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Important Customer Notice - Pensions - Updated 22nd October 2021
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) for non-KBC customers. New applications from existing KBC customers will be paused from 15th November 2021 and 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. If you apply for a PRSA on or before the 15th November 2021 your application will be processed as normal should you still wish to proceed.
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 regulatory 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
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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 regulatory 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.
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 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.