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KBC Bank Ireland would like to draw your attention to some important information.
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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.
Check out our Pensions 101 guide for a crash course in all you need to know about pensions!
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!”
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.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.
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% |
Check out our blog for more Life and Pensions Content!
Pension Myth Busting
Introducing the KBC Lifestyle Extra PRSA
Check out our Pensions Journey Roadmap for an in-depth timeline of your journey to retirement!
How do you calculate my projected monthly retirement income?
We have estimated a projected future income based on all the information you provided including;
A full list of assumptions can be found at the bottom of the calculator page, titled 'Assumptions'.
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.
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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
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.
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
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
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.
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