Financial Consultant/Pension Advisor

Welcome to the financial advisor section of the website, where we aim to provide you with as much information as possible on our group pension and protection products. We have a vast range of competitive products on offer in both the company pension and protection range.

Our company pension products

Our protection products

Company Pension Scheme Administrator Guides

We have developed handy, how-to guides full of tips to assist group pension administrators in their role. These guides cover company pension arrangements such as:

Defined Contribution company pension scheme - DC Pension Administrator
PRSAs group pension scheme - PRSA Pension Administrator
AVC pension scheme - AVC Pension Administrator

The guides are designed with the pension administrator in mind and provide comprehensive details on what to do on all aspects of group pension scheme administration:

New entrants starting in the company pension plan
Pension plan members leaving the company or retiring
Payment of pension contributions
Annual renewal process
Transfers into or out of the company pension plan
Pension plan member updates and pension fund switches
Pension Adjustment Orders

Group Life Assurance Cover

Group Life Cover is life assurance provided by a company for its employees. It provides a lump sum on the death of a member of a scheme. The lump sum is paid to the trustees who pay the beneficiary, and is not subject to income tax up to certain levels. The amount is specified at the outset (e.g. a fixed amount or a multiple of salary) and the premiums are paid by the employer. A group life cover plan can be set up with Irish Life Corporate Business once there’s a minimum total premium of €3,000 per annum (subject to an extra charge for documentation service if required).

Why would your client want to set up a Group Life Assurance plan for their employees?

An employer can write off the full cost of providing the benefits against corporation tax.
It is an attractive benefit that the employer can offer current and future employees.
The underwriting requirements for group life assurance business are much less stringent than for individual life cover. A non-medical limit is set based on the size of the group and the levels of cover. Any member whose benefits are below this limit does not need to be medically underwritten, which means that no further medical assessment is required. Irish Life Corporate Business’s non-medical limits are very competitive with a maximum of €1.8m.
As life assurance cover is organised on a group basis, costs are significantly lower than equivalent individual life assurance cover.
Administration for the employer is much more straightforward than purchasing equivalent life assurance cover policies for each individual employee.