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:

 

Can I pause my contributions?

Yes, you can pause your contributions in App for 6 months.

Can I cancel my PRSA?

No, you cannot cancel your PRSA, but you can stop contributing to it. Your PRSA will continue to be invested but no further contributions will be collected from you. If you would like to stop contributing to your PRSA please email lifeandpensions@kbc.ie

When can I transfer my PRSA?

You can transfer your PRSA to another approved pension provider at any time, simply email lifeandpensions@kbc.ie

Can I take a refund of my PRSA contributions?

No. Under Irish Pension Law you cannot take a refund of PRSA contributions.

I currently use my KBC Current Account to make contributions into my PRSA, can I continue?

For now you can continue to make contributions as normal.

Can I add a single contribution?

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

Can I still see the value of my PRSA in my App?

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.

Can I still increase/decrease my contributions?

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

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.

Your PRSA fund value will need to transfer to another approved pension provider.

You can choose to transfer your PRSA fund value to another approved pension provider of your choice or if you do not avail of this option KBCL&P will surrender your PRSA and automatically transfer your fund value to a new PRSA with Bank of Ireland Life.

When will the transfer of my PRSA happen?

The date your PRSA transfers will depend on the option you select:

1. Choose my own pension provider

2. Default transfer to Bank of Ireland Life.

If you choose Option 1 and select your own Pension provider, it will depend on the time it takes for you to arrange your own new provider and for us to receive all transfer requirements. Once we receive all the necessary information we will transfer your fund value to your new provider and we will email confirmation of this to you.

If you do not wish to choose your own provider, or if we don’t hear from you by the date specified in our letter to you, we will transfer your fund value to Bank of Ireland Life in accordance with Option 2.

Both of your options are outlined in the letter we issued to you on the 17th February 2023. You may wish to seek independent financial advice before making your selection. 

Who can I contact if I have questions?  

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 values 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.

Where can I find out 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.

I want to move my PRSA Fund Value to a Pension Provider of my choice (Option 1)

Where do I find a list of Pension Providers?        

The Pensions Authority has a list of all PRSA providers and products which you can see on their website: https://www.pensionsauthority.ie/en/prsa_providers/

What does this mean for me?   

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 by 28/04/2023. This form is available on kbc.ie/pensions. 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 (Option 2).

What do I need to do?  

If you choose to transfer your PRSA fund value to another approved pension provider, you must let us know by emailing lifeandpensions@kbc.ie with a completed and signed Form of Indemnity by the 28/04/2023.

Will I need to cancel my Direct Debit?   

We will automatically cancel your direct debit when we are surrendering your policy. A new direct debit will be set up with your new provider at application stage.

Will the collection date for my contributions stay the same?      

You will need to set up a new Direct Debit with your new provider.

Will my current PRSA reference number stay the same? 

No, your new provider will advise you of a new reference.

I want my PRSA to form part of the default transfer to Bank of Ireland Life (Option 2)

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.

What do I need to do?  

If you wish to transfer to Bank of Ireland Life you do not need to take any action, we will transfer your PRSA fund value for you to Bank of Ireland Life after the date specified in our letter to you  and they will set up a new PRSA policy for you.

What funds will my PRSA be invested in if I default transfer to Bank of Ireland Life?

Depending on what fund you are currently invested in:

KBC Cash Fund

Bank of Ireland Life’s Cash Fund

KBC My Autoinvest Default Investment Strategy

Bank of Ireland Life’s Default Investment Strategy

KBC Expertease Fund

Bank of Ireland Life’s Default Investment Strategy

Where can I find out 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.

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 of 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 the 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.

What is a portfolio transfer?      

Under Option 2, any PRSA policies that don’t select Option 1 by the date specified in our letter to you, those fund values will automatically transfer to Bank of Ireland Life . As it is anticipated there will be multiple PRSAs moving to Bank of Ireland Life, it is classified as a portfolio transfer by our regulator the National Bank of Belgium.

Who are the National Bank of Belgium?              

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

When will regulatory approval be received for Option 2?            

The default transfer under Option 2 is regarded as a portfolio transfer under Belgian Supervision law. We await formal approval from the National Bank of Belgium for Option 2 to proceed. We do not believe this has any impact to the date outlined in Option 1 in our letter to you to transfer your PRSA to an approved pension provider of your choice

What happens if KBC don’t receive regulatory approval for Option 2?   

We will write to you if there are any changes.

Table of Fund Prices

Lifestyle PRSA Fund Prices

Fund Name: Fund Price at 08/03/2023:

1 month
performance at 08/03/2023:

3 month performance at
08/03/2023:
6 month performance at 08/03/2023: 12 month performance at
08/03/2023:
YTD performance at 08/03/2022:
MyAutoinvest equity funds

€1,338.20

-1.19%

2.05% -2.04% 0.99% -8.37%
MyAutoinvest bond funds €827.85 -1.91% -3.56% -3.08% -12.01% -14.68%
MyAutoinvest cash funds €983.41 0.08% 0.16% 0.07% -0.70% -0.96%
             

LifestyleExtra PRSA Fund Prices

Fund Name: Fund Price at 08/03/2023: 1 month
performance at
08/03/2023:

3 month
performance at 08/03/2023:

6 month performance at 08/03/2023: 12 month performance at 08/03/2023: YTD performance at 08/03/2022:
ExpertEase Careful Defence

€988.27

-0.76% -1.09% -1.51% -5.10% -9.63%
ExpertEase Balanced Defence €987.56 -0.97% -1.33% -2.19% -5.79% -11.37%
ExpertEase Progressive Defence €983.29 -1.14% -1.26% -2.36% -6.86% -13.00%
ExpertEase Balanced Approach €1,049.99 -01.41% -0.86%

-2.79%

-6.27% -13.81%
ExpertEase Progressive Approach €1,038.47 -1.37% -0.82%

-2.90%

-6.15% -14.32%
ExpertEase Progressive Opportunity €1,076.37 -1.48% -0.41% -3.06% -5.90% -15.77%
Lifestyle Cash €980.86 0.11% 0.26% 0.27% -0.30% -0.49%

 

 

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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