Before understanding what a master trust is, it’s important to know what a trust is first. Company pension plans are normally set up under a trust, which is designed to protect members by separating the assets of the pension plan from those of the company. A trust is a legal instrument and provides an extra layer of security and separation to help keep plan members’ pension savings safe.

A master trust is basically a ‘master’ pension plan, which allows multiple company plans to participate under one large trust.

Irish Life has created an on-demand member video to talk you through what moving to the EMPOWER Master Trust means for you and answer some of the most commonly asked member questions about moving to a master trust.

Watch the video

Many things will stay the same when your plan moves to the EMPOWER Master Trust, such as your contribution rate, benefits, options (such as retirement options and leaving service options), plan charges, current investments and any life assurance benefits you already have linked to your current pension benefit, once those benefits are provided by Irish Life.  In addition, tax relief, Pension Portal access and EMPOWER Pension App access will all stay the same.

Below is a summary of what is changing and what will stay the same:

A few things will change, such as:

• The investment funds available to you for future fund switches, which are outlined in your Member Guide.
• Your future contributions will be paid into the Irish Life EMPOWER Master Trust.
• The plan structure, which will now change from a standalone trust to a master trust.
• The plan trustees, which will change from your current trustees to the EMPOWER Master Trust trustees.  

No. Moving to a master trust means the trust structure of your plan is changing, but your individual pension benefit will not change, and will simply be moved as part of the process.

Your pension savings to date will simply be transferred to the EMPOWER Master Trust on your behalf.

Your contribution rate will remain the same. Your future contributions will be paid into the EMPOWER Master Trust.

No. Tax relief on your pension contributions remains unchanged when your plan moves to the EMPOWER Master Trust.

No. If you currently have benefits (such as life assurance) linked to your pension, there will be no change, once the benefit is provided by Irish Life.

Moving to a master trust means the trust structure of your plan is changing, but your individual benefits will not change, and will simply be moved as part of the process.

No. There is no change to the options you have when it comes to taking your retirement benefits. The only change is that any request to take benefits going forward will be authorised by the EMPOWER Master Trust Trustees, rather than the current trustees.

No. There is no change to the options you have for transferring your pension benefit or leaving service. The only change is that any requests to take benefits going forward will be authorised by the EMPOWER Master Trust Trustees, rather than the current trustees.

No. There is no change to your current investments or fund choice.

However, if you wish to change funds, or alter your investment choice in the future, there is a new fund range to choose from, which has been selected by the EMPOWER Master Trust Trustees. For full details of the comprehensive range of funds available for EMPOWER Master Trust members to choose from, see your Member Guide.

Yes. The EMPOWER Master Trust Trustees have selected a comprehensive range of funds for members to choose from going forward. Full details of the new fund range can be found in your Member Guide.

It is important to note that there is no change to your current investments or fund choice, but if you wish change funds or alter your investment choice in the future, you will be choosing from this new fund range.

No. There is no charge to move your pension to the EMPOWER Master Trust. Your current plan charges will remain the same.

Yes. You can still access your Pension Portal. Your current login details will be the same after your plan moves to the EMPOWER Master Trust.

We encourage you to register for Irish Life’s award winning Pension Portal now, if you haven’t already. Your Pension Portal allows you to check in with your pension regularly, see your pension status at a glance and use the handy tools available to stay on track towards a no-regrets retirement.

Yes. You can still access your EMPOWER Pension App. Your current login details will be the same after your plan moves to the EMPOWER Master Trust.

Irish Life will send a series of communications to you, detailing the moving process and timeline for your plan. You will then receive your new welcome pack from Irish Life when the transfer to the EMPOWER Master Trust is complete.

If you have a query or observation about your plan’s move to master trust, you have an opportunity to share them with your plan’s current trustees during an observation period, which the Trustees are required to give you under legislation. The dates and details of your observation period will be outlined in your communications from Irish Life. During that period, you can email your queries to movingtomastertrust@irishlife.ie.

Your Pension Portal allows you to check in with your pension regularly, see your pension status at a glance and use the handy tools available to stay on track towards a no-regrets retirement. We encourage you to register for Irish Life’s award winning Pension Portal now, if you haven’t already.

Your Member Guide covers all the basic pension information you need: what a pension is, the tax benefits, how pensions work, your investment options, the supports and tools available to you on your pension journey and your retirement options.

