Standard Life FAQs

Top pensions FAQs

Why do I need a pension?

You need your own pension because the state pension isn’t that generous.  The full single contributory state pension is less than €12,000 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.

Can I transfer my pension benefits to an overseas scheme?

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.

Can I get tax relief on my pension contributions?

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

Your age   
% of net relevant earnings*
Under 30
15%
30-39 20%
40-49 25%
50-54 30%
55-59 35%
60 or over 40%

* for the 2014 tax year, net relevant earnings are subject to a ceiling of €115,000 for the purpose of calculating tax relief.

Top Savings and Investments FAQs

What is an ETF?

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.

Is my Standard Life policy protected?

Standard Life in Ireland operates as a branch of our UK parent company. This means that any 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. So if you invest in a Standard Life pension or investment policy, 100% of the claim is covered, with no upper limit.

For more information, see Your policy is protected PDF (416KB)

 

Is my investment subject to tax?

For policies taken out since 2001, the growth in your policy is subject to an exit tax (currently 41%).  It's 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 may be subject to the tax rules of the country you have moved to.

If the policyowner is a company, the exit tax is currently 25%

Top Servicing FAQs

How much will my imputed distribution be?

Your imputed distribution is a percentage of the value of your investment on 30 November each year. The percentage depends on your age and the value of your investment as follows:

• 4%, if you’re 60 years of age or over for the full tax year, or

• 5%, if your 70 years of age or over for the full tax year, or

• 6% if you’ve combined ARF and Vested PRSA assets of €2million or more and you are aged 60 or over for the full tax year.

Your imputed distribution will be reduced by actual distributions you make from your policy.

Can I stop my regular withdrawal?

Yes. You can stop your regular withdrawal at any time.  To do this contact us and let us know when you want your payments to stop. 

It’s important to note that your ARF or Vested PRSA may still be subject to imputed distribution.

 

What happens if my Policy Cash Account becomes overdrawn?

Your holding in the Policy Cash Account can’t fall below a minimum as set out by us in order to meet any charges which may apply to the Self‑Directed Options which you have selected.

This minimum depends on which investment option you choose and the commission taken by your financial adviser (if you have appointed one). 

If the holding in the Policy Cash Account falls below the minimum set by us, we may sell some of the Holdings which make up your Policy in order to bring the holding in the Policy Cash Account up to the minimum level set by us.

Top Online services FAQs

What can I do online?

 My Standard Life online gives you access to information about your policy.  You will be able to: 

  • Check your policy value
  • View payment information
  • Update your personal details

The information displayed varies by policy type.  If your policy is not available online, you can contact us.

 

How do I register for online services?

To register fill out our online registration form. We will then give you a user ID and a password.

Your user ID will be displayed on screen and confirmed by email to you.


You can choose to receive your temporary password by SMS for instant registration, or post which should take up to five working days.

If you need any help with your registration you can contact us.

I have forgotten my password or my access has been suspended. What should I do?

1.  If you have already set up your security questions, you can reset your own password online.  First, log in on the customer login page  with your User ID and select the ‘Have you forgotten your password?’ link. 

You will be asked to confirm your policy number and answer three of your security questions.  Remember that these fields are case sensitive. 

The first four characters of a temporary password will the appear on the screen.  The remaining four characters will be sent to your registered email address.

You should then re-enter your User ID on the  customer login page, followed by the full temporary password.  When logged in you will be prompted to change this to a password of your choice. 

2.  Alternatively, you can contact us and we’ll send a temporary password to your mobile phone or by post.  Please have your policy number ready when you call.

I have forgotten my user ID. What should I do?

You can click on the 'Forgotten user ID' link on the customer login page. You will need to know your policy number and My Standard Life online password to use this reminder service.

If you don’t have this information, contact us. We'll be happy to assist you. 

Top Company FAQs

Who are you and what is your business?

Standard Life Assurance Limited is one of Ireland's leading pension and investment providers. We've been in Ireland since 1834.  Standard Life Assurance Limited is a subsidiary of Standard Life plc, a FTSE 100 member and employs over 280 people in Ireland.

The Standard Life group employs around 6,500 people internationally, has assets under administration of over £296 billion* and over 4.5 million customers worldwide.

Standard Life in Ireland provides:

  • personal pensions
  • company pensions
  • buy out bonds
  • PRSAs
  • approved retirement funds
  • annuities
  • savings
  • investments


 
*  at 31 January 2015

Who is your senior management team in Ireland?

Nigel Dunne - Country Head Ireland
Michael McKenna - Head of finance 
Cristiano Braggion - Operations director
Fiona Keane - Head of people
Nigel Monaghan - Head of sales
Orla Collins - Head of risk
Sanjeev Kopan - Head of proposition and marketing

How much do you donate to charity?

Standard Life has supported a range of community activities over the years.

Our charity partner for 2014/2015 is Barnardos and their teen parent programme, which focuses on working closely with teenage parents and their children to promote and nuture their educational, emotional and social well-being.

In 2013, we raised over €87,000 for the Laura Brennan Charitable Trust, which supports children who may be suffering from serious life threatening or life limiting illnesses within the local and surrounding communities. 

In 2011/2012 we raised over €100,000 for the Jack and Jill Foundation, which provides care and support for children with severe neurological development issues, as well as offering some respite to the parents and families.

In 2009/2010, we 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.