Transferring to another fund
A member chooses to transfer money from the Capital Protection Fund, the Secured Performance Fund, or the Pension Capital Protected Fund to another fund.
Market value adjustment (MVA)
A market value adjustment (MVA) is a negative adjustment that life companies may apply to certain withdrawals or fund switches. It is typically used when extreme market conditions have negatively impacted investment performance. The MVA is intended to help protect the interests of long-term investors who remain in the fund.
If clients transfer their assets out of the Capital Protection Fund, the Secured Performance Fund, or the Pension Capital Protected Fund , Irish Life may apply a market value adjustment (MVA), which reduces the amount available for transfer. The MVA effectively decreases the funds available to transfer.
When does a market value adjustment apply?
An MVA applies when:
Transferring while still in employment
A member moves their money out of the Capital Protection Fund, the Secured Performance Fund, or the Pension Capital Protected Fund, but is still working for the employer.
Transferring after nine months of leaving service
A member transfers out of the Capital Protection Fund, the Secured Performance Fund, or the Pension Capital Protected Fund more than nine months after leaving the employer's service, except in cases of death or retirement.
Scheme-level transfer or switch
An active scheme transfers or switches money from the Capital Protection Fund, the Secured Performance Fund, or the Pension Capital Protected Fund to another fund or to another company.
MVAs do not apply when:
Paying death benefits
A claim is payable upon the death of a member.
Withdrawing retirement benefits
A member withdraws retirement benefits from the Capital Protection Fund or the Secured Performance Fund due to an early, normal, late, or ill health retirement.
Transferring within nine months of leaving service
An individual member transfers out of the Capital Protection Fund, the Secured Performance Fund, or the Pension Capital Protected Fund within nine months of leaving the employer’s service.
Transfer into a Personal Retirement Bond (PRB)
You can move your money to a Personal Retirement Bond (PRB) within Irish Life and keep it in the Capital Protection Fund or the Secured Performance Fund without a market value adjustment (MVA) at that time. After you move it to the PRB, the MVA will apply as explained above.
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