Your investment centre has all the investment information, such as market commentaries and fund performance updates.

Yes. Your plan will now be managed by the Irish Life EMPOWER Master Trust Trustees.

Sometimes when pension plans are undergoing changes, a blackout period may occur. A blackout period is a short period of time when access to your Pension Portal account and the capacity to carry out certain transactions (such as fund switches for example) is temporarily restricted.

Blackout periods are not always required, but in some circumstances (for example if the last contributions have not been processed fully before the moving date) one may be needed.

We will be working proactively with your employer to avoid a blackout and will notify your employer if one is required.

Your personal data (as defined in the General Data Protection Regulation (Regulation 9EU) 2016/679 and as applicable to you) that will be shared with the EMPOWER Master Trust from the current Plan is as follows:

When you leave the company, your employer will notify Irish Life and we will send you a Statement of Options as a matter of course. This Statement of Options outlines the various choices you have when it comes to your pension savings in detail, taking into account your scheme rules, your length of time in the scheme, your personal circumstances etc. However, at a high level, members typically have 3 possible options in this situation, and members over 50 also have a 4th potential option:

Option 1 Deferment: This option allows you to leave your existing savings in the pension plan until your Normal Retirement Age (NRA). When you leave the company, you cannot pay into the pension anymore, but your savings to date will remain invested for you in the meantime. You will also continue to receive benefit statements each year, you can still access your Pension Portal and you can still make fund switches, if you wish to do so. 

Option 2 Transfer: You may be allowed to transfer your pension savings to a new company pension plan, once your new pension plan is agreeable to this. If you are choosing this option, there are a few simple steps in the process to be aware of. Firstly, you will need to check with your new plan trustees to ensure they will facilitate the transfer before choosing this option. If they are happy to facilitate the transfer, you will then need to provide us with 3 things:

1. contact details of the administrator of the new plan

2. the name of the new plan

3. the policy number of the new plan

This will allow us to complete a Transfer of Benefits form for you, which then needs to be sent to the administrator of the new plan. If you do not join another company pension plan, you may decide to set up a Personal Retirement Savings Account (PRSA). In certain circumstances, you may be able to transfer the value of your retirement savings into the PRSA (subject to meeting certain requirements).

Option 3 Refund: If you have less than 2 years’ service while a member of the scheme, you will always be entitled to take a refund of your own contributions (you will not get a refund on your employers’ contributions, unless you qualify as an Outgoing Worker*.) less tax at the standard rate (currently 20%).

You could also consider taking the value of your retirement savings from the company plan and investing in what is known as a Buy-Out-Bond or a Personal Retirement Bond (PRB). The terms of the PRB will generally follow the scheme rules.

*An Outgoing Worker is someone who has left their employer after 13 September 2019 and has either worked for an employer in another EU member state where they were a member of a supplementary pension plan while working for that employer or whose next job after leaving employment related to their membership of a pension plan, which is in another EU member state.

Option 4 **for members over 50 only**: If you are over the age of 50 and have left the company, you may be allowed to withdraw your pension savings early, once your plan trustee consents. It’s important to note that a pension plan is designed to continue until you reach Normal Retirement Age (NRA), so withdrawing your savings earlier means your pension fund is likely to be lower in value than it would be if you stayed in the plan right up until your NRA.

***Top Tip*** If you do leave the company, you will still have access to the Pension Portal so you can check in with your pension savings anytime you like. Just be sure to add a personal email address to your Pension Portal account before you finish up and ensure that your postal address is up to date too.

To discuss your options in more detail you can email us at happytohelp@irishlife.ie or phone 01 7042000.

When you leave the company, your employer will notify Irish Life and we will send you a Statement of Options as a matter of course. This Statement of Options outlines the various choices you have when it comes to your pension savings in detail, taking into account your scheme rules, your length of time in the scheme, your personal circumstances etc. However, at a high level, members typically have 3 possible options in this situation, and members over 50 also have a 4th potential option:

Option 1 Deferment: This option allows you to leave your existing savings in the pension plan until your Normal Retirement Age (NRA). When you leave the company, you cannot pay into the pension anymore, but your savings to date will remain invested for you in the meantime. You will also continue to receive benefit statements each year, you can still access your Pension Portal and you can still make fund switches, if you wish to do so. 

