Our digital pension experience has been designed with the help of our customers.

We know pensions can be a bit complex so we’ve answered some of your questions to make planning for your retirement a little easier.
 

 

Pensions 101

Pensions 101

Your Journey

Your Journey

Help Hub

Help Hub

FAQs

FAQs

Check out our Pensions 101 guide for a crash course in all you need to know about pensions!

What is a PRSA

It's a pension...a long-term savings plan to help you set money aside for your retirement.

You can amake regular or once-off contributions, or both.

The amount you pay, and how often you pay, is up to you. You can choose to automatically increase your regular contributions each year by 2.5%.

When you take out a PRSA, you should think about when you might retire. With a PRSA, you can set your chosen retirement age any time between 60 and 75.

Change your mind? Don't worry, you have 30 days to cancel once we issue your policy!”

Where are my contributions invested?

The default investment strategy for KBC PRSAs is called MyAutoinvest. This strategy has been specifically designed for pension products. It is a lifestyle investment strategy that reduces your exposure to higher risk funds by moving a portion of your pension savings to lower risk funds every month.

If you do not wish to make a decision about where you would like to invest your contributions, then this could be the strategy for you.

For customers who would like some choice, we offer the ExpertEase suite of portfolios as part of the KBC Lifestyle Extra PRSA, as well as a cash fund. Please note that these additional investment options are not available in the KBC Lifestyle PRSA.

What charges apply?

KBC PRSAs have two charges:
  • A contribution charge of 2.5% of each contribution you make to your pension, and
  • A fund management charge, which is an annual charge on the value of your fund. Depending on your choice of plan, this charge could range from 0.5% per year, to 1.45% per year. 
Charges applied to your PRSA are available to view within your App.

When can I access my PRSA?

With a PRSA it’s important to know you can’t access the money you put in until you reach your chosen retirement age (normally between age 60 and 75).

The sooner you start saving the better! Set a goal today using our pension calculator and see how much your savings could provide you with in retirement.

Tax relief

Payments you make into your PRSA are tax deductible up to certain limits.
This means you may be able to reduce the amount of income tax you are paying by contributing to a PRSA.

You can claim tax relief up to the relevant age-related percentage limit of your earnings in any year at your prevailing rate of income tax. This relief is only from the employment in respect of which the contributions are made. You can back-date contributions to the previous year if you have not already claimed the maximum amount available to you.
 
Age Bracket % of Net Relevant Earnings
Under 30 15%
30 – 39 20%
40 – 49 25%
50 – 54 30%
55 – 59 35%
60 and over 40%

Our pension calculator will provide you with an idea of the amount of tax relief you may be entitled to. These calculations are for illustrative purposes only, and should not be construed as tax, financial, investment or legal advice or a personal recommendation from KBC Bank Ireland Plc and/or KBC Life and Pensions.

Note: Contribution tax relief is not automatically guaranteed and is determined by Irish Revenue, not KBC.

Check out our Pensions Journey Roadmap for an in-depth timeline of your journey to retirement!

I think I need a Pension

Set your Goal

Open a KBC PRSA

Save,Save, Save!

Manage your Pension

Investment Strategy

Pre-retirement

Retirement

 

I think I need a Pension

Why do I need a Pension? 
Your pension may be your main income source once you retire so you should consider how your lifestyle may be impacted by a potential drop in income once you have retired. You can use our pension calculator to illustrate how much income you may get in retirement from your pension savings. Check out our blog post for more information.

Having your own pension plan is important as the maximum single Contributory State pension is currently €12,956.60 a year*.
You must also meet all the requirements to be eligible to receive the State pension. This State pension alone may not be enough to fund your lifestyle in retirement.

Check our our blog posts for more informaiton.

When is the best time to start a Pension? 
Its never too late to start a pension but the sooner you start saving the better. It means that you have more years of contributions and more time for the investment to grow.

As people are living longer, it's important to make sure you have an income to support you once you've retired.

*As at March 2019.

