New Ireland AVCs

[Sunnygirl69]

I sent correspondence to New Ireland 21st Sep 2023 highlighting that they have an incorrect retirement date of 68 years on my policy (& I'm sure many others too) I got this response but we are now in March 2024 & I still have not got an updated statement. Obviously all their projected figures are based on the higher age of 68 years, which works in their favour.
Have any other public sector workers noticed this?


'Unfortunately this is not a quick fix. This may take some time as we do not have control of amending policy documents they are generated on our system.

I have forwarded your email and the screen shot above to our compliance. Advising them of the following:

“Our AVC application form currently states that we align a person’s NRA to match the date they become eligible for the state pension (66,67,68 depending on the year they were born) for those who join the main scheme on or after 01.01.2023

Anyone who joined main scheme prior to 01.01.2023 we set their NRA as 65

Due to this change in eligibility age for state pension are we now to set all members who join main scheme on or after 01.01.2023 to an NRA of 66?” '

 

[GSheehy]

Not sure why you think it would be in their favour?

Is it an AVC or a PRSA AVC?

If it's an AVC, is there something in the contract that states that you will be penalsied if you don't let the plan run to 68? Because, that can't happen with a PRSA AVC.

Providers ask for the main scheme Retirement Age on PRSA AVC application to enable them to do a max funding quote at outset. That retirement age is just for the purpose of issuing the policy. If 68 is on main scheme and PRSA AVC, but you're taking benefits at (say) 65, it doesn't matter as you have to mature both at the same time.

Gerard

www.prsa.ie