Pension tools and information on your company pension
While you are a member of your company pension plan Irish Life provides you with all the information you need to keep you up to date with your pension plan and make the most of it. Irish Life Corporate Business offers many sources of pension information, online and offline, allowing you to continuously monitor your pension:
- Member schedule and member guide
- Annual benefit statement
- Pension Pulse – your pension savings at a glance
- Pension Prophet - pension calculator
- Pension Planet Interactive – online access to your plan details
- “My Pension” app for smartphones
- AIM work-site presentations
- Pension Fund Investment Updates
Member schedule and member guide
When you join your company pension plan you will be issued with a Member Guide and/or a Member Schedule. This is a personal schedule of your own pension details and those relating to your company plan. It also gives specific information on any death benefits or ill-health cover (if applicable to your pension plan). This is a very important document and should be kept in a safe place as you will need to refer to it in the future.
Annual Benefit Statement
This will be issued on an annual basis (or every six months if you are a PRSA customer – Personal Retirement Savings Account). Your pension benefit statement provides you with information on your individual pension fund, including a breakdown of your contributions paid and total charges deducted. The statement will also inform you of the current value of your pension fund. The benefit statement also shows future projected values, giving you an idea of the level of retirement fund you could expect.
Pension Pulse – your pension savings at a glance
“Pension Pulse” is a new approach to member communication launched in 2012. We provide you with a simplified and personalised one-page document which contains two key messages:
- Retirement savings: Are you saving enough?
- Fund choice: Are you happy with your level of investment risk?
We believe these are the two key areas of Defined Contribution (DC) pension arrangements that you need to understand. Pension Pulse helps simplify the message around these two key areas in a short, snappy, colourful and modern communication and ultimately helps members plan better for their retirement.
Click on the image below for more information about Pension Pulse.
Pension Prophet - pension calculator
Our online pension calculator Pensionprophet.ie is an easy-to-use projection tool to help with financial planning for retirement. Pension Prophet predicts the potential size of the pension fund you may have at retirement based on:
• Current and projected contribution levels
• Investment returns
• Income and inflation projections
Projections can be varied to see what effect different contribution amounts and investment periods can have on the fund, based on certain assumptions. It’s an interactive and easy-to-use online calculator which also quickly displays the benefits and costs of additional pension savings.
It also has a clever retirement income calculator that outlines typical day-to-day expenditure on different items and allows you to assess the amount of income that you may need in retirement.
Pension Planet Interactive – www.pensionplanetinteractive.ie
Pension Planet Interactive is an easy-to-use online tool that gives you access to your pension plan information. It can help you manage your retirement planning more effectively and efficiently. Once the trustees of your pension plan agree, you will be given access to Pension Planet Interactive. Then you can register online and receive access codes so that you can start using the web application.
Pension Planet Interactive gives you the following information:
- key pension plan information
- your account value
- your transactions
- your fund selection
- fund price history
- risk benefits (as applicable to your plan)
- documents such as benefit statements and correspondence in the document library
- retirement planning tools and information about investment choices
“My Pension” app for smartphones
We have developed a smartphone application that allows you to interact with your pension when you are on the go. Key features include being able to see the current fund value, interactively estimating the value at retirement, viewing all personalised investment literature and much more.
My Pension App is available to many Defined Contribution and Additional Voluntary Contribution pension scheme members who have already registered on Pension Planet Interactive. For more information see www.mypensionapp.ie
Pension Education: AIM work-site presentations
We have a team of qualified professionals (called the AIM team) who can come to your workplace and give a presentation on your company pension plan. They will focus on helping you understand how the pension plan works, how to most efficiently save for your retirement and what kind of pension you should expect at retirement.
They are also available to meet you personally to discuss aspects of your retirement saving. These one-to-one consultations usually take place after the presentations and are a great opportunity for you to talk to a trained industry professional about getting the most from your pension plan.
For any queries you can also contact your financial adviser.
Pension Fund Investment Updates
The investment centre in our website keeps you up to date how your pension funds have performed.