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
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.