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:
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KBC Cash Fund
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Bank of Ireland Life’s Cash Fund
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KBC My Autoinvest Default Investment Strategy
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Bank of Ireland Life’s Default Investment Strategy
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KBC Expertease Fund
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Bank of Ireland Life’s Default Investment Strategy
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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:
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Retirement Fund or Cash Fund
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Fund Management Charge
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1% p.a.
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Contribution Charge
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1%
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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.