Research & Set your goal

  • It’s important to do your research to choose the pension and provider that’s right for you.
  • Check out our Pensions 101 section for all things pension-related.
  • Take a look at our Pension Myth-Busting blog
  • Try out our pensions calculator in app today to see how much your savings could be worth when you retire.


How do you calculate my projected monthly retirement income? 

We have estimated a projected future income based on all the information you provided including;

  • how much you want to save,
  • how frequently you plan on saving,
  • your chosen retirement age,
  • details of any existing pensions you told us about, like the type of pension, the value of the pension fund or expected income at retirement, and we include the expected future contributions to these arrangements as well.
  • whether or not you included the State Pension

A full list of assumptions can be found at the bottom of the calculator page, titled 'Assumptions'.

Open a pension in minutes in your KBC App!

Who can take out a PRSA? 
PRSAs are available to anyone resident in Ireland aged between 18 and 75 regardless of your occupation or employment status.

However, you can’t contribute to this PRSA product and an occupational pension scheme at the same time unless you have a separate source of earnings.
If you are not sure if this affects you, please call the KBC contact centre.

What do I need before I start?
You'll need your PPS number and your annual salary. If you know your tax rate, this will help us illustrate the potential tax savings to you should you contribute to a KBC PRSA.

You might also need details on any pensions you already have if you would like a more accurate illustration of your projected future retirement income. However, this is optional, and you can update this information at any time in the future.

What's the difference between the Lifestyle PRSA and the Lifestyle Extra PRSA? 
The Lifestyle PRSA is a standard PRSA, where no advice or assessment of suitability is provided to customers taking out the product. There is only one investment strategy, the default investment strategy. We have designed this PRSA to take the complexity away from saving for retirement. Charges are fixed at 2.5% per contribution, and fund management charge of 0.9% per year.

The Lifestyle Extra PRSA is a non-standard PRSA and is designed to offer customers some extra choice when it comes to their retirement planning. 

This plan has everything that the Lifestyle PRSA has, with the addition of some advice, fund choice for your contributions, and more information on funds for those customers that are interested in more detailed information.

There are additional questions and documents with this product, we assess your suitability for  the product and the various investment funds on offer and make a recommendation to you. Charges are 2.5% per contribution, and a fund management charge which ranges from 0.5% to 1.45%, depending on the investment strategy you have chosen

Save, Save, Save!

Your KBC PRSA is flexible so you can increase, decrease, pause and resume your pension contributions whenever and however you want to suit your lifestyle.

Are there minimum and maximum limits to my contributions? 
The minimum regular contribution is €300 per year, or €25 per month. The minimum electronic transfer amount is €10.

There is no maximum limit on how much you can contribute, but there are limits to the amount of tax relief that can be claimed.

You should take care to ensure that any amount you propose to save into your KBC is affordable, and that it meets your needs in relation to providing a pension for your retirement.

Payments you make into your PRSA are tax deductible up to certain limits. This means you may be able to reduce the amount of income tax you are paying by contributing to a PRSA. You can check these limits in the Tax Relief section in our Pensions 101.

Note: contribution tax relief is not automatically guaranteed and is determined by the Revenue Commissioners, not KBC

Manage your Pension

Keep track in real time
Check your pension fund value anytime.

Mobile and paper free
View and store all your documents and statements in your app!

Investment Strategy

The Default Investment Strategy (DIS) for the KBC Lifestyle PRSA is MyAutoinvest from KBC. This strategy is designed for everyone but built for you. The strategy comprises of equities, bonds, and cash. MyAutoinvest from KBC gradually alters the composition of your investment allocation as you approach your chosen retirement age.

This means we reduce your exposure to more risky (but potentially higher performing) equities and increase your exposure to less risky assets (bonds and cash); we call this ‘de-risking’. De-risking accelerates once you reach 20 years to your chosen retirement age. In the last 5 years before your chosen retirement age, we move a portion of your pension savings from equities and bonds to cash so that you will have 25% of your KBC Lifestyle PRSA invested in cash funds at your chosen retirement age to facilitate a retirement lump sum of 25%.

