Servicing FAQs

New employer tax numbers from 1 April 2019

 What is happening?

Our Employer Registered Tax numbers are changing. This means that customers who receive a payment from their ARF, AMRF, Annuity or Vested PRSA policies from Standard Life Assurance Ltd will now receive their payment from Standard Life International DAC.

 Why are we changing the Employer Registered Tax numbers?

As you may know Standard Life is making important changes to our European business in preparation for Brexit. This involves transferring all our Irish customers to Standard Life International DAC in Ireland. Part of this involves changing the Employer Tax registration number for all our ARF, AMRF, Vested PRSA and Annuity customers from Standard Life Assurance Ltd to Standard Life International DAC. 

 What will the new Employer Tax Registration number be?

3586780HH for ARF, AMRF and Vested PRSA customers

3587289KH for Annuity customers

 What does this mean for my regular payment?

Nothing, the current employer tax registration number will automatically change to the new tax registration number on the 1 April 2019.

 Revenue Communication

Our current understanding from Revenue is that they may write directly to all customers to provide them with a new tax credit certificate.

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/or occasional withdrawals from your ARF or Vested PRSA. You can make an occasional withdrawal once a year from your AMRF, up to 4% of your AMRF's value.

To do this contact us and let us know how much you want to withdraw. To process your instruction, we'll also need your bank account details and may need certified copies of proof of your bank account, identity and address too.

To get certified copies of your documents, photocopy the originals, bring the originals and copies to a post office, bank, Garda station or qualified accountant/ financial adviser. They'll check, stamp and sign each copy to certify it's a true copy of the the original. Enclose those certified copies with your instructions. 

You can post your instructions, together with the certified copy documents, to Standard Life, 90 St Stephen's Green, Dublin 2.  Or you can scan and email them to us at arf_payroll@standardlife.ie.

To surrender your policy, complete this Withdrawal instruction and post it, together with the certified copy documents, to Standard Life, 90 St Stephen's Green, Dublin 2. Instead of posting, you can scan and email them to us at fundtransactions@standardlife.ie.

 

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

Occasional withdrawals are processed several times each month. Requests recieved 3 or more working days before the 15th of the month will be processed that month. Any request received after this date may not be processed until the following month. 

Regular income withdrawals are processed on the 6th of the month. 

Withdrawals will be paid directly into your bank account. Please allow up to 5 working days from processing 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 the income tax, PRSI and Universal Social Charge (USC) rates applicable to you. For further details, please see our 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 Revenue Payroll Notification (the employer's version of your 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%).

The tax credits you allocate to your policy are used to reduce the amount of tax deducted from your withdrawal.

 You’ve deducted too much tax on my ARF, AMRF or Vested PRSA withdrawal. How do I claim it back?

If you think we’ve deducted too much tax, you can contact your local Revenue office.  They may ask for proof of your income for the year the payment was made. They will review the payment and your personal tax circumstances and 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 3586780HH. 

They will then issue a Revenue Payroll Notification 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: 3587289KH
  • ARFs and Vested PRSAs: 3586780HH

 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.

Your ARF or Vested PRSA may still be subject to an imputed distribution withdrawal in December each year if you have not met your liability in the current tax year. 

 How much will my imputed distribution withdrawal be?

Your imputed distribution withdrawal is a percentage of the value of your investment each year. The percentage depends on your age and the value of your investment (on 30 November) 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 withdrawal, payable in December, will be reduced by actual distributions made during the year.  If you have an AMRF with us, any withdrawal during the year from it will be off-set against your imputed distribution liability with us.

 What is an imputed distribution?

An imputed distribution is an assumed withdrawal of a certain percentage from your ARF or Vested PRSA. You must pay income tax, PRSI and USC on at least this amount each year. Actual distributions from your ARF, AMRF and/ or Vested PRSA each year can be used to reduce your imputed distribution liabilty.
Each December, we'll calculate your imputed distribution and apply an actual distribution to your policy equal to your imputed distribution. We'll calculate your tax pay it to Revenue and pay the net amount to you.

Servicing

 What funds can I invest in?

The funds available depend on the product though which you made your investment.  See the relevant fund range for your product type.  You can also visit our Fund Centre, where you can select your product type and check out fund factsheets, performance, prices and volatility. 

 Can I invest more by topping up my policy?

Some products are open to new investments, including top ups.  Other products may be open to top ups only, or closed.  For more information, see Products and funds trading

 How do I add another owner to my policy?

