Christmas Closing Arrangements 2013
Payments into the Defined Contribution area
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Irish Life’s offices will be closed for the Christmas period from Tuesday 24th December 2013 to Thursday 2nd January 2014. As per our August newsletter we now, no longer accept cheques for payment of Defined Contribution (DC) regular pension contributions. Depending on the method now used by you for paying regular contributions, this will mean the following:
Customers paying by Electronic Funds Transfer (EFT)
In order to ensure your payment is processed and invested, it must be in our account by Thursday 19th December. Full contribution data should accompany all payments to guarantee investment. Payments received after that date and up to 31st December cannot be invested until we reopen in January and will receive the price declared for 31st December 2013.
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 20th December. Instructions received after that date and up to and including the 31st December will receive an investment date of 31st December 2013.
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 Thursday 19th December.
Benefit Claim Payments from DC
In order to ensure that benefit claims are completed and paid by 23rd December 2013, we need to receive all the necessary documentation in Corporate Business by 16th December 2013, at the latest.
AVC Drawdown
We provided details on the AVC drawdown in our April newsletter. This has proved to be very popular with more than 3,000 members availing of the facility thus far, drawing down in excess of €23 million of funds.
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 20th November, at the latest.
This is because we use a pension payroll to facilitate drawdown. We will be completing one final payroll in December 2013 (payment to members’ bank accounts on the 10th of December) prior to year-end shut down. Members submitting documentation after this date (20th November) will have their drawdown payment in tax year 2014 (payment to members’ bank accounts on the 10th of January).
DC Claims – not AVC Drawdown
In order to ensure that benefit claims are completed and paid by 23rd December 2013, we need to receive all the necessary documentation in Corporate Business by 16th December 2013, at the latest.
If you have any queries on the above, please do not hestitate to contact me.
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