The KBC Lifestyle Extra PRSA also offers MyAutoinvest, as well as our ExpertEase multi-asset funds. ExpertEase is a suite of balanced, multi-asset, multi-signal funds that automatically reduce exposure to downside risk when necessary, while also making the most of any opportunities to generate return, keeping you in your comfort zone no matter what the market conditions. There are six ExpertEase funds available, each offering a suitable balance of equity, bonds, cash and other assets. Our funds are continuously monitored and the asset may be subject to daily rebalancing.

Could I lose my pension if the market performs poorly?
A PRSA is a long-term investment, and the value of your KBC PRSA will fluctuate over time. You can monitor the performance of your PRSA from the KBC Mobile App. You will also receive a Statement of Account every six months which illustrates how your fund(s) have performed in the last six months.

Should you have any queries or concerns in relation to your fund performance, get in touch by calling 1800 51 52 53

Pre-Retirement

When can I access my benefits?
With a PRSA it’s important to know you can’t access the money you put in until you reach your chosen retirement age (normally between age 60 and 75).

There are some exceptions to this for certain occupations, or for employees who are retiring from age 50.
You can change your chosen retirement age in-App if you wish. Please note that doing so may have an impact on your projected retirement income from your KBC PRSA.

I am approaching retirement, what should I do?
If you have not yet chosen what to do with your PRSA, please click the Call KBC icon, and a member of the Contact Centre team can set up an appointment for you with one of KBC's Financial Planning Advisers.
There are a number of options available to you and an adviser would be delighted to discuss these with you.

Early Retirement
If  you are an employee, it may be possible to take retirement benefits from age 50 provided that you have retired. If your occupation is one in which persons normally retire before the age of 60,    you may be able to take retirement benefits earlier than age 60, but no earlier than age 50.

Ill-health Retirement
In the unfortunate event that you become permanently incapable of carrying on your own occupation or any other occupation that you are trained or fitted for, you may be able to retire earlier than age 60 on ill-health grounds. Before you can claim ill-health retirement, you must provide us with appropriate satisfactory evidence that supports your ill-health claim. If you are deemed suitable for ill-health retirement, the retirement benefit options outlined above will also be available to you.

Death-in-Service Benefits
In the event of your death before retirement, we will pay the value of your policy to your estate.

Retirement

You will have a choice as to the form in which your retirement benefits can be taken, and the different available options are described below
 

  • Retirement Lump Sum: Initially you may choose to take a retirement lump sum of up to 25% of the value of your PRSA. If your lump sum exceeds €200,000 but is less than €500,000 the additional amount will be taxed at 20%. Any balance beyond this shall be subject to tax at the marginal rate and USC.
  • Annuity: You can use the remaining balance to purchase an annuity – an income for life. The retirement income you receive will be determined by how much you are willing to pay as well as your age and health status. This provides security and peace of mind so no matter how long you live to, you will always have a guaranteed income. 
  • Approved (Minimum) Retirement Fund: An Approved Retirement Fund (ARF) allows your PRSA to remain invested while you can draw down money from as needed. If you’re under 75, you can’t transfer your fund to an ARF unless you have a minimum income of €12,700 per annum, including State pensions. If your annual income doesn’t reach this limit, you can either transfer €63,500 of your PRSA fund to an Approved Minimum Retirement Fund (AMRF), or purchase an annuity which will provide the minimum guaranteed income. You can withdraw up to 4% of the AMRF value per year. When you die, the remaining value of your AM(R)F is transferred to your dependents.
  • Taxable Lump Sum: The remainder of the fund may be paid to the beneficiary (partially or in full) and subject to tax. You can only do so if you have a guaranteed minimum pension of at least €12,700 per annum. Otherwise you must invest €63,500 in an AMRF or an annuity, or a combination of both.
  • Vested PRSA: You may leave the remainder of your fund invested in your PRSA. You must meet the guaranteed minimum income requirement (€12,700 per annum) in order to withdraw from a vested PRSA. If you haven’t transferred out the remainder of your fund upon reaching your 75th birthday, you will no longer be able to access your fund and it shall be transferred to your estate upon your death.

