Standard Life FAQs

You need your own pension because the state pension isn’t that generous.  The full single contributory state pension is less than €12k a year.  Compare this to your salary now and the income you hope to live on when you retire.  This is why you need your own pension.

Yes, if you’re a member of a company pension scheme or if it’s from a PRSA. You’ll need to get the receiving scheme to confirm that the pension benefits will be similar to what you are transferring from and it’s approved by the country’s pension regulator.

The amount of tax relief on your personal contributions to all pension arrangements is based on your age and your earnings.

* for the 2011 tax year, net relevant earnings are subject to a ceiling of €115,000 for the purpose of calculating tax relief.

Generally ETFs (Exchange Traded Funds) are like investment funds, but they trade on major stock exchanges just like shares.

Unlike investing in individual shares, most ETFs offer the benefits of a diversified portfolio covering the component stocks of an underlying index. In other words, many of the risks involved are reduced by spreading them across a wide portfolio.

Typically, ETFs can be traded during dealing hours so investors can check prices and place orders just like for shares.

As Standard Life operates as a branch of our UK parent company, policies taken out since 1 December 2001 are covered by the UK’s Financial Services Compensation Scheme (FSCS) in the event that Standard Life is in default.

This means that if you buy a Standard Life pension or investment policy, your policy is covered by the FSCS which covers 90% of the claim, without any limit.

For more information, visit the FSCS website, www.fscs.org.uk.

For policies taken out since 2001,the growth in your policy is subject to an exit tax (currently 30%).  It is deducted from your policy every eight years and from any withdrawal, surrender or death claim. 

If you are no longer an Irish resident for tax purposes when exit tax is due, then you may not have to pay it.  You will be subject to the tax rules of the country you have moved to.

We require a signed request from the policy holder specifying a gross amount.  

Withdrawals are processed once a month.  The deadline for accepting a request is 3 working days prior to the 6th of the month.  Any request received after this date, will be processed the following month.  Payment will reach your bank account within 5 working days of the 6th of the month.
All withdrawals must be paid by direct credit.

Annuities: 0064349F

Taxed Cash: 9578249T

ARFs: 957824P

Imputed distributions are forced withdrawals from your ARF that were introduced in the Finance Act 2006 for people aged 60 or over. 

If you are aged 60 or over, you must make withdrawals from your ARF. You must withdraw at least 5% of the value of your policy each year.  If you don’t, in December we will make a withdrawal and pay it into your bank account.

Standard Life Assurance Limited is one of Ireland's leading pension and investment providers. It celebrated 175 years in Ireland in 2009. It’s a subsidiary of Standard Life plc, a FTSE 100 member and employs around 235 people in Ireland.

The Standard Life group employs around 9,000 people globally, has assets under administration of approximately £198.4 billion* and over 6 million customers worldwide. Standard & Poor's has awarded Standard Life a stable credit rating of A+.**  Its market capitalisation was £4.5 billion as at 30 June, 2011.

Standard Life Ireland provides:

• Investment bonds
• Personal pensions
• Company pensions
• Approved retirement funds (ARFs)
• Retirement annuities
• Buy out bonds
• PRSAs

*   As at 28 April, 2011
** As at 6 August, 2010

Nigel Dunne - Chief executive
Michael McKenna - Head of finance
Sharon McDiarmid - Operations director
Fiona Keane - Head of people
Nigel Monaghan - Head of sales
Ian Quinn - Senior risk manager
Sanjeev Kopan - Head of Irish product development

Being a responsible business and playing an important role in the communities we work in are all fundamental parts of how we do business. Standard Life has supported a range of community activities since 1998.

The Jack & Jill Foundation is Standard Life’s charity partner for the remainder of 2011 and 2012.  

In 2009 and 2010, Irish staff raised over €75,000 for Barretstown, a children’s medical charity. In addition, staff donated €6,667 in a four week appeal for the Haiti earthquake victims.

In 2008, staff raised €26,500 for both the Simon Communities of Ireland and Mental Health Ireland respectively. This amount was fully matched by Standard Life thus donating €53,000 to each charity, totalling €108,000.