Irish Life’s offices will be closed for the Christmas period from Wednesday 24 December 2014 to Friday 2 January 2015. Depending on the method now used by you for paying regular contributions this will mean the following:


Payments into Defined Contribution (DC) arrangements

Customers paying by Electronic Funds Transfer (EFT)
In order to ensure your payment is processed and invested it must be in our account by Friday 19 December. Payments received in our account on 22 and 23 December will be invested when we re-open in the New Year using the original date of receipt. Full contribution data must accompany all payments to guarantee investment. Contributions received without full data will be invested on the date full data is received. Payments received between the 24 December and the 31 December will be invested using the unit prices for 31 December 2014.


Customers paying by Variable Direct Debit
In order to ensure that your direct debit request is processed and collected your instruction must reach us by the 19 December. Instructions received on 22 and 23 December may be processed when we re-open in the New Year using the original date of receipt. Full contribution data must accompany all instructions to guarantee investment. Instructions received without full data will be invested on the date full data is received. Instructions received between the 24 December and the 31 December will be processed and invested using the unit prices declared for 31 December 2014.


Customers paying by Automatic Direct Debit
Contributions are automatically collected monthly in advance. If you have any changes to the monthly amount to be deducted in respect of January please ensure you notify us by Monday 15 December. On 19 December Irish Life will send an instruction to your customer’s bank account to pay these amounts. This will take a number of days to clear your customer’s bank account.


Benefit Payments from DC

Additional Voluntary Contribution (AVC) Drawdown
Members wishing to avail of the drawdown, prior to Christmas, need to provide all the necessary documentation (completed application form and valid identification) to Corporate Business by 18 November, at the latest.

This is because we use a pension payroll to facilitate drawdown. We will be completing one final payroll in December 2014 (payment will be made to members’ bank accounts on the 10 of December). Members submitting documentation after this date (received between 19th November and 16 December) will have their drawdown payment in tax year 2015 (payment to members’ bank accounts on the 10 of January). Any requests received between 16 December and 24 December will have their drawdown payment in tax year 2015 – payment to member’s bank account on 24 January 2015.


Defined Contribution Claims – not AVC Drawdown
In order to ensure that benefit claims are completed and processed for payment by 23 December 2014 we need to receive all the necessary documentation in Corporate Business by 15 December 2014, at the latest.