Option 2 Transfer: You may be allowed to transfer your pension savings to a new company pension plan, once your new pension plan is agreeable to this. If you are choosing this option, there are a few simple steps in the process to be aware of. Firstly, you will need to check with your new plan trustees to ensure they will facilitate the transfer before choosing this option. If they are happy to facilitate the transfer, you will then need to provide us with 3 things:

1. contact details of the administrator of the new plan

2. the name of the new plan

3. the policy number of the new plan

This will allow us to complete a Transfer of Benefits form for you, which then needs to be sent to the administrator of the new plan. If you do not join another company pension plan, you may decide to set up a Personal Retirement Savings Account (PRSA). In certain circumstances, you may be able to transfer the value of your retirement savings into the PRSA (subject to meeting certain requirements).

Option 3 Refund: If you have less than 2 years’ service while a member of the scheme, you will always be entitled to take a refund of your own contributions (you will not get a refund on your employers’ contributions, unless you qualify as an Outgoing Worker*.) less tax at the standard rate (currently 20%).

You could also consider taking the value of your retirement savings from the company plan and investing in what is known as a Buy-Out-Bond or a Personal Retirement Bond (PRB). The terms of the PRB will generally follow the scheme rules.

*An Outgoing Worker is someone who has left their employer after 13 September 2019 and has either worked for an employer in another EU member state where they were a member of a supplementary pension plan while working for that employer or whose next job after leaving employment related to their membership of a pension plan, which is in another EU member state.

Option 4 **for members over 50 only**: If you are over the age of 50 and have left the company, you may be allowed to withdraw your pension savings early, once your plan trustee consents. It’s important to note that a pension plan is designed to continue until you reach Normal Retirement Age (NRA), so withdrawing your savings earlier means your pension fund is likely to be lower in value than it would be if you stayed in the plan right up until your NRA.

***Top Tip*** If you do leave the company, you will still have access to the Pension Portal so you can check in with your pension savings anytime you like. Just be sure to add a personal email address to your Pension Portal account before you finish up and ensure that your postal address is up to date too.

To discuss your options in more detail you can email us at happytohelp@irishlife.ie or phone 01 7042000.

When you leave the company, your employer will notify Irish Life and we will send you a Statement of Options as a matter of course. This Statement of Options outlines the various choices you have when it comes to your pension savings in detail, taking into account your scheme rules, your length of time in the scheme, your personal circumstances etc. However, at a high level, members typically have 3 possible options in this situation, and members over 50 also have a 4th potential option:

Option 1 Deferment: This option allows you to leave your existing savings in the pension plan until your Normal Retirement Age (NRA). When you leave the company, you cannot pay into the pension anymore, but your savings to date will remain invested for you in the meantime. You will also continue to receive benefit statements each year, you can still access your Pension Portal and you can still make fund switches, if you wish to do so. 

Option 2 Transfer: You may be allowed to transfer your pension savings to a new company pension plan, once your new pension plan is agreeable to this. If you are choosing this option, there are a few simple steps in the process to be aware of. Firstly, you will need to check with your new plan trustees to ensure they will facilitate the transfer before choosing this option. If they are happy to facilitate the transfer, you will then need to provide us with 3 things:

1. contact details of the administrator of the new plan

2. the name of the new plan

3. the policy number of the new plan

This will allow us to complete a Transfer of Benefits form for you, which then needs to be sent to the administrator of the new plan. If you do not join another company pension plan, you may decide to set up a Personal Retirement Savings Account (PRSA). In certain circumstances, you may be able to transfer the value of your retirement savings into the PRSA (subject to meeting certain requirements).

Option 3 Refund: If you have less than 2 years’ service while a member of the scheme, you will always be entitled to take a refund of your own contributions (you will not get a refund on your employers’ contributions, unless you qualify as an Outgoing Worker*.) less tax at the standard rate (currently 20%).

You could also consider taking the value of your retirement savings from the company plan and investing in what is known as a Buy-Out-Bond or a Personal Retirement Bond (PRB). The terms of the PRB will generally follow the scheme rules.

*An Outgoing Worker is someone who has left their employer after 13 September 2019 and has either worked for an employer in another EU member state where they were a member of a supplementary pension plan while working for that employer or whose next job after leaving employment related to their membership of a pension plan, which is in another EU member state.