    You will have a choice as to the form in which your retirement benefits can be taken, and the different available options are described below
     

  • Retirement Lump Sum: Initially you may choose to take a retirement lump sum of up to 25% of the value of your PRSA. If your lump sum exceeds €200,000 but is less than €500,000 the additional amount will be taxed at 20%. Any balance beyond this shall be subject to tax at the marginal rate and USC.
  • Annuity: You can use the remaining balance to purchase an annuity – an income for life. The retirement income you receive will be determined by how much you are willing to pay as well as your age and health status. This provides security and peace of mind so no matter how long you live to, you will always have a guaranteed income. 
  • Approved (Minimum) Retirement Fund: An Approved Retirement Fund (ARF) allows your PRSA to remain invested while you can draw down money from as needed. If you’re under 75, you can’t transfer your fund to an ARF unless you have a minimum income of €12,700 per annum, including State pensions. If your annual income doesn’t reach this limit, you can either transfer €63,500 of your PRSA fund to an Approved Minimum Retirement Fund (AMRF), or purchase an annuity which will provide the minimum guaranteed income. You can withdraw up to 4% of the AMRF value per year. When you die, the remaining value of your AM(R)F is transferred to your dependents.
  • Taxable Lump Sum: The remainder of the fund may be paid to the beneficiary (partially or in full) and subject to tax. You can only do so if you have a guaranteed minimum pension of at least €12,700 per annum. Otherwise you must invest €63,500 in an AMRF or an annuity, or a combination of both.
  • Vested PRSA: You may leave the remainder of your fund invested in your PRSA. You must meet the guaranteed minimum income requirement (€12,700 per annum) in order to withdraw from a vested PRSA. If you haven’t transferred out the remainder of your fund upon reaching your 75th birthday, you will no longer be able to access your fund and it shall be transferred to your estate upon your death.

Explore our Help Hub for fun resources like Videos and Blogs!

Videos

Blogs

Check out our blog for more Life and Pensions Content!

The Digital Switch

Pension Myth Busting

 

All about PRSAs

What is a PRSA?

It's a pension...a long-term savings plan to help you set money aside for your retirement. Your contributions are invested into funds which can then be used to replace some of your income when you retire. You may also be entitled to tax relief on your contributions to your pension fund.  While your money remains invested in your PRSA, any growth is free of tax (according to current Revenue rules).

Why do I need a Pension?

Your pension may be your main income source once you retire so you should consider how your lifestyle may be impacted by a potential drop in income once you have retired. You can use our in app pension calculator to illustrate how much income you may receive in retirement from your pension savings. 

Having your own pension plan is important as the maximum single Contributory State pension is currently €12,956.60 a year*. You must also meet all the requirements to be eligible to receive the State pension. This State pension alone may not be enough to fund your lifestyle in retirement. 

*As at March 2019.

When is the best time to start a Pension?

Its never too late to start a pension but the sooner you start saving the better. It means that you have more years of contributions and more time for the investment to grow.

As people are living longer, it's important to make sure you have an income to support you once you've retired.

What age should I retire at?

You can claim retirement benefits from your PRSA at any time between ages 60 and 75. Some specific occupations can take benefits from age 50 such as cyclist, dancer and jockey among others. Also, employees retiring from age 50 may be able to take their benefits. For further information, you can call us on 1800 51 52 53.

What is the state Pension?

As long as you qualify for it, the State pension will provide you with a basic level of income once you retire. This is to ensure that everyone receives a basic standard of living in retirement. However it may not be enough for you to maintain the standard of living you would like in retirement.

You can check your entitlements to the State Pension by contacting the Department of Employment Affairs and Social Protection. You can also find further information online on websites such as the Citizens Information and www.gov.ie

What is an Occupational Pension?

It's an occupational pension scheme set up by an employer to provide retirement and/or other benefits for employees. It is sometimes called a company pension scheme or a workplace pension.

