Changes to Statutory Projections

Changes to how to the future value of your pension fund is projected

From 1 March 2021, Irish pension providers are changing the way to calculate the projections that appear on your Benefit Statements and on your online pension account. These changes are made in line with revised guidance from the Society of Actuaries in Ireland. From that date, the projections are more conservative and the estimated pensions shown is therefore be lower than has been shown to date.

For members of pension plans:

In the document here we take a look at what the main assumption changes are, and then examine what the likely impact on projected retirement outcomes may be with a few examples.

It is important to note that this does not affect how much will be paid in, how your fund will grow or your actual benefits and options at retirement. This change only affects how we calculate the forecasts.

If you have further queries, you can contact the member engagement team on Empowermembers@irishlife.ie or call 01 704 1845

For general queries contact happytohelp@irishlife.ie or 01 704 2000, Lines open 9am - 1pm & 2pm – 5pm Monday to Friday

Updated product guides

We have also updated our product guides to reflect the projections changes.

For clients and financial advisers:

Click here to find out more in our summary document for clients and advisers.

If you have further queries please contact your Corporate Business Account Manager.