Pay your pension contributions by Variable Direct Debit

Why change to Variable Direct Debit?

With Variable Direct Debit you pay your contributions each month by an electronic process where instructions to collect are sent and received instantly by email.
We will issue you an email confirmation when we have processed your request.
Contribution breakdown files are submitted in a payroll download file or excel format that allows instant upload to our systems meaning:

• The processing time is shorter.
• There is no manual intervention required.
• Investment is given from the date we receive your email with the contribution breakdown.

The direct debit process offers same day investment as opposed to cheque payment where investment is not given until both cheque and contribution breakdown are received.
We surveyed customers who currently avail of our direct debit service and 100% of them said our service is either excellent or very good and prefer this method to cheque payment.

Comparison of Variable Direct Debit and Cheque payment method

Variable Direct Debit

• No cost of emails or delays.

• Your instruction is processed within 2 days of us receiving it.

• We will issue an email confirming that we have  received and processed your instruction.

• We give the benefit of investment from the date we receive your email and contribution breakdown.

Cheque

• Postal costs and average postal delay of 2 days for us to  receive your cheque.

• Cheques take on average 5 days to process and clear.

• A receipt for your cheque is issued by post which can result in further delays.

• We give investment from the date we receive your cheque and contribution breakdown but this may be several days after you have sent it to us.

How to set up the Direct Debit process

Step1: Download the Direct Debit Manadate.

Step 2:  Print the mandate and complete the details including your scheme and contact details. Return it by post to Irish Life Corporate Business, Lower Abbey Street, Dublin 1. Send the original, not a scanned or copied version.

Step 3:  Once we receive confirmation from your bank that the mandate has been set-up we will contact you to advise that this new payment method is operational.

If you are interested in this service or you have any questions please contact Fergal Daly on 01 704 1069.