To add an owner to your policy, you will need to

  • complete a Deed of absolute assignment, and send it to us, together with
  • a Stamp certificate (or confirmation that stamp duty does not apply and the reason why)
  • a certified copy of a recent utility bill or bank statement for each of the policy owners to verify their address
  • a certified copy of the current passport or driving licence of each policy owner to verify their name, date of birth and signature

(recent means within 6 months and current means not expired)

Stamp Duty and Capital Gains Tax may apply on transfer of ownership.

You can’t add an additional life assured to an existing policy.

To get certified copies of your documents, photocopy the originals, bring the originals and copies to a post office, bank, Garda station or qualified accountant/financial adviser. They’ll check, stamp and sign each copy to certify it’s a true copy of the original. Enclose those certified copies with your instructions.

 How do I transfer ownership of my policy to someone else?

To transfer ownership of your policy, you will need to

  • complete a Deed of absolute assignment, and send it to us, together with
  • a Stamp certificate (or confirmation that stamp duty does not apply and the reason why)
  • a certified copy of a recent utility bill or bank statement for each of the new policy owners to verify their address
  • a certified copy of the current passport or driving licence of each new policy owner to verify their name, date of birth and signature

(recent means within 6 months and current means not expired)

 Stamp Duty and Capital Gains Tax may apply on transfer of ownership.

Changing ownership doesn’t change the lives assured named in the policy, on whom the policy depends. You can’t change the lives assured on an existing policy.

To get certified copies of your documents, photocopy the originals, bring the originals and copies to a post office, bank, Garda station or qualified accountant/financial adviser. They’ll check, stamp and sign each copy to certify it’s a true copy of the original. Enclose those certified copies with your instructions.

 How do I remove a policy owner from my policy?

To remove an owner from your policy, you will need to

  • complete a Deed of absolute assignment, and send it to us, together with
  • a Stamp certificate (or confirmation that stamp duty does not apply and the reason why)
  • a certified copy of a recent utility bill or bank statement for each of the remaining policy owners to verify their address
  • a certified copy of the current passport or driving licence of each remaining policy owner to verify their name, date of birth and signature

(recent means within 6 months and current means not expired)

 Stamp Duty and Capital Gains Tax may apply on transfer of ownership.

Changing ownership doesn’t affect the lives assured named in the policy, on whom the policy depends. You can’t change the lives assured on an existing policy.

To get certified copies of your documents, photocopy the originals, bring the originals and copies to a post office, bank, Garda station or qualified accountant/financial adviser. They’ll check, stamp and sign each copy to certify it’s a true copy of the original. Enclose those certified copies with your instructions.

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

To make a withdrawal from your policy, complete this Withdrawal instruction and post it, together with the certified copy documents, to Standard life, 90 St Stephen's Green, Dublin 2. Instead of posting, you can scan and email them to us at fundransactions@standardliife.ie 

If you scan and email documents containing your personal information, be aware that there’s no guarantee that any email you send us will be received, or that it will remain private and unaltered during internet transmission.

To get certified copies of your documents, photocopy the originals, bring the originals and copies to a post office, bank, Garda station or qualified accountant/financial adviser. They’ll check, stamp and sign each copy to certify it’s a true copy of the original. Enclose those certified copies with your instructions.

 How do I surrender my Savings or Investment policy?

To surrender your policy, complete this Withdrawal instruction and post it, together with the certified copy documents, to Standard Life, 90 St Stephen's Green, Dublin 2. Instead of posting, you can scan and email them to us at fundtransactions@standardlife.ie

If you scan and email documents containing your personal information, be aware that there’s no guarantee that any email you send us will be received, or that it will remain private and unaltered during internet transmission.

To get certified copies of your documents, photocopy the originals, bring the originals and copies to a post office, bank, Garda station or qualified accountant/financial adviser. They’ll check, stamp and sign each copy to certify it’s a true copy of the original. Enclose those certified copies with your instructions.

 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 third party Deposit providers, Execution only Stockbroking and Direct Property.
For more information visit your options

 How can I increase the balance in my policy's cash account?

Here's a list of options depending on the type of policy you own.

  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-I ✔                                                            
Synergy PRSA AVC A-I ✔ 
Synergy Investment Bond  
Synergy Portfolio Bond     ✔                      ✔
Synergy Regular Invest  
Synergy ARF and AMRF  
Synergy Portfolio ARF and AMRF  
  • If you want to invest benefits or transfer monies from another policy into your policy, please contact us on (01) 639 7000 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 my policy's 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's your responsibility to ensure that the balance held in your policy's 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 and options chosen. Examples of some charges which may apply are management charge for Self-Directed Options, fund based charge, policy fee, third party charges. For more information on charges please call us on (01) 639 7000.

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