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Defined Benefit Company Pension Plans

A Defined Benefit company pension scheme gives members a pension when they retire based on the numbers of years service and their salary. Typically a member gets a pension of one sixtieth of their salary multiplied by the number of years they have been a member of the scheme.

Irish Life Corporate Business offers a one stop Defined Benefit package. All the services required to run a Defined Benefit company pension scheme are under one roof i.e. administration, actuarial services, fund management and life assurance cover. Our flagship Defined Benefit Administration and Actuarial Service is the key to a single source for all the requirements of your defined benefit scheme including:

  • Administration Services including Registered Administrator role
  • Actuarial Services
  • Insurance Services including death benefits, income protection benefits and annuities
  • Investment Services through Irish Life Investment Managers
  • Individual member advice to scheme members wishing to supplement pensions

The benefits for your clients include:

  • Single source - all defined benefit requirements taken care of in one place
  • Fully compliant – all of the services we deliver are guaranteed to meet compliance requirements
  • Low costs - we keep pension servicing costs down
  • Freedom - the key decision makers are free to focus on their core business competencies
  • Worry free - all regulatory and accounting deadlines satisfied
  • Streamlined service due to our significant investment in both systems and processes
  • Flexibility – you can choose which particular services you require from the package

Features of our Defined Benefit Administration and Actuarial Service

DB Administration Services including:

  • Registered Administrators
  • Annual Scheme Renewals
  • Documentation Services
  • Abbreviated Trustee Annual Reports
  • Communication and administration of all benefits paid by the scheme
  • Pensions Board annual fee payment
  • Scheme wind-up services

DB Actuarial Services including:

  • Full range of actuarial advice to both Employer and Trustee
  • Regular client meetings
  • Three yearly actuarial reviews
  • Actuarial funding certificates
  • Annual actuarial statements
  • FRS17 and IAS19 accounting figures
  • Funding proposals
  • Benefit improvement/reduction work
  • Scheme wind up calculations and advice

WARNING: If you invest in this product you will not have any access to your money until your retirement date.

WARNING: The value of your investment may go down as well as up.

WARNING: The income you get from this investment may go down as well as up.

WARNING: The value of the fund may be affected by changes in currency exchange rates.

WARNING: If you invest in this product you may lose some or all of the money you invest.

Irish Life Assurance plc is regulated by the Central Bank of Ireland.

In the interest of customer service we may record and monitor calls. Irish Life Assurance plc, Registered in Ireland number 152576, Vat number 9F55923G.

Irish Life Assurance is part of the Irish Life and Permanent Group. Registered office is situated at Irish Life Centre, Lower Abbey Street, Dublin 1.

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