News - Irish Life Corporate Business
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
Irish Life, the leading provider of Income Protection benefits in Ireland*, paid out over €57 million to people who were unable to work due to illness or injury during 2017. A review of Irish Life’s claims data provides a snapshot into the health of the working population in Ireland, and includes an overview of the types of illnesses that led to more than 3,000 people receiving Income Protection payments in 2017 due to illness or injury**
Part of the benefit of a project like Ireland Gateway to Europe (IGTE) is how it helps US companies hit the ground running when setting up here. Things like tax, employment, location, and laws must be dealt with first before they can launch here and since there are a number of differences between the US and Ireland, having major players help demystify this process is a blessing.
The Government has released its Roadmap for Pension Reform 2018 -2023.
It is understood the pension reform plan will propose allowing people to defer the age at which they receive the State pension to allow them to work longer.
Through Irish Life’s efforts in preparing our members for retirement we have extended our partnership with TILDA whose overarching aim is to "make Ireland the best place in the world to grow old".
