76
BIC/SWIFT CODE: ULSB IE2D
Note: Bank Credits received with no scheme number or instruction may result in the payment being returned to the sender. Payments received directly through the Irish Life Assurance Investments A/C bank account will be assumed to be in respect of pension contributions only.

For a PDF summary how to make payments to Irish Life Corporate Business by EFT click here

Variable SEPA Direct Debit - regular pension contributions

 Pay your DC pension contributions by Variable SEPA Direct Debit

With variable SEPA direct debit you pay your contributions each month by an electronic process where instructions to collect are sent and received instantly by secure path or email. We will issue you an email confirmation when we have processed your request.

Pension contribution schedules are submitted in a payroll download file or excel format that allows instant upload to our systems meaning:

• The processing time is shorter.
• There is no manual intervention required.
• Investment is given from the date we receive your pension contribution schedule through secure path or by email

The benefits of paying by Variable SEPA Direct Debit

• Instruction is sent by secure path or email. There are no postal costs or delays in transmission.

• Your instruction is processed within 2 days of us receiving it.

• We will issue an email confirming that we have received and processed your instruction.

• We give the benefit of investment from the date we receive your pension contribution schedule.

How to set up the Direct Debit process

Step1: Download the SEPA DC Direct Debit Mandate.

Step 2: Print the mandate and complete the details including your scheme and contact details. Return it by post to Irish Life Corporate Business, Lower Abbey Street, Dublin 1. Send the original, not a scanned or copied version.

Step 3: Once we receive confirmation from your bank that the mandate has been set-up we will contact you to advise that this new payment method is operational.

If you are interested in this service or you have any questions please contact Celine McDonnell on (01) 704 2996 or Priscilla Pegman on (01) 704 1633.

Download our flyer for more information on making payments by Variable SEPA Direct Debit

Automatic Direct Debit (Auto DD) – only available to schemes with less than 10 members

 Pay your DC regular pension contributions by Automatic Direct Debit

This payment method is only available to schemes with 10 members or less. These payments are collected monthly in arrears. Any changes to the payment amount must be received by Irish Life 3 working days before the end of the month they are in respect of if the changes are to be included in that months direct debit.


What happens if I do not send my changes in time?

If you miss the deadline for submitting changes to the debit please contact Code@irishlife.ie immediately, quoting your scheme name and number and list the revised amounts to be collect by direct debit the following month. You should also let us know if any arrears are due.

For more information please see Defined Contribution Automatic Pension Direct Debit Terms & Conditions

Download our flyer for more information on making payments by Automatic SEPA Direct Debit

Cheque

From 1st October 2013, Irish Life Corporate Business will no longer be accepting cheques for payment of Defined Contribution (DC) regular pension contributions.

For information on how to pay your pension contributions by Electronic Funds Transfer (EFT) or Direct Debit, please see the sections above.

We will continue to accept once-off lump sum contributions by cheque until further notice.

21 day rule - Pensions Amendment Act

There is a requirement for employers to meet their compliance obligations in relation to the '21 day rule' (Pensions Amendment Act).

The requirement is that all contributions deducted from employees and due from employers must be paid to the pension scheme within 21 days of the end of the month in which they were deducted or became due. It is your responsibility to ensure that you arrange for the transmission of this report and payment of contributions within the prescribed timeframe.
 

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