Option 4 **for members over 50 only**: If you are over the age of 50 and have left the company, you may be allowed to withdraw your pension savings early, once your plan trustee consents. It’s important to note that a pension plan is designed to continue until you reach Normal Retirement Age (NRA), so withdrawing your savings earlier means your pension fund is likely to be lower in value than it would be if you stayed in the plan right up until your NRA.

***Top Tip*** If you do leave the company, you will still have access to the Pension Portal so you can check in with your pension savings anytime you like. Just be sure to add a personal email address to your Pension Portal account before you finish up and ensure that your postal address is up to date too.

To discuss your options in more detail you can email us at happytohelp@irishlife.ie or phone 01 7042000.

Your total pension savings so far is known as your current fund value. You’ll get a current fund value on your benefit statement issued each year, which is correct at the time the statement is issued. You can also get a more ‘live’ or up to date current fund value anytime you like by logging into the Pension Portal.

The Pension Portal also shows you your projected fund value, which is an estimate of how much you are likely to have accrued by your Normal Retirement Age (NRA).

We highly recommend you register for the Pension Portal now, if you haven’t already done so. It only takes a minute... just enter your mobile number and date of birth. Then we’ll text you a security code and you can complete your quick and easy registration.

Your benefit statement issued each year shows you where your pension savings are invested. You can also see how your savings are invested in the Pension Portal under ‘investments’.

We encourage you to register for Irish Life’s award-winning Pension Portal now, if you haven’t already done so. The Pension Portal allows you to check in with your pension regularly, see your pension status at a glance and use the handy tools available to stay on track towards a no-regrets retirement.

Registration only takes a minute... just enter your mobile number and date of birth. Then we’ll text you a security code and you can complete your quick and easy registration.

Generally, once you leave the company (or group of companies), you can no longer contribute to the company pension plan. However, in some cases, if you are moving to another company or country, but staying within a larger group of companies, you may be able to continue contributing. You would need to check the scheme rules and seek advice from your pension benefit contact within your company to confirm that this is an option for you.

Once your money is invested a tax certificate will automatically be generated within 5 working days and sent to you.

If you leave the company and move abroad, you have 2 main options:

Option 1 Deferment: This option allows you to leave your existing savings in the pension plan in Ireland until your Normal Retirement Age (NRA). When you leave the company you cannot pay into the pension anymore, but your savings to date will remain invested for you in the meantime. You will also continue to receive benefit statements each year, you can still access your Pension Portal and you can still make fund switches, if you wish to do so.

Option 2 Transfer: You may be allowed to transfer your pension savings abroad to the country you are moving to or retiring in. However, there are some restrictions on transferability, depending on the country you wish to transfer your benefits to, what kind of pension system they have and how similar that system is to the Irish pension system.

This is quite complex, so it’s important to know that your retirement savings will always be yours. No matter which option you take, you will be able to withdraw your savings once you retire. But if you are looking to transfer your pension savings abroad, we recommend you get in touch with us directly by emailing happytohelp@irishlife.ie or calling 01 7042000, so we can help and talk this through with you in detail.

***Top Tip*** If you do leave the company, you will still have access to the Pension Portal so you can check in with your pension savings anytime you like. Just be sure to add a personal email address to your Pension Portal account before you finish up and ensure that your postal address is up to date too.

In certain circumstances (like the facilitation of a transfer to the Irish Life EMPOWER Master Trust) there may be a short period when the Pension Portal is unavailable.

Once the transfer is processed, your Pension Portal will be available again, as normal. Please contact happytohelp@irishlife.ie if you require assistance while your Pension Portal is offline.

You can update your address or contact details by registering for or logging into our award-winning Pension Portal.

Alternatively, we can update your home address for you once you can provide proof of same, along with proof of identity to happytohelp@irishlife.ie.

Sources for the proof of address and identity required for us to make this update for you are detailed below:

• A copy of your Bank Statement or utility bill dated within the last 6 months showing your home address.
• A copy of your valid passport or driving licence.

Once we have received the above, we will update our records accordingly for you.

If your question isn’t covered above, we’d be delighted to help. So, feel free to reach out and email the team at movingtomastertrust@irishlife.ie for a clear and speedy response.