KBC Pensions

Pensions Download Booklet

Here's what you need to know

We've put together some useful tips and frequently asked questions for you.

What's happening?
Given that KBC are withdrawing from the Irish Market, which will at a point in the future impact distribution channels and operational support, it is not possible or practical for KBCL&P to administer PRSA products. You can choose to transfer your PRSA fund value to another approved pension provider of your choice or automatically to Bank of Ireland Life. We have written to customers with two options for the transfer of your PRSA. Please read this letter carefully as it outlines the information you need to consider when making your decision of which option to choose. In the meantime, you can continue to service your PRSA in your App. Please contact KBC Life & Pensions with any queries.
What to expect...
If you hold a KBC Lifestyle or Lifestyle Extra PRSA you will need to transfer to a new provider of your choice or automatically to Bank of Ireland Life. we have written to you outlining the options available to you.
What you need to do...
Please read the communications from KBC Life & Pensions carefully. If we do not hear from you by this date or if we don’t receive the full surrender requirements, we will automatically transfer your PRSA fund value to Bank of Ireland Life. If you wish to transfer to Bank of Ireland Life you do not need to take any action. If you are currently paying by direct debit this will move across with your PRSA fund value. If you do not pay by direct debit, you must contact Bank of Ireland Life with a new payment method once the transfer takes place.

Pensions Help Hub

What's changing?

We've put together some useful information for you.

Your PRSA

We have written to all PRSA customers with more information.

If you hold a KBC Lifestyle or Lifestyle Extra PRSA you will need to transfer to a new provider of your choice or automatically to Bank of Ireland Life. We have written to you outlining the options available to you.

You can choose to transfer your PRSA fund value to another approved pension provider of your choice. If you wish to select a new pension provider and organise the transfer of your PRSA fund value, you must let us know by emailing lifeandpensions@kbc.ie with a completed and signed Form of Indemnity. You can find a copy of the application form above.

If we do not hear from you by this date or if we don’t receive the full surrender requirements, we will automatically transfer your PRSA fund value to Bank of Ireland Life.

If you wish to transfer to Bank of Ireland Life you do not need to take any action. If you are currently paying by direct debit this will move across with your PRSA fund value. If you do not pay by direct debit, you must contact Bank of Ireland Life with a new payment method once the transfer takes place.

Top FAQs

Check out our FAQs

What will happen to my PRSA?

KBC are withdrawing from the Irish Market, which will at a point in the future impact distribution channels and operational support, it is not possible or practical for KBCL&P to administer PRSA products. We have written to customers advising of the options available to you – please read this letter carefully.

Who can I contact if I have a question? 

You can call us on 1800 51 52 53

How is my data being handled?

We will share your name, address, date of birth, retirement age and fund .choice with Bank of Ireland Life 5 days after you receive your letter from us. Bank of Ireland Life will then write to you with their PRSA Product information.

If your PRSA forms part of the default transfer to Bank of Ireland Life (Option 2),  we will send your data and fund value to Bank of Ireland Life. 

If I don’t move to Bank of Ireland Life  (Option 2) will they still hold my data?

No, Bank of Ireland Life will delete your data.

I want to make a complaint. Who can I contact?

You can make a complaint to KBC at any time, visit our Make a Complaint page to find out how. 

Where can I find our more about Bank of Ireland Life's PRSA?

Bank of Ireland  Life will send you a letter shortly with all the details of the Bank of Ireland Life PRSA. This includes a PRSA Guide, Terms of Business, Fund information, Data Protection Notice and a Statement of Reasonable Projection. This may help you make an informed decision about the transfer option you wish to take. You may wish to seek independent financial advice before making your selection.

What does this mean for me?

If we do not receive an instruction from you to move your PRSA fund value to a Provider of your choice by the date specified in our letter to you, we will surrender your PRSA and automatically transfer your fund value to a new PRSA with Bank of Ireland Life.

How will I be contacted once the transfer takes place?

Bank of Ireland Life will write to you with your new policy documents which will contain all the information about your new PRSA.

Do I need to cancel my Direct Debit with KBC and set up a new one with Bank or Ireland Life?

No, you don’t need to do anything. KBC will work with BOI Life to take care of this on your behalf to make sure your future contributions are invested in your new Bank of Ireland Life PRSA.

Will my collection date for my contributions stay the same?

If your PRSA forms part of the default transfer to Bank of Ireland Life, your collection date will remain the same.

Will my current PRSA reference number stay the same?

No. Whether you set up your own pension arrangement or your PRSA forms part of  the default transfer to Bank of Ireland Life you will receive a new policy number.

My contributions increase each year by 2.5%. Will this apply to my new Bank of Ireland Life PRSA if my PRSA forms part of the default transfer?

