News - Irish Life Corporate Business
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.
I’m delighted to be following David Harney in the role of Managing Director. I’ve worked in Irish Life for over 25 years, but never directly in Corporate Business, so it will be an exciting challenge.
In Corporate Business, we want to ensure that your members get the best benefits possible. To do this, we will work very hard with you, your employees and trustees
We are delighted to be shortlisted for the Irish Pensions Awards 2016 in three categories:
- Innovation Award
- Pension Scheme Administrator of the Year
- Communication Award
The award ceremony will take place on 24 November 2016.
Irish Life Health established following health insurance acquisitions
Set to be a new force in the Irish market
Tuesday 2 August, 2016: Irish Life Health has been established as a new force in the Irish health insurance market. This follows the completion of Irish Life Group’s transactions to acquire Aviva Health and assume control of GloHealth, where Irish Life previously had a 49% shareholding.
This move is a positive development for competition in the Irish market, and gives customers a compelling alternative to the existing health insurance offerings.
By offering innovative, good value health insurance plans and exceptional customer service to Ireland’s two million health insurance customers, Irish Life Health aims to grow the existing 420,000 customers and 21% market share of the existing combined Aviva Health and GloHealth businesses.
Current customers will continue to enjoy all of the benefits of their health insurance cover and do not need to take any action. Over the next month or so, Aviva Health will begin rebranding to Irish Life Health. From later this year GloHealth customers will be invited to join Irish Life Health as their policies come up for renewal. All customers will be communicated with well in advance of any change.
Commenting on the establishment of Irish Life Health, David Harney, Chief Executive, Irish Life Group said: “Through the acquisition of these two very strong existing businesses, backed by the market knowledge and financial strength of Irish Life, we will create a significant new force in the Irish health insurance market. It is our intention that Irish Life Health will become the benchmark for health insurance in Ireland.”
Winnipeg, June 24, 2016…Great-West Lifeco Inc. today released the following statement on the U.K.’s June 23 vote to leave the EU:
“We will continue to work closely with our U.K. based customers, business partners and regulators over the next few years as the U.K. and the EU enter a period of negotiation and agree on their new relationship,” said Paul Mahon, President and CEO of Great-West Lifeco.
“Our companies in Europe have strong, stable businesses and a diversified investment portfolio. They are appropriately capitalized. We remain committed to these markets,” Mr. Mahon said.
“We have undertaken an in-depth analysis of the potential risks to our businesses, and notwithstanding the potential for increased market volatility and uncertainty that may arise, our businesses are resilient and we maintain significant financial flexibility."
About Great-West Lifeco in Europe
We have a long-established presence in the United Kingdom through Canada Life since 1903 and we are committed to maintaining and building our businesses in the U.K.
Additionally Great-West Lifeco’s group of companies have deep roots in Europe through Irish Life, established in Ireland more than 75 years ago; through Canada Life in Germany for more than 15 years; and through our reinsurance businesses.
Department of Finance announce change in retirement options for PRBs arising from DB schemes
From 22 June 2016, Revenue practice for retirement options on Personal Retirement Bonds from Defined Benefit (“DB PRB”) has changed.
Previously, DB PRB holders had to take benefits under the ‘traditional’ formula of:
- a lump sum based on salary and service and
- the remainder to purchase an annuity.
However DB PRB holders now have access to the ‘alternative’ retirement options which allow for:
Irish Life has partnered with MorganAsh to provide tele-interviews to help our Enhanced Annuity customers at retirement.The calls are conducted by trained nurses. The tele-interview service is a support to the online system. The online application process is still the quickest way to get upfront quotations and should continue be used for more straightforward cases.