Our PRSAs: Lifestyle and Lifestyle Extra

What's the difference between the Lifestyle PRSA and the Lifestyle Extra PRSA?

The Lifestyle PRSA is a standard PRSA, where no advice or assessment of suitability is provided to customers taking out the product. There is only one investment strategy, the default investment strategy. We have designed this PRSA to take the complexity away from saving for retirement. Charges are fixed at 2.5% per contribution, and fund management charge of 0.9% per year.

The Lifestyle Extra PRSA is a non-standard PRSA, and is designed to offer customers some extra choice when it comes to their retirement planning.  This plan has everything that the Lifestyle PRSA has, with the addition of some advice, fund choice for your contributions, and more in-depth information on funds for those customers that are interested in more detailed information. There are additional questions and documents with this product, we assess your suitability for the product and the various investment funds on offer, and make a recommendation to you. Charges are 2.5% per contribution, and a fund management charge which ranges from 0.5% to 1.45%, depending on the investment strategy you have chosen.

How does MyAutoinvest from KBC work?

MyAutoinvest is the default investment strategy for KBC PRSAs.

This strategy automatically reduces your exposure to risk as you approach retirement. This is called de-risking and is designed to cater for the needs of pension savers of all ages.

When your retirement is far away, more of your money will be invested in equities, as equity funds have the potential to achieve greater growth over the long term. As you move closer to retirement, MyAutoinvest will gradually move more of your fund to lower risk assets like bonds and cash.

The MyAutoinvest strategy consists of a balance of equity, bond and cash funds. Each month, we do two things for you:
  1. A portion of your savings are moved from equities to bonds. In the last 5 years before you retire, some of your savings will be moved into KBC cash funds too.
  2. Your investment allocation is rebalanced to ensure that your policy is in line with the target asset allocation for your term to retirement.

Who is the KBC Lifestyle Extra PRSA for?

We have designed this plan to offer customers some extra choice when it comes to their retirement planning.

The Lifestyle Extra PRSA is a non-standard PRSA and is designed to offer customers some extra choice when it comes to their retirement planning.  This plan has everything that the Lifestyle PRSA has, with the addition of some advice, fund choice for your contributions and more in-delth information on funds for those customers that are interested in more detailed information.

There are additional questions and documents with this product, we assess your suitability for the product and the various investment funds on offer, and make a recommendation to you. Charges are 2.5% per contribution and a fund management charge which ranges from 0.5% to 1.45% depending on the investment strategy you have chosen.

What funds can I invest in?

There are a number of investment options, providing you with access to equity, property, bond and cash investments established by KBC Asset Management. Although not guaranteed, investing in funds with a mix of asset classes as noted above has the potential to produce better returns than cash deposits over the medium to long term.

For more information on the funds available, please check out our Lifestyle and Lifestyle Extra pages.

What do I do if my fund falls in value?

This is entirely up to you and will vary according to your risk appetite. Bear in mind that this is a long-term investment that will fluctuate. It is important not to panic.

You can crosscheck the performance of your pension against the retirement goal you have set for yourself. Each time you access the Pension Overview section of your KBC Mobile App, we run a projection for you based on the current value of your PRSA, along with any expected future contributions. This will give you an idea of the income you might expect from your PRSA at your chosen retirement age.

If you wish, you can speak to a member of our team by clicking the Call KBC button at the top of this screen.

The KBC Pension: Personal Retirement Savings Account (PRSA)

Who can take out a PRSA?

PRSAs are available to anyone resident in Ireland aged between 18 and 75 regardless of your occupation or employment status. However, you can’t contribute to this PRSA product and an occupational pension scheme at the same time unless you have a separate source of earnings. If you are not sure if this affects you, you can get in touch by calling 1800 51 52 53.

What do I need before I start?

You'll need your PPS number and your annual salary. If you know your tax rate, this will help us illustrate the potential tax savings to you should you contribute to a KBC PRSA. You might also need details on any pensions you already have if you would like a more accurate illustration of any projected future retirement income. However, this is optional and you can update this information at any time in the future.

