News - Irish Life Corporate Business
We are launching a new report analysing how DC plans across the country are structured and what they are offering for members.
New pensions regulations required under an EU Directive IORP (Institutions for Occupational Retirement Provision) II were due to come into force on 13 January. However, the Department of Employment Affairs and Social Protection have advised that they are working towards transposition into Irish law later this quarter.
Irish Life Auto-Enrolment Review
Initiative will accelerate innovation to further improve customer experience
Irish Life, one of Ireland’s largest financial services companies, has joined Plug and Play’s Insurtech platforms in Munich, Germany and Silicon Valley, California.
The deal is one of the core elements of Irish Life’s on-going commitment to the use of innovation and new technologies to improve customers’ experience across its life and health insurance, and pensions and investment solutions.
Irish Life formally broke ground on its new customer centre in Dundalk.
The Difference in a Decade: Irish Life data shows potential pension gains with 10-year head start
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Irish Life pension data shows the current age starting a company pension plan is 37 with 11.4% contribution rate on average
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Potential boost in retirement income of 50%-120% if people started pension 10 years earlier
- “Younger for longer” trend emerging; average age of getting married and having children are on the rise and big decisions like pensions are being deferred
- Inertia is an issue - 29% say they just never get around to starting
Our new online budget planner is now available in Pension Planet Interactive.
How much will people need to live on in retirement?
Recent research shows that only 26% of people know what they are targeting to live on in retirement. 40% of people don’t know what to target and 34% say they are not planning for retirement at all. (Source: Coyne Research, December 2017)
More than 150 employees from across Irish Life and Canada Life braved the Hell & Back course at Kilruddery House on Saturday 16 June for Irish Life Staff Charities.
All funds raised for the event will go to our staff charities of the year, the Irish Motor Neuron Disease Association (IMNDA) and Remember Us.
- 3,323 individual claims for Income Protection during 2017; on average claimants received €22,659
- Mental health and back pain were the main reasons for claims (20% each) followed by cancer (17%)
- Irish Life paid more than €1 million each week to people who were injured or too ill to work
- Between 2015-2017, 2,474 people who claimed Income Protection benefits have recovered sufficiently from their illness and returned to work
