Important Update for Financial Brokers
As you will be aware over the last month there has been increased uncertainty, changes in the market and additional regulatory updates in relation to the continued provision of one-member arrangements for retirement savers.
Given the recent significant regulatory updates and concerns expressed to the industry, New Ireland has taken the decision to pause the sale of new one-member arrangements until we have worked with stakeholders to better understand suitable solutions for you and your customers.
New Ireland is committed to being fully compliant at all times. This decision has been made to protect you and your customers until there is clarity which will allow you to safely advise your customers in respect of their pension needs.
With effect from 8 July 2022
New Ireland has paused accepting applications for Executive Pension new business.
Existing business and pipeline:
- New Ireland will continue to accept contributions for existing customers, this includes lump sum contributions, top-ups and transfers in
- Any new business applications that have been submitted by 8 July 2022 will be processed on the basis that we have given a commitment to you and to these customers
If you have concerns and would like to withdraw any applications, please let us know.
Next steps
We are fully committed to working with the regulators, industry bodies and most importantly with you to:
- Consider all options available,
- To agree the best approach for customers, and
- To quickly deliver appropriate solutions.
Thank you
We would like to take this opportunity to thank you for your continued support. As an Irish owned organisation which has been serving the Irish market for more than 100 years, we remain committed to providing you with excellent products, pricing and investment options for your customers.
If you have any questions we are always available and will be happy to discuss alternative options for your customers during this time.
Please contact your Account Manager, Sales Support team or your Regional Manager.