Yes. This will automatically apply to your new Bank of Ireland Life PRSA when the transfer takes place.  The rate of indexation for Bank of Ireland Life is 5%.

What are the charges for my PRSA if I transfer to Bank of Ireland Life?

The following is the Bank of Ireland Life charging structure charges:

Retirement Fund or Cash Fund

Fund Management Charge

1% p.a.

Contribution Charge

1%

The Cash fund should only be considered a short term investment option, or as part of a broader portfolio. It can also be a good option when approaching retirement. Once your new Bank of Ireland Life PRSA is set up,  you should speak with a Bank of Ireland Wealth Manager.  They’ll help you review your fund selection to make sure it continues to meet your investment needs.

Table of Fund Prices

Lifestyle PRSA Fund Prices

Fund Name: Fund Price at 04/05/2023:

1 month
performance at 04/05/2023:

 3 month performance at
04/05/2023:		 6 month performance at 04/05/2023: 12 month performance at
04/05/2023:		 YTD performance at 01/01/2022:
MyAutoinvest equity funds

€1,311.90

-0.89%

 -2.78% 0.52% -6.04% -10.17%
MyAutoinvest bond funds €847.71 0.28% -0.40% 2.37% -5.25% -12.63%
MyAutoinvest cash funds €986.74 0.16% 0.41% 0.58% -0.11% -0.63%
             

LifestyleExtra PRSA Fund Prices

Fund Name: Fund Price at 04/05/2023: 1 month
performance at
04/05/2023:

3 month
performance at 04/05/2023:

 6 month performance at 04/05/2023: 12 month performance at 04/05/2023: YTD performance at 01/01/2022:
ExpertEase Careful Defence

€996.20

 0.18% -0.14% 0.85% -3.37% -8.91%
ExpertEase Balanced Defence €992.97 0.14% -0.60% 0.54% -4.58% -10.88%
ExpertEase Progressive Defence €982.14 0.04% -1.36% 0.21% -6.40% -13.10%
ExpertEase Balanced Approach €1,041.92 -0.13% -2.13%

-0.43%

 -7.55% -14.48%
ExpertEase Progressive Approach €1,029.07 -0.03% -2.24%

-0.46%

 -7.95% -15.09%
ExpertEase Progressive Opportunity €1,056.33 -0.30% -3.10% -1.21% -9.47% -17.33%
Lifestyle Cash €984.80 0.19% 0.51% 0.79% 0.29% -0.09%

 

 

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Important Information about your KBC Pension

We recommend that all customers take the time to read our KBC Life and Pensions Data Protection Notice and Terms of Business (pdf, 171KB).
 
Read our Remuneration Summary Document (pdf, 73 KB)

  • As an existing PRSA customer you can still:

    • Control your pensions from your smart phone.
    • Have the flexibility to service your PRSA, free of charge or penalties. 
    • Keep track in real time - view your balance and Pension performance anytime.
    • Paper free - see your documents in your app.

  • The Irish branch of KBC Insurance NV, trading as KBC Life and Pensions, is a member of KBC Group. 

    The KBC Group Remuneration Policy is a framework for a sound remuneration practice within KBC Group worldwide in line with the corporate sustainability strategy and considering the European and different national legislations aiming sustainability (including article 5 of  Regulation 2019/2088 on sustainability related disclosures in the financial services sector).
    The KBC Group Remuneration Policy aims to ensure consistency with and to promote sound and effective risk management (e.g. “sustainability” is a specific parameter for the evaluation of KBC Senior Management).

    Furthermore, the KBC Group Remuneration Policy aims to prevent incentives for excessive risk taking and ensures that the payment of variable remuneration is aligned with the long-term interests of KBC Group (e.g. Variable remuneration should not induce risk-taking in excess of the risk appetite of the different entities of the KBC Group and where relevant, be based on risk- and liquidity-adjusted profit, not on gross revenues. Additionally, ex ante and ex post risk adjustments to variable remuneration are possible in order to guarantee the sustainability strategy).

     

Warning: Past performance is not a reliable guide to future performance
Warning: The value of your investments may go down as well as up
Warning: If you invest in these funds you may lose some or all of the money you invest
Warning: These funds may be affected by changes in currency exchange rates

KBC Insurance NV trading as KBC Life and Pensions is authorised by the National Bank of Belgium in Belgium and is regulated by the Central Bank of Ireland for conduct of business rules.

KBC Bank Ireland Plc is tied to KBC Life and Pensions for the distribution of PRSA products to personal customers in the Republic of Ireland. This means that KBC Life and Pensions products are distributed through the nationwide KBC Hub network, by telephone as well as through KBC’s mobile banking platform.

KBC Life and Pensions is a registered business name of KBC Insurance NV in Ireland. Branch registration number 909131.

Registered Office: Sandwith Street, Dublin 2, Ireland