Moving away from Cheques
Defined Contribution Pension Payment Method
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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.
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