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Servicing FAQs

Servicing

 How do I make a withdrawal from my Savings or Investment policy?

To withdraw from your policy, please send us:

1. A written instruction signed by all policy owners
2. Certified copy of a recent bank statement (within the past 6 months) for all policy owners 
3. Certified copy of ID for all policy owners i.e. current passport or current drivers licence (required under Anti-Money Laundering legislation)

All of the above can be scanned and emailed to us at fundtransactions@standardlife.ie or posted to Standard Life, 90 St Stephen's Green, Dublin, D02 F653

 Documents can be certified by:

- Qualified Financial Adviser
- An Garda Siochana
- Chartered Accountant
- Solicitor or Notary Public
- Financial Institution
- An Post
- Your GP

You can take original documents to any of the above, where they will stamp and sign a photocopy, to certify that it is the same as the original. 

 How do I surrender my Savings or Investment policy?

To surrender your policy, please send us:

1. A written instruction signed by all policy owners
2. Certified copy of a recent bank statement (within the past 6 months) for all policy owners
3. Certified copy of ID for all policy owners i.e. current passport or current drivers licence (required under Anti-Money Laundering legislation)

All of the above can be scanned and emailed to us at fundtransactions@standardlife.ie or posted to Standard Life, 90 St Stephen's Green, Dublin, D02 F653

 Documents can be certified by:

- Qualified Financial Adviser
- An Garda Siochana
- Chartered Accountant
- Solicitor or Notary Public
- Financial Institution
- An Post
- Your GP

You can take original documents to any of the above, where they will stamp and sign a photocopy, to certify that it is the same as the original.

 What is a Policy Cash Account?

When you invest in Self Directed Options we set up a policy cash account to meet any charges and third party costs.

 What do you mean by Self Directed Options?

These are options which allow you to have more control of your investments. The current options
are made up of third party Deposit providers, Execution only Stockbroking and Direct Property.
For a full list go to youroptions

 How can I increase the balance in the policy cash account, what are my options?

A list of options depending on the type of policy you own is available below.

  Fund switch Sell self-directed options Transfer or invest monies from a suitable pension policy into this policy Invest additional money into your policy
Synergy Personal Pension
Synergy Executive Pension
Synergy Buy Out Bond    
Synergy PRSA A-1  
Synergy PRSA AVC A-1  
Synergy Investment Bond  
Synergy Regular Investment  
Synergy ARF/AMRF
Synergy Portfolio ARF/AMRF
  • If you want to invest benefits or transfer monies from another policy into your policy, please contact us on (01) 639 7090 to make sure this is possible.

 

 What is the balance in the policy cash account used for?

The balance in the policy cash account is used to meet on-going charges and third party costs. You must have enough in this account to allow us to carry out your instructions and to pay the charges related to your chosen Self Directed Option. The policy cash account is a bank account provided by a third party.

 How do you calculate the amount I need to add to the policy cash account?

The amount needed is to cover the expected policy charges. We recommend you hold enough money back to cover charges for the next 12 months. This will support you with the management of your policy. It is your responsibility to ensure that the balance held in the policy cash account is enough to cover all charges and costs.

 What charges are deducted from the policy cash account?

The charges depend on your policy type. Examples of some charges which may apply are an annual management charge, fund based charge, policy fee and third party charges. For more information on charges please contact us on (01) 639 7090.

Approved Retirement Fund and Vested PRSA Payments

 How do I request a withdrawal on my ARF, AMRF or Vested PRSA?

You can make regular and occasional withdrawals from your ARF or Vested PRSA and occasional withdrawals from your AMRF, subject to minimum withdrawals amounts.

To do this contact us and let us know how much you want to withdraw, we may need you to provide proof of identity before we  can process your payment. 

 How long does it take to process an ARF, AMRF or Vested PRSA withdrawal?

Withdrawals are processed once a month. Requests received 3 or more working days before the 6th of the month will be processed that month.

Any request received after this date may not be processed until the following month. Withdrawals will be paid directly into your bank account. Please allow up to 5 working days from the 6th of the month for the payment to reach your account.

 Is my ARF, AMRF or Vested PRSA withdrawal taxed?

Yes. Any withdrawals from an ARF, AMRF or Vested PRSA are treated as income and taxed under the PAYE system.

This means your payment is liable to income tax, PRSI and Universal Social Charge (USC) applicable to you. For further details, please refer to the Guide to your payments.

 What rate of tax have I paid on my ARF, AMRF or Vested PRSA withdrawal?

Revenue ask us to deduct tax at the higher rate of tax (currently 40%) unless we’ve received an up to date Certificate of Tax Credits.

Your payslip shows what tax information we have for you.  Your standard rate cut off point is the level of income you pay tax on at the standard rate (currently 20%). Any income above this level is taxable at the higher rate (currently 40%).

Your tax credits are used to reduce the amount of tax deducted from your withdrawal.

 I think you’ve deducted too much tax on my ARF, AMRF or Vested PRSA withdrawal. How do I claim it ba

If you think we’ve deducted too much tax, you can contact your local Revenue office.  They’ll need your P60 for the year the payment was made. They will review the payment and your personal tax circumstances and will issue a refund if it’s due.  

 How do I make sure future ARF, AMRF or Vested PRSA withdrawals are taxed correctly?

To allocate tax credits to your Standard Life ARF or Vested PRSA you should contact your local Revenue office and quote our ARF and Vested PRSA employer number 9578247P. 

They will then send an up to date Certificate of Tax Credits to us. We will update our records and apply your up to date tax credits to your future payments.

 What is Standard Life’s employer registered (tax) number?

  • Annuities: 0064349F
  • Taxed cash at retirement: 9578249T
  • ARFs and Vested PRSAs: 9578247P 

 When will I receive my P60?

We’ll issue your P60 in February of the year following your payments.

 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.

Guide to your payments

 

Contact us on 01 6397000

Most servicing requests can be taken by phone or email. Calls may be monitored and/or recorded to protect both you and us and help with you training. Call charges will vary.

 customerservice@standardlife.ie