Frequently asked questions

You told us that you’d find it useful to have a “frequently asked questions” space in relation to the requests and queries we receive most often. 

Based on our experiences of previous pension seasons, we’ve consolidated these questions into one, easy to access location. 

We’ll continue to update this space over the coming weeks, based on your feedback and input, and to reflect the queries we’re receiving.

Person laptop

Frequently asked questions:

  1. What are the requirements for a top up to an existing policy?
  2. What are the requirements for a new policy application?
  3. How can my client make a payment to Irish Life?
  4. What are your cut off dates for processing applications and top ups?
  5. What’s the expected turnaround time for my request?
  6. How can I get a willing and able letter issued quickly?
  7. How will commission payments operate to year end?
  8. Who do I contact with any questions or queries?

What are the requirements for a top up to an existing policy?

We’ve outlined the requirements for each of our pension products, including points to remember and where applicable, links to the appropriate forms.

Points to remember:

  • Confirm if monies are to be invested in the same funds and split the client is currently invested in
  • Confirm if existing policy commission terms are to be applied

Did you know?

The most common requirements outstanding when submitting a top up to our servicing areas are confirmation of fund choice and confirmation of commission choice. Both requirements are needed for all top ups, both regular and single premiums, across all product product types.

Useful links:

Pension product guides

Pension processes

  • Check out the video guide to submitting top-ups online.

What are the requirements for a new policy application?

We’ve outlined the requirements for each of our pension products, including points to remember and where applicable, links to the appropriate forms.

Did you know?

The most common requirements outstanding when submitting a new policy application are confirmation of fund choice and confirmation of commission choice. Both requirements are needed for all applications, across all pension product types.

Clients can now download their own evidence of salary directly from www.revenue.ieClick this link for more information.

Useful links:

Pension product guides

Pension processes

How can my client make a payment to Irish Life?

For single premiums, we can accept payment by way of cheque or Electronic Funds Transfer (EFT).

Payment by cheque

In order for the payment to be eligible for tax relief against the 2020 tax year, the cheque payment must be received by the relevant Revenue deadline date - 31st October or 17th November 2021.

Points to remember

Top reasons why a cheque may not be accepted by our offices:

  • Date is incorrect, particularly the year
  • Cheque has not been signed
  • Denominations noted do not match e.g. Euros v Pounds
Payment by EFT

To make sending us EFT payments as easy as possible, we’ve attached a support guide for you and your clients, outlining the steps needed, and reference points depending on your clients’ bank.

In order for the payment to be eligible for tax relief against the 2020 tax year, the EFT payment must be received by the relevant Revenue deadline date - 31st October or 17th November 2021.

Please be aware it can take on average 3-5 days from the date the payment is made by the client to reach our accounts.

Points to remember

Top reasons for delay in applying an EFT once received:

  • Amount transferred does not match what was advised in the application or top up form
  • Policy number is not used as the relevant reference used by the client
  • For new applications, we are not advised the payment is being made by EFT

What are your cut off dates for processing applications and top ups?

Clients who both pay and file their tax returns through the Revenue Online Service (ROS) have until Wednesday 17th November 2021 to pay a pension contribution and elect to backdate the income tax relief against the 2020 tax year.

Those who don’t use this online service, must pay and file their returns by 31st October.

In order for payments to pension policies to be eligible, they must be received, including all requirements, by Irish Life on or before the deadline dates. 

Useful links:

2021 pension tax deadline guide

What’s the expected turnaround time for my request?

Turnaround times during pension season can be unpredictable and often depend on the volume of queries and requests received. Despite this we will aim to align as closely to our usual turnaround times as possible, in order to provide you with a consistent servicing experience. 

We’ve outlined the normal turnaround times for our key pension servicing teams in the below. If you require more up to date details in relation to current turnaround times and expectations, contact your sales support or account manager.

Please note: during periods of high query volume, such as pension season, the above turnaround expectations may be extended by a number of days

How can I get a willing and able letter issued quickly?

We understand that these simple and straightforward requests can be affected by servicing turnaround times, particularly during busy periods like pension season. 

These delays can have an impact on the time taken to finalise your clients transfer and lead to frustration. That’s why we’ve put you in control, and provided you with the ability to generate your own willing and able confirmation letters on the following products:

  • Personal pension, PRB, ARF

These confirmation letters can be generated by you and can be issued on both in force and pending policies.  The confirmation issues automatically to the transferring life office, including any supporting documents they will need to complete.

Our New Business Team will continue to issue willing and able confirmation as and when requested.

But for the most efficient provision of these confirmation letters, we’d encourage you to avail of this functionality.

  • Company pensions

As you can see, willing and able functionality is not available on company pension plans. Our New Business Team will continue to issue these on request. 

However, as you know we no longer need to wait for Revenue approval to issue them. 

Provided all requirements are received, the willing and able letter can be issued the day after the commencement date of the policy, and our team will copy you on any correspondence issued.

How will commission payments operate to year end?

Our commission payment processes will continue as normal throughout pension season and to the end of the year. 

Commission payable is generated when:

  • Regular premium plans – when the 1st premium is received
  • Single premium plans – upon policy issue

Weekly commission payments are generated one week in arrears. For example, if a single premium policy issues on Thursday 11th November, the associated commission payment will be included in our weekly payment run of Friday 19th November. 

Who do I contact with any questions or queries?

As ever your usual Brokerage network is available to support you throughout this time and will work with you to help resolve any questions or queries. You also told us that at times you were unsure who to contact and for what types of queries. We’ve centralised all contact details for servicing teams to support you and your submission of client requests.

Your Number 1 support package

To support engagement with your pension clients over the coming weeks, we also have a wide range of supports and solutions, across all areas of pension provision, to meet your and your customers' needs.