Change to PRSAs proposed in Finance Bill
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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.
Currently vested PRSAs (i.e. PRSAs from which assets have been made available to the PRSA owner or some other person) are subject to an imputed distribution regime, similar to Approved Retirement Funds. This means that… Continue reading →
Building better futures through Corporate Social Responsibility
Posted onCorporate Social Responsibility Report
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 they impact and depend upon is now an important consideration for all businesses, large and small.
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… Continue reading →
Budget 2017
Posted onBudget 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… Continue reading →
Irish Life Health established following health insurance acquisitions
Posted onIrish 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… Continue reading →
EMPOWERING better outcomes
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Currently retirement readiness depends heavily on the State Pension as people are not making adequate private pension provision. Only 29% of us know what we need to live on in retirement.* It is projected that the State Pension will become unsustainable in its current form due to demographics.** To combat the aging population, the State have tightened eligibility conditions and the age payable is rising.
Irish Life EMPOWER aims to achieve better outcomes at retirement for members so that… Continue reading →
What are the main trustee duties?
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Trustee duties fall under two main headings. They are:
1. Duties under Trust Law.
And
2. Duties under the Pensions Acts.
… Continue reading →
Employees in Ireland remain committed to work, but fall behind in pension planning
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Average contribution to workplace pension of 10%
Over a third of employees have never missed a day at work
One in three have a problem ‘leaving work at work’
Further insights into the habits of Ireland’s workforce have been revealed through recent employee research carried out by Irish Life*. The research found that Ireland’s workforce remains committed to their jobs, with over a third of employees in Ireland stating they have never missed a day in work. However, Ireland’s… Continue reading →
Challenges facing employers and providers as only 29% of Irish people know what they will need for retirement
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• Irish Life host a major conference with the aim of helping to EMPOWER employers and employees
• Only half of Irish people are in a pension plan, most starting in their 30s and saving only 10% of their salary*
• Life expectancy on the rise as females aged 65 have 50% chance of living beyond 91 years; males aged 65 have 50% chance of living beyond 87**
• Almost a third of people have no plans to retire and will continue to work as long as they are able*
Irish Life… Continue reading →
Irish Life to create new health insurer to customers through proposed acquisition of Aviva Health and GloHealth
Posted on9 March, 2016 – The Irish Life Group, the parent company of Irish Life, Ireland’s leading provider of life insurance, pensions and investments, has announced agreements to acquire Aviva Health and to take full 100% ownership of GloHealth.
Over two million health insurance customers will benefit from the combination of the two businesses and the creation of a significant new force in the health insurance market.
The business will continue to offer excellent health cover and outstanding service… Continue reading →
PLS update
Posted onTo ensure our Personal Lifestyle Strategy (PLS) remains at the forefront of innovation in the Irish Defined Contribution (DC) pension market, we undertake an annual review of the overall process and the PLS constituent parts.
During this review we take account of changes to the investment landscape over the past year and also any changes in legislation which impact on individual scheme members and how they will most effectively drawdown their benefits at retirement.
Click here for a summary… Continue reading →
