Before you make a withdrawal, we recommend that you consider the full range of options available in your plan. Depending on your policy you may have the option to make a partial withdrawal, full withdrawal or switch into other funds. We strongly advise you to talk to your Financial Broker or Adviser before proceeding.
After discussing the options available with your Financial Broker or Adviser, if you are interested in making a withdrawal, you should read the steps below to ensure you provide Irish Life with all the relevant documentation.
You will also find below the forms to fill in if you wish to go ahead with your withdrawal.
Information on making withdrawals from your ARF or AMRF can be found on our ARF/AMRF Withdrawals page.
What information do I need to provide to Irish Life?
Legislation exists to protect all financial services customers from any identity theft or fraud. As part of this legislation, we require identification from all customers when a withdrawal is made on a plan. This is to protect you and your finances. In order for us to pay your withdrawal as quickly as possible, please read the following requirements:
- A copy of your passport or driving licence(or other valid ID). If another person is covered by your plan, we will also need a copy of their ID.
- If you have changed your address inthe last 12 months we will need proof of your address. This would be a utility bill or bank statement dated within the last 6 months.
- A completed withdrawal form.
In addition, we may need the following:
- If payments to your plan have been made by a third party, please send ID and proof of address for the third party.
Who can claim the withdrawal payment?
The plan owner is entitled to any withdrawal payment made.
- If your plan is in joint names we will require both to sign the withdrawal request and your payment will be issued in joint names unless requested by both plan owners.
- If your plan is assigned we will require a Deed of Release or a signed consent from the assignees confirming they agree to this withdrawal request along with the original Deed of Assignment.
- If your plan is in trust we will require a signed request along with valid photo ID for all trustees confirming they are agreeable to this request. Please note that payment will be issued to all trustees on the plan unless otherwise stated.
These requirements are in place to protect any fraudulent transactions happening on the plan.
What will happen next?
When we receive your withdrawal request we will review the documents and if all requirements have been received we will be in a position to process your withdrawal request. Otherwise, we will contact you to let you know what further documents we need to process your withdrawal request. Please make sure you supply us with up to date phone and e-mail details in case we need to contact you.
How long will it take to process my withdrawal?
We will process your withdrawal on the day we receive your withdrawal form and the ID requirements. Please make sure that you include all of the document requirements relevant to you otherwise we will not be able to process your withdrawal until all requirements are received. If you provide a mobile number we will text you when your claim has been processed.
The fund price used for your withdrawal will be based on the day we receive the final requirement. If there are outstanding requirements, we will contact you by phone, if you have provided us with your up to date phone number, otherwise we will write to you.
Once your withdrawal is processed, it will typically take 5 working days for your funds to be transferred via electronic funds transfer and available for you to access in your bank account.
Can I make a withdrawal over the phone?
Due to recent regulatory changes the ability to make withdrawals over the phone has been limited. You can only make a withdrawal over the phone if you have preiously done so. Additionally the following criteria applies:
- Have a savings plan.
- Currently pay your premiums by direct debit.
- Request to withdraw less than €15,000.00
- Want the payment to be paid into the billing account.
- Have previously provided Irish Life with valid ID and address verification, or are willing to fax us ID and address verification at the time of the phone call.
How will I receive my payment?
Your payment will be made by Electronic Funds Transfer directly to your bank account. All you need to do is provide your bank account details on the withdrawal form and return this to us with the relevant requirements.
What are the advantages of Electronic Fund Transfer?
- This is the most secure way for you to receive your payment.
- Once money is paid to your bank account you can access it immediately.
- No postage delays.
- It is faster than posting, lodging and clearing a cheque.
What is the quickest way to send my withdrawal request?
Once you have completed the withdrawal request and have all the relevant documentation, you should send them by fax to 01 2422907.
Alternatively, you can post this to Irish Life, Lower Abbey Street, Dublin 1.
If I have any questions who should I contact?
If you have any questions or need further help, please email our Customer Service Team, or call us on 01 704 1010, lines open Monday to Thursday 8am to 8pm, Friday 10am to 6pm, Saturday 9am to 1pm