Brexit Customer Update

We are ready to ensure we minimise any disruption for our customers at the end of the transitionary period on 31st December 2020.

 

 

Motor Insurance

• Green Cards will not be required for driving in Northern Ireland or Britain following agreement between the Motor Insurers Bureau of Ireland & the UK Department of Transport. See more info here.

• UK driving licence holders driving in Ireland must change their UK licences to Irish licences before 31/12/20 check out what you need to do here.

 

 

Business Insurance

• Many businesses have been taking steps to prepare for Brexit. We have prepared a guide for our business customers. More info.

 

 

Suppliers/Insurers

• We have been working to ensure all our insurers can continue to trade in the Republic of Ireland after 31/12/20. We can confirm that any insurance policy incepted by 01/01/21 remains valid for its full term. We have a very small number of suppliers who will no longer be offering renewal in 2021 and we will work to place these policies with other insurers to best suit our customers’ needs.

 

 

If you have any questions, please contact your account executive or call us on 1890 300 301.

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Important Assumptions

For the purpose of determining the term over which pension contributions are made, we have assumed your birthday was exactly six months ago.

If your target retirement age is lower than the age at which the Social Welfare pension commences (age 68 if you are born on/after 01/01/1961, age 67 if born before this date but on/after 01/01/1955 and age 66 if born before 01/01/1955) the calculations allow for funding for this gap, in addition to the cost of the annuity.

You are entitled to a full Social Welfare pension of €248.30 per week as at March 2019 which is assumed to increase by 2.5% per year.

You are saving for the difference between the Social Welfare pension and your target monthly income in retirement.

We have allowed for inflation of your target monthly income of 2.5% per annum between now and your retirement date.

Any other private pension provision you may have in place has not been taken into account.

Your monthly pension contribution increases by 2.5% each year up until your retirement age and is invested in a pension plan with an annual management charge of 1% and a 5% charge on each contribution, in line with the Standard PRSA fees and charges maximum limit.

A Gross Investment Return of 4.2% per annum on your savings. This is not a forecast because the value of your investment may grow at a faster or slower rate than assumed and the value of your investment may be expected to fall from time to time as well as rise.

On retirement you purchase an annuity which escalates at 1.5% each year, has a 5-year guarantee and is payable monthly in advance. The annuity rate assumes a post retirement interest rate of 2% per annum and no spouse’s pension. The actual annuity rate will depend on the selection of dependant’s pension, guaranteed period and the escalation rate, as well as interest rates prevailing when the annuity is purchased.

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