News - Irish Life Corporate Business
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 plan for the significant change that is coming.
After the Pension’s Authority release late last week plan sponsors and trustees have a much more tangible timeline to work towards now and, though there are still some key elements that remain somewhat unclear, what is very clear and certain is this: the time to start preparing for the changes ahead is now.
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.
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.
Corporate Business takes home the award of Excellence in DC at the Irish Pensions Awards 2020.
