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Irish Life Health
Welcome to Ireland’s newest health Insurer, Irish Life Health. Bringing fresh options and innovation to the health insurance market.
Irish Life
Irish Life the largest life and pensions group and fund manager in Ireland, employing 2,000 people and servicing one million customers.
Irish Life Investment Managers
Managing assets in excess 39bn, ILIM manages money on behalf of multinational corporations, charities and domestics.

Coronavirus market and your pension - Update for our customers

 Market update

We know that when it comes to investing, uncertainty is uncomfortable for most people. The spread of the coronavirus has created sudden and significant uncertainty, not to mention a lot of emotion.

It can be tempting to switch some or all of your retirement savings to lower risk funds or even cash. This tends to erode the value of your savings over time. Getting invested and staying invested has been shown to be the most effective strategy. Irish Life Investment Managers have both the experience and expertise to manage the impact of Coronavirus. It is crucial to stay invested to get the benefit of the recovery which is closer now than before.

  • Read our market update to find out more about the long-term investing.
  • Get the latest fund price and performance information here.

 Frequently asked questions from our customers

 

The recent change in markets has created a lot of uncertainty and nervousness around investments, and for most people their pension is one of the largest investments they own. The challenging environment has prompted our customers to get in touch with their questions and concerns.

To help you get the information you need, we’ve answered some of the most frequently asked questions below:

 

FOLDOUT LAYOUT OPTION

How can I see my fund value?

 If you are wondering about your pension, log on to our online portal. To get the latest fund price and performance information click here.

How can I get access to my pension online?

 Log on to our online portal where you can access all of your plan information, view transactions, update contact details and download documents. If you haven’t signed up already, you can sign up here.  We have also created a short 30 sec Video to help you get set up.

 

 

OTHER LAYPUT OPTION

  1. How can I see my fund value?

If you are wondering about your pension, log on to our online portal. To get the latest fund price and performance information click here.

  1. How do I get access to my pension online?

Log on to our online portal where you can access all of your plan information, view transactions, update contact details and download documents. If you haven’t signed up already, you can sign up here.  We have also created a short 30 sec Video to help you get set up.

  1. How can I make a fund switch?

You can switch funds two ways – online or by post. The below steps are for members of Defined Contribution schemes and PRSA policies. 

          

Online:

If you are going online, you’ll need to be at your PC or laptop, not from your mobile phone.

1. Log onto your pension online

2. Visit the Investment Section. You will see a switch funds button, click this

3. Follow the simple steps from there

 

 

 

 

By post:

1. Simply download and complete the form here

2. Post the completed form to -

Irish Life Assurance plc

CODE

Corporate Business

Lower Abbey Street

Dublin 1

3. Alternatively, email the completed form to - Happytohelp@irishlife.ie

If you would like to contact us directly or have a PRB or AVC scheme, you can download the form here and email code@irishlife.ie, please include the following details:

1. Name of the fund you want to switch into

2. Switching instruction: Do you want to switch existing funds only? Is this switch for future investments only? Or both?

3. Also – make sure the fund you choose is available on your pension plan. You can check the funds available to you in the investment section of your pension online.

  1. How long does it take to make a fund switch and when will I see the changes to my investments?

It can take up to 4 working days to show the updated investment information online. Rest assured your switch request applies from the date we receive it. Please note, the date we receive your request is defined as before 5pm, Monday – Friday. 

  1. Should I speak to my financial adviser before contacting Irish Life?

Everyone’s situation is different and that is why we are encouraging all of our concerned customers to talk to their financial adviser to discuss the impact of the changes on their pension and consider their next steps. If you are not currently working with a financial advisor we can put you in contact with someone by emailing – EmpowerMembers@irishlife.ie.

  1. I’m invested in a Personal Lifestyle Strategy fund – how can I learn more?

Saving into a Personal Lifestyle Strategy (PLS) has two main benefits over the years of saving for retirement: Managing investment risk and Personalised fund switches. PLS includes a whole range of options to manage market volatility.

We’ve created this short video which outlines the fund options and characteristics within a Personal Lifestyle Strategy to help you better understand your long-term investment.

I’m invested in a PRSA fund – how can I learn more?

Saving into a PRSA allows you to choose whether you want to be guided throughout your retirement journey with the Personal Lifestyle Strategy (PLS) or choose your own mix of investment funds through our ‘I’ll decide’ strategy. We’ve created this short video which outlines the investment choice within a PRSA and the options and characteristics within the Personal Lifestyle Strategy (PLS) to help you better understand your long-term investment.

 Online access

Log on to our online portal for 24/7 access to your plan information. Here you can access all of your plan information, view transactions, update contact details and download documents. You can also make payments or request a change to your plan. If you haven’t signed up already, you can sign up here. We have also created a short 30 sec Video to help you get set up.

 

Current Market Value Adjustments (MVA) on Capital Protected Fund & Secured Performance Fund

A Market Value Adjustment (MVA) is a negative adjustment that life companies reserve the right to apply to certain withdrawals or switches from certain funds, and it is normally applied when extreme investment conditions have adversely affected investment performance.

This adjustment is necessary in order to protect the interests of those long-term investors who remain in the fund.

To find out more about current MVAs – click here.

Property Funds

With effect from 19 March 2020 Irish Life is introducing a six-month notice period for all switching and encashments from the Irish Property Fund.

This decision has been reached as these Funds continue to see more clients encash or switch money from the Funds than invest in the Funds. In recent weeks, economic uncertainty arising from the Covid-19 virus has increased the level of withdrawals from the fund and created some market uncertainty around property valuations. Find out more here.

Contact us

The safety and well-being of our customers, colleagues and our wider community is our priority at all times. Our business remains open with a focus on key customer services. We are continuing to manage all critical day-to-day services and the timely processing of financial transactions like paying claims and paying pensions.

You can contact us in the way that suits you best.

We’re here to help in any way we can. 

Just a reminder, if you’re going to call, we’re sorry that you might not get to speak to us as quickly as usual. If possible, you might want to use our online services for a quicker way to get information.

 

 

 

 

 

 

 

 

 

I’m invested in a Personal Lifestyle Strategy fund – how can I learn more?