What charges are there on the KBC Lifestyle PRSA?

The KBC Lifestyle PRSA has two charges:
  • A contribution charge of 2.5% of each contribution you make to your PRSA, and
  • A fund management charge, which is an annual charge 0.9% of the value of your fund. 
You can check out how much you are paying in charges in the Contribution history section of the KBC Mobile App once your policy is active. We also display the charges applicable to your PRSA on the PIN screen before you complete your application, or if you make any changes to your contributions and/or chosen retirement age.

Full details are captured in your Initial Statement of Reasonable Projection, which you can find in your eStatements.

What charges are there on the KBC Lifestyle Extra PRSA?

The KBC Lifestyle Extra PRSA has two charges: 
  • A contribution charge of 2.5% of each contribution you make to your PRSA and 
  • A fund management charge, which is an annual charge ranging from 0.5% to 1.45% of the value of your fund, depending on which fund you are invested in.
You can check out how much you are paying in charges in the 'Contributions History' section of the KBC Mobile App once your policy is active. We also display the charges applicable to your PRSA on the PIN screen before you complete your application, if you make any changes to your contributions and/or chosen retirement age, and before you complete a fund switch.

Full details are captured in your Initial Statement of Reasonable Projection, which you can find in your eStatements.

Are there minimum and maximum limits to my contributions?

The minimum regular contribution is €300 per year or €25 per month. The minimum electronic transfer amount is €10. There is no maximum limit on how much you can contribute but there are limits to the amount of tax relief that can be claimed. These limits are detailed in the Tax Relief FAQ. You should take care to ensure that any amount you propose to save into your KBC PRSA is affordable and that it meets your needs in relation to providing a pension for your retirement.

How flexible is my PRSA?

PRSAs are very flexible; you can increase, decrease pause, and resume your contributions at any time without any charge.

You can pay by direct debit for regular contributions and by bank transfer or cheque for once-off contributions. PRSAs are also portable; you can carry your PRSA from job to job, switch from one PRSA to another, or to another pension provider at any time free of charges and penalties.

However, it’s important to know you can’t access the money you put in until you reach your chosen retirement age (normally between age 60 and 75).

How will pausing my contributions affect my future income?

By pausing your contributions you reduce your overall investment amount and reduce the value of your PRSA when you retire. Pausing your pension contributions can also effect your projected retirement goal and income, however you can always make up for paused contributions at a later point. If you make any changes to your contributions we will send you an updated Statement of Reasonable Projection, which will show the effect of pausing your contributions has on your projected retirement income, this can be viewed in your eDocs folder in the KBC App.

How will pausing my contributions affect my future income?

By pausing your contributions you reduce your overall investment amount and reduce the value of your PRSA when you retire. Pausing your pension contributions can also effect your projected retirement goal and income, however you can always make up for paused contributions at a later point. If you make any changes to your contributions we will send you an updated Statement of Reasonable Projection, which will show the effect of pausing your contributions has on your projected retirement income, this can be viewed in your eDocs folder in the KBC App.

How do I make a once-off contribution to my PRSA?

It's easy to make a once-off contribution to your PRSA in the KBC Mobile App. In the contributions tab select 'Add a once off payment' and follow the instructions. You can also increase, decrease, or pause your regular contributions in the same section putting you in full control of how much and how often you contribute to your PRSA.

Once you confirm any changes, we’ll send you updated documents reflecting these changes which will be stored in eStatements for future reference.

Will I be charged for once-off contributions?

Yes, all contributions paid to your policy (with the exception of pension transfers) have a contribution charge of 2.5%.

You can check your charges paid in the 'Contributions History' section of your KBC Mobile App.

Why should I give details of my existing Pension?

We use this information to give you a more complete projection of your overall retirement income goal. This is optional information so it's up to you whether you'd like to include it in the calculations or not. You can add, remove or update pension values whenever you want in the My Goal section of our App to ensure these projections reflect all your pension plans.

