From 1st October 2013, Irish Life Corporate Business will no longer accept cheques for payment of Defined Contribution (DC) regular pension contributions. We will however continue to accept once-off payments by cheque.
In Corporate Business we are moving away from both issuing cheques and receiving cheques. Over the next few months we will amend all our processes starting with monthly cheque receipts.
We believe there are better ways of investing pension contributions for plan members and feel it is an appropriate time to move to a more efficient option for our clients. To support this change, we have a number of options that you can review to both make your payment and to submit your monthly breakdown.
From 1st October 2013, Irish Life Corporate Business will no longer accept cheques for payment of Defined Contribution (DC) regular pension contributions. We will however continue to accept once-off payments by cheque.
In Corporate Business we are moving away from both issuing cheques and receiving cheques. Over the next few months we will amend all our processes starting with monthly cheque receipts.
We believe there are better ways of investing pension contributions for plan members and feel it is an appropriate time to move to a more efficient option for our clients. To support this change, we have a number of options that you can review to both make your payment and to submit your monthly breakdown.
Our Contribution Processing Options
Our Payment Express option on Pension Planet Interactive allows those responsible for submitting contribution breakdowns to key in their breakdowns online in a secure manner.
Using our Secure Path option on Pension Planet Interactive, excel files containing contribution breakdowns can be sent to Irish Life Corporate Business quickly and securely.
With Variable Direct debit, contributions are paid each month by an electronic process where instructions to collect the contributions are sent by using our Payment Express or Secure Path services or by sending an email.
With Electronic Funds Transfer (EFT), contributions are paid each month by instructing your bank to transfer the payment to our bank account.
To ensure the changeover goes as smoothly as possible, we will implement the following:
Cheques received after 24th July 2013 will receive a communication as a reminder that the cheque method of payment will cease from the 1st October.
We will continue to advise you on alternative methods of payment and direct you to our Payment Express and Secure Path services on Pension Planet Interactive.
In September we will call you if we are still receiving cheques to ensure you are aware of the deadline approaching.
After the 1st of October, we will have to return any cheques received for monthly premiums.
We look forward to working with you to fully implement these changes as we strive to provide excellent service to you.
Please contact your Corporate Business Account Manager if you have any questions.
Why are we here?
It is an age old question that has dumbfounded philosophers for thousands of years – the answer remains as elusive as it ever was.
Cormac Donnelly attempts to answer this question in his article on our blog.
We would like to remind Pension Administrators that you can process leaving service options online at the touch of a button for Defined Contribution members.
We would like to remind Pension Administrators that you can process leaving service options online at the touch of a button for Defined Contribution members.
This online facility available through Pension Planet Interactive has been designed to allow you access Leaving Service and Retirement Options immediately rather than having to request options and wait for a reply. The options are exactly the same as the options that are produced by Irish Life Corporate Business.
Why wait for a reply if you can process the quote in 5 minutes online?
If you currently do not have access to this facility in Pension Planet Interactive and require log-on details, please email pensionplanet@irishlife.ie requesting access.
State Pension Age Changes coming in from 1st January 2014
From 1st January 2014, the age at which employees qualify for the State Pension will change from 65 to 66.
For members who are planning to retire in 2014 age 65, there will be a one year gap in retirement without the income of a State Pension. It is important that employees are aware of this change. You should ensure that scheme members approaching retirement age are fully informed about this change.
Further changes are due in 2021 when the qualifying age for the State Pension will change to age 67 and again in 2028 when the age at which employees will qualify for the State Pension will reach age 68.
Irish Pension Awards Taking place on 27 November
Now in its second year, the Irish Pensions Awards will take place on 27 November 2013. The awards aim to recognise those pension providers, investment firms and consultancies who have proved their excellence, professionalism and dedication to maintaining high standards of Irish pension provision. Needless to say, we are very proud to have been shortlisted for the following categories:
Irish life Assurance plc is regulated by the Central Bank of Ireland.
In the interest of customer service we may record and monitor calls. Irish Life Assurance plc, Registered in Ireland number 152576, Vat number 9F55923G. Irish Life Assurance is part of Irish Life Group Limited. Registered office is situated at Irish Life Centre, Lower Abbey Street, Dublin 1.
Irish Life is part of the Great-West Lifeco group of companies, one of the world’s leading life assurance organisations.
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