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 →
Responsible Investment Review 2020
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The Irish Life Investment Managers (ILIM) believe in building a more sustainable future for us all. Investing money in a responsible way helps make that a reality and is more likely to create and preserve long-term investment growth.
ILIM invest in companies that manage their Environmental, Social and Governance (ESG) risks better and believe you can grow your investment fund and do good at the same time.
ILIM have now published the "… 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 →
Overview of Income Protection Claims during 2020
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2020 was an unusual and difficult year for so many people. We are proud that we have been able to support over 3,300 employees during this challenging year when they needed it most, by providing Income Protection benefits when they were unable to work due to illness or injury.
A review of Irish Life’s data in our Overview of Income Protection Claims during 2020 shows that the main reasons for Income Protection claims were mental health problems, cancer and musculoskeletal issues.… Continue reading →
Sustainability Disclosures
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Responsible 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… Continue reading →
Irish Life Staff Charities 2021
Posted onWe are delighted to announce the Irish Life Staff Charities for 2021 chosen by our employees are ALONE and Larkin Community College.
ALONE empowers older people to live at home for as long as they wish. This is important now more than ever with the social isolation and loneliness arising from Covid-19.
Larkin Community College, based in the heart of Dublin 1 is very close to our hearts at Irish Life. Situated just around the corner from our offices, we have a long standing partnership… Continue reading →
Live long and prosper: Five simple steps to maximise your pension
Posted onAll you need to know to ensure a comfortable retirement, from tax relief to AVCs
This article was published in The Irish Times, February 2021
If you’ve been spending lockdown cleaning out your presses or watching too much television, perhaps you could also consider using the time to give your pension a little TLC.
Much advice on pensions is focused on working out how much we hope to retire on: the reality for so many of us is we’ll have to make do with whatever we end up with.… Continue reading →
Irish Life Staff Charities Update 2020
Posted onWe are delighted to announce that Irish Life Staff Charities donated an incredible total of €370,800 to two Irish charities. The funds were raised throughout 2020 by employees through various fundraising initiatives undertaken and the amount was then matched by Irish Life to reach this final total.
Despite everything 2020 threw at the world, one thing above all others continued to stand firm; Irish Life staffs support for the wider community. … Continue reading →
