No Deal Brexit Planning – Your Existing Republic of Ireland Based Customers

Proposed legislation in the event of a No Deal Brexit will allow UK intermediaries to service Republic of Ireland customers to expiry date but will not allow UK intermediaries issue renewals or arrange new business with effect from 29th March 2019.

One of the solutions for UK brokers is a client transfer to a Republic of Ireland regulated intermediary. In this update we look at the practicalities of achieving this in the very limited window between now and 29th March 2019.

Central Bank of Ireland regulations require the current broker to communicate in writing with the clients, providing 60 days for them to opt out of a transfer to a named broker. Only when this period has expired can the customer details be transferred to the new broker. In effect this means if the initial communication was issued on 1st February the sixty day window would only expire on 31st March and effectively the new broker could only issue renewals from May onwards. If this process were to be followed a UK broker would find that they were unable to issue renewals for all customers with policies due in the period 30th March 2019 – 30th April 2019.

To overcome this a UK broker would need to request their customers (with renewal dates prior to 1st May 2019) to provide an opt in confirmation or mandate an alternative broker of their own choice. As a matter of best practise the current and proposed broker would both notify the Central Bank of Ireland on the intended transfer of business providing a copy of the customer communication letter for their review.

The prospect of a No Deal Brexit is now forcing UK brokers to take urgent action to ensure continuity of service to their Republic of Ireland based customers. As you can see from the timelines above, even by brokers taking action now, customers will need to make immediate decisions to ensure they will receive renewal terms in late March/April.


For further information on Brexit solutions from Campion Insurance contact:

Kristy Collins

(M) 00 353 87 1056747
(E/M) kcollins@campionins.com


Robert Tyrrell

(M) 00 353 87 2582407
(E/M)  rtyrrell@campionins.com

Get in Touch

  • First Name*

  • Email *

  • Phone Number *

  • County

  • Your message

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.


Leave your number here and we will give you a call back.