Transferring into a KBC PRSA

Can I transfer in my existing pension to KBC?

KBC can help you with this!

Click into the 'More' section of the KBC Mobile App and then select transfer In. You will be required to provide some details in relation to your existing pension arrangement. Once the details have been provided, the information is passed to the KBC contact centre. A trained advisor will then get in touch with you to discuss the transfer with you.

Generally, a PRSA can accept transfers in from the following tax approved arrangements:
  • PRSAs
  • Personal pensions (RACs)
  • Occupational pensions
  • Some overseas (non-UK) pensions

There may be some restrictions on transfers from occupational pensions and pension arrangements overseas.

Unfortunately you cannot transfer a Buy Out Bond (Personal Retirement Bond) to a PRSA.

There may be financial consequences if you transfer from one arrangement into your KBC  PRSA. You may wish to seek independent financial advice prior to considering transferring your benefits to your KBC PRSA.

If you would like to speak to a KBC Financial advisor about a potential transfer to your KBC PRSA give us a call on 1800 51 52 53

Contribution Details

Why should I increase my contributions annually?

We believe that it is important to increase your regular contributions each year.

There are several reasons for this preserving the real value of your contribution:
  • better outcomes at retirement in terms of the value of your pension fund
  • committing yourself to saving more tomorrow
  • economic analysis on the long term inflation outlook and
  • earning index. 

You can switch automatic increase on or off any time you like. Where you opt for automatic increases, we will send you a notification 30 days in advance of your premium increase so that you have ample time to consider your circumstances.

Can I change my direct debit date in future?

Yes, this can be done in your App by going into your contributions tab and clicking edit contribution details.

Any changes to your direct debit details must be made at least 6 working days before its due, otherwise the change will take effect from the next payment date. You can select any day from 1 to 28. If this falls on a weekend, bank holiday, or public holiday, your direct debit will be collected on the next business day.

Can I change or pause my contribution amounts?

Yes, this can by done in your App by going into the contributions tab and clicking edit contribution details. From there, you can increase, decrease or pause your payments at any time, as long as it is at least 6 working days before your next payment is due.

You can also add a once-off contribution from here by following the instructions, including method of payment, before transferring the money from your account, or writing a cheque and sending to KBC Life and Pensions at our address in Sandwith Street, Dublin 2.

Updated documents will be sent to you to reflect any changes made to your contributions.

What happens if I miss a direct debit payment?

If you miss a direct debit payment, we will automatically re-try to collect your premium a few days after we see that the payment has been missed. You can always check what the date of your next payment is in the Contributions section of the KBC Mobile App.

If you need a payment holiday for a little while, you can pause contributions for up to 6 months in the same section of the App, keeping you in control at all times.

What if I change my mind?

At KBC, we believe that cancelling should be easy.

If, after taking out your PRSA you decide that the product is not for you, you have 30 days from the date the contract went in force to cancel the policy. You can return the cancellation form that is provided to you when the contract goes in force by post or email - you will find this towards the end of your Initial Statement of Reasonable projection.

This document is saved in the eStatements section of your KBC Mobile App.

Servicing

Why are my total contributions different to my pension fund value?

There are two reasons for this. Firstly, there is a contribution charge of 2.5% on each contribution (with the exception of pension transfers) which reduces the amount of money invested in your policy.

In addition, the value of the fund(s) you are invested in fluctuate, meaning that the value of your KBC PRSA may be higher or lower than the amount that you contributed to the policy.

Should you have any queries or concerns in relation to your fund performance, you can call us on 1800 51 52 53.

What does fund performance mean?

Fund performance is the return on your chosen fund.

The performance is measured over a specific period of time and full details of the performance of your fund(s) are available at the following:
  • Your KBC Mobile App
  • On the Investment Report which is made available to you every six months as part of your Statement of Account and can be found in the eDoc section of the app
  • Here, on the KBC.ie website, where we publish our fund unit prices and performance figures each business day.
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Contact KBC Life and Pensions

Important Information


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 at December 2019.
 

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