News - Irish Life Corporate Business
We are delighted to announce that we have been shortlisted in the Corporate Social Responsibility category for the All Ireland Marketing Awards.
We have developed an infographic guide that shows the regular steps in the annual renewal process of a Defined Contribution (DC) scheme.
We have set out the various steps in the process that both Irish Life as well as the trustees and employer must complete during a year to meet compliance obligations.
We are delighted to announce that we won Best in Financial Services at this year's Accenture Digital Media Awards. These awards recognise creativity and innovation in the digital sector including advertising, marketing, web design and development.
- Irish Life highlights impact of Ireland’s ageing population on pensions and healthcare
- Only 28% of those working have a financial plan for retirement
- Increase in over 65s will require extra public beds equivalent to 3 new Beaumont hospitals
We are delighted to announce that Irish Life staff charities has donated a phenomenal total of €344,000 to two Irish charities in 2016. The funds have been raised through various fundraising initiatives undertaken throughout the year.
- Irish Life Corporate Business Awarded Communication Award
- Irish Life Investment Managers Awarded Passive Manager of the Year
- Setanta Asset Management Wins Equities Manager of the Year for the fifth year in a row
- Irish Life paid €236m in pension payments in 2015, up from €179m in 2010
- 44,205 pensions paid in 2015, with an annual average payment of €5,332
- Youngest person in receipt of a pension is just 49 years, the oldest is 102 years
The Finance Bill proposes a change in the tax treatment of certain PRSAs for policyholders over the age of 75.
A change to the treatment of certain PRSAs has been included in the recently published Finance Bill.
The most successful companies in the world all have a reason for being that goes beyond reaching commercial targets. Contributing to the betterment of the communities and society which we impact and depend upon is now an important consideration for all businesses.
Our Corporate Social Responsibiltiy Report provides an overview of Irish Life’s CSR activities for the 18-month period from the beginning of 2015, to June 2016. We are proud of the progress that we have made to date and look forward to building on these strong foundations as our business continues to grow.
Budget 2017 contained no changes relating to private pensions.
It has been announced that the State Pension and all other social welfare pensions are to increase by €5 per week from 1 March 2017.
Other items of interest
- The DIRT rate is to be reduced from 41% to 39% in 2017 (and it is planned to reduce it to 33% by 2020). There was no reference to a reduction in the exit tax applied to life assurance policies. The publication of the Finance Bill should provide further clarity on this matter.
- The tax free thresholds for Capital Acquisitions Tax have been increased. In particular the Class A Threshold (applying to children inheriting from parents) has been increased from €280,000 to €310,000. Class B and C have been increased marginally.
- There has been a reduction of 0.5% in the three lower USC rates.
We will of course review the Finance Bill when it is published to see if it contains any unannounced changes in the pension area.
