Important Customer Notice - Pensions - Updated 24th May 2022

KBC Bank Ireland would like to draw your attention to some important information

You may have seen the news about a recent announcement by KBC Bank Ireland in the media – click here for the announcement.

New PRSA Customers:

KBC has paused new applications for Personal Retirement Savings Accounts (PRSAs).  We have contacted all customers providing 30 days’ notice of this change. Customers will at all times continue to be afforded all the relevant legal and regulatory protections


Existing PRSA Customers:

For now, you do not need to take any action. Your Personal Retirement Savings Plan (PRSA) is a long-term plan to help you set aside money for your retirement. Should a Binding Agreement with Bank Of Ireland receive ministerial approval, you will be required to transfer your PRSA to another provider on a given date in the future. 

When there are further updates we will write to you with any additional information and support you may require.  We will ensure you are provided with plenty of notice of any impact and/or changes to your account in line with all legal and regulatory protections.

We've put together some frequently asked questions for you:

  

Pension FAQs

  • For now, you do not need to take any action. Your Personal Retirement Savings Plan (PRSA) is a long-term plan to help you set aside money for your retirement. Should a Binding Agreement with Bank Of Ireland receive ministerial approval, you will be required to transfer your PRSA to another provider on a given date in the future. The transfer value of your PRSA/ KBC Pension at that date will have no penalties or charges applied . Based on the performance of the fund, this could be more or less than the contribution(s) you have made.  Within the KBC App you can view your balance and pension performance anytime.

    When there are further updates we will write to you with any additional information and support you may require.  We will ensure you are provided with plenty of notice of any impact and/or changes to your account in line with all legal and regulatory protections.

  • Customers will be given the option to transfer to a pension provider of their choice or they will be transferred to a default provider.

    • KBC have paused new applications for Personal Retirement Savings Accounts (PRSAs).

    • Yes, you can continue servicing your policy on the app until such time as your policy transfers.

    • Yes, we will continue to accept single premiums until such time as your policy transfers.

    • Yes, all services will continue to be able to see the value of your policy in the app until such time as your policy transfers.

    • Yes, this service will remain in the app until such time as your policy transfers.

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 Bank Ireland PLC is regulated by the Central Bank of Ireland.

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