News - Irish Life Corporate Business
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 size of a scheme.
In 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 is now being removed from our Pension Property Funds on the 16 April 2021.
From this date any withdrawal or switch requests will be processed without delay.
Supporting employees when they need it most: During 2020 we paid over €64m in Income Protection benefits to employees who were unable to work due to illness or injury.
Two recent pieces of legislation have been enacted which increase the onus on providers and Trustees in disclosing how they have regard to RI practices when managing their investments. These are
- the Shareholders Rights Directive (SRDII), and
- the Sustainable Finance Disclosure Regulations (SFDR).
Irish Life are adopting a principles-based approach to these to ensure that we meet the requirements involved. As required under SFDR we have updated our website with an explanation of how Irish Life approaches sustainability risks in investment decisions relating to savings, investment and pension products.
We are delighted to announce the Irish Life Staff Charities for 2021 chosen by our employees are ALONE and Larkin Community College.
Changes to how to the future value of your pension fund is projected
From 1 March 2021, Irish pension providers are changing the way to calculate the projections that appear on your Benefit Statements and on your online pension account. These changes are made in line with revised guidance from the Society of Actuaries in Ireland.
All you need to know to ensure a comfortable retirement, from tax relief to AVCs
This article was published in The Irish Times, February 2021
We 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.
As had already been announced by Government, legislation was passed to keep the State Pension age at 66.
We have concluded our 2020 review and are pleased to advise that we have decided to leave the standard member contract charge unchanged for 2021.
