Key milestone reached for the EMPOWER Master Trust

Reaching over €2 billion in assets under management (AUM) was another important milestone for our EMPOWER Master Trust. With a waiting list of clients who are moving across every day, our award-winning EMPOWER Master Trust is growing exponentially and will invariably be achieving a lot of new milestones this year. Exciting times in the world of pensions!

IORP II has given us the opportunity to reimagine our approach to member engagement. Our master trust member engagement ethos focuses on delivering a premium proposition to every EMPOWER Master Trust member throughout their pension savings journey. 

All EMPOWER Master Trust members receive regular communications with relevant, curated content, which is designed to ensure they have the encouragement, information, tools and touchpoints to understand and engage with their pension, whenever they wish to do so.

Programme supports include a comprehensive, persona-based communications programme, a dedicated Member Hub, the award-winning Pension Portal and access to our Pension Education Team. New for 2023, we also have the Pension Education Series: a calendar of monthly live & on-demand webinars, designed to educate and empower members with knowledge on key pension related topics throughout the year.   

Did you know corporate clients with Income Protection through Irish Life have access to our internal nurse-led, Early Intervention Service, at no additional cost to the employer or employee?

Watch our short videos to learn how early intervention has helped these employees.

If you would like to learn more, email Shane Goggin - shane.goggin@irishlife.ie or watch our video.

As you may know, both Ulster Bank and KBC are exiting the Irish market. Irish Life previously banked with Ulster Bank but have changed providers and we now bank with AIB.

You should have received a communication from Irish Life advising that we now bank with AIB and we requested that you make the necessary changes from your end to ensure all future payments go to our new AIB bank accounts. It is also important to note that our Ulster Bank accounts will close on 5^th May 2023.

From 1 May 2023, changes are being made to the assumptions that must be used to calculate illustrations of projected retirement funds and pensions. These changes are made in line with revised guidance issued by the Society of Actuaries in Ireland and the Pensions Authority. The changes apply to all pension providers in Ireland.

As the no.1 provider of employee benefits to American businesses in Ireland, we’re thrilled to announce our sponsorship of the American Chamber of Commerce, FDI Focus 2023. Irish Life look after the health, wellbeing, protection and pension needs for many American businesses and their employees.

We’re very excited to work alongside the American Chamber of Commerce to showcase our expertise, insight, and experience in these areas.

As you may be aware, Corporate Business carries out an annual review of the contract charge to ensure it remains appropriate, taking account factors such as price inflation and changes in the general business environment. The last change to the standard member contract charge was applied in 2020.

We recently concluded our 2023 contract charge review and wish to advise that we will be increasing our standard member contract charges by 5.8% effective for all applicable scheme renewals from August 1, 2023. This may apply to your occupational pension scheme(s).

We are improving how we provide services to our customers and are introducing new shared services provided jointly across Irish Life Health, Irish Life Assurance & Irish Life Financial Services. Our Privacy Notice has been updated to explain how we do this.