Latest news with #IrishLife
Irish Independent
5 days ago
- Business
- Irish Independent
Thousands of health insurance customers warned they could end up on more expensive plans as major insurer retires 22 plans
The warning comes as the health insurer retires 22 schemes. People whose plan is being retired and do not choose an alternative will have a new one recommended for them by Irish Life, but this plan could be dearer than their current one. About 6,000 policyholders will be affected by the insurer's move to streamline its schemes, according to health insurance expert Dermot Goode of Total Health Cover. The plans are being removed on September 1. Mr Goode said the move was welcome because most of the plans being scrapped were dated and may no longer represent good value for money. Those affected will receive correspondence and calls from Irish Life Health notifying them of the plan change. They will be offered similar plans or invited to contact the insurer directly to discuss other alternative options. Plans being retired include the likes of Net Most 100, Better ILH, Better Active, Teachers Complete, Business Plan Plus and Business Plan Choice. 'If members don't respond to Irish Life, they will be transferred to their closest equivalent scheme with no break in their cover,' Mr Goode said. 'There's always a risk that the suggested alternative scheme may be more expensive, so we recommend that all members impacted by the change engage with Irish Life Health by phone to discuss alternative options.' People who use a broker for their Irish Life Health cover have been advised to contact the broker immediately to discuss alternative options. Mr Goode said that many of the plans being retired have been on the market for some time. This means policyholders may be unaware Irish Life has launched numerous new product options such as the 4D Health range and the Health Guide range. At the start of this month the insurer launched six new plans called Health Action. The plan retirements will apply only from the next renewal date. VHI retired a number of dated schemes last year, and Mr Goode said he expected more product retirements soon across the market. An Irish Life Health spokesperson confirmed the company would retire 22 health insurance plans on September 1. 'These changes are part of our ongoing efforts to simplify our health insurance offering and make them easier to understand,' they said. The insurer said that in compliance with the Health Insurance (Amendment) Act 2016, customers on retiring plans must be offered an alternative with a similar or higher level of inpatient cover. Customers on retiring plans would be informed of these changes through their renewal invitations and SMS reminders, Irish Life said. 'We encourage customers to contact our dedicated support team with any questions and for advice on their available options. If no action is taken, they will be automatically moved to the new alternative plan,' it said. Last month, it emerged that VHI is to increase the cost of seven plans, just weeks after other hikes. Price rises are coming almost monthly, prompting a slowdown in the numbers taking out health insurance. VHI, Laya Healthcare, Irish Life Health and new player Level Health have all increased prices recently. However, Laya is cutting the premium on one of its corporate plans and launching new schemes, bucking a trend of rises in the cost of all the providers' plans. Experts said insurers were fearful the relentless price rises would force people to give up their cover, and were now attempting to address the affordability issue.
Irish Independent
5 days ago
- Business
- Irish Independent
Thousands of health insurance customers warned they may could end up on more expensive plans as Irish Life retires 22 plans
The warning comes as the health insurer retires 22 schemes. People whose plan is being retired and do not choose an alternative will have a new one recommended for them by Irish Life, but this plan could be dearer than their current one. About 6,000 policyholders will be affected by the insurer's move to streamline its schemes, according to health insurance expert Dermot Goode of Total Health Cover. The plans are being removed on September 1. Mr Goode said the move was welcome because most of the plans being scrapped were dated and may no longer represent good value for money. Those affected will receive correspondence and calls from Irish Life Health notifying them of the plan change. They will be offered similar plans or invited to contact the insurer directly to discuss other alternative options. Plans being retired include the likes of Net Most 100, Better ILH, Better Active, Teachers Complete, Business Plan Plus and Business Plan Choice. 'If members don't respond to Irish Life, they will be transferred to their closest equivalent scheme with no break in their cover,' Mr Goode said. 'There's always a risk that the suggested alternative scheme may be more expensive, so we recommend that all members impacted by the change engage with Irish Life Health by phone to discuss alternative options.' People who use a broker for their Irish Life Health cover have been advised to contact the broker immediately to discuss alternative options. Mr Goode said that many of the plans being retired have been on the market for some time. This means policyholders may be unaware Irish Life has launched numerous new product options such as the 4D Health range and the Health Guide range. At the start of this month the insurer launched six new plans called Health Action. The plan retirements will apply only from the next renewal date. VHI retired a number of dated schemes last year, and Mr Goode said he expected more product retirements soon across the market. An Irish Life Health spokesperson confirmed the company would retire 22 health insurance plans on September 1. 'These changes are part of our ongoing efforts to simplify our health insurance offering and make them easier to understand,' they said. The insurer said that in compliance with the Health Insurance (Amendment) Act 2016, customers on retiring plans must be offered an alternative with a similar or higher level of inpatient cover. Customers on retiring plans would be informed of these changes through their renewal invitations and SMS reminders, Irish Life said. 'We encourage customers to contact our dedicated support team with any questions and for advice on their available options. If no action is taken, they will be automatically moved to the new alternative plan,' it said. Last month, it emerged that VHI is to increase the cost of seven plans, just weeks after other hikes. Price rises are coming almost monthly, prompting a slowdown in the numbers taking out health insurance. VHI, Laya Healthcare, Irish Life Health and new player Level Health have all increased prices recently. However, Laya is cutting the premium on one of its corporate plans and launching new schemes, bucking a trend of rises in the cost of all the providers' plans. Experts said insurers were fearful the relentless price rises would force people to give up their cover, and were now attempting to address the affordability issue.
Irish Times
08-08-2025
- Business
- Irish Times
Irish group Kota unveils new platform to assist employers with auto-enrolment
Irish employee benefits platform Kota has unveiled a pension platform to help employers deal with the upcoming introduction of auto-enrolment pensions. The platform is designed to offer employers an easier way to sign workers up for a pension scheme that fits their needs. Developed for the Irish market, Kota's solution enables HR and finance teams to set up a compliant occupational pension with Irish Life within minutes, plugging into existing HR systems to sync employee data, set minimum contributions, and have eligible hires automatically enrolled. Staff, meanwhile, can use the platform to easily view and manage their savings. READ MORE The move comes as the deadline for the implementation of the State's pension auto-enrolment scheme approaches on January 1st, 2026. This will see workers between the ages of 23 and 60 earning more than €20,000 automatically signed up to a scheme called My Future Fund. Companies that already have occupational schemes must put arrangements in place to cover workers who have opted out of the existing workplace scheme or have not signed up to a company plan after starting employment. Businesses risk being forced to run two pension schemes simultaneously. Luke Mackey, a co-founder of Kota, said its platform integrates with existing HR systems, signing staff up from the time they commence employment, and connecting with the pension provider directly, thereby eliminating paper-based systems that brokers have traditionally used. [ Donohoe delayed approving sale of State's final shares in AIB Opens in new window ] 'We are very well positioned to allow companies be ready without having to constantly pass files and data back and forth, where errors are made,' he said. 'Our goal is to make compliance effortless in just a few clicks, while giving employees the transparent, mobile‑first experience they expect. 'We believe this is the easiest path for companies that want to do right by their employees without the unpredictable workload that often accompanies compliance.' The move to auto-enrolment has been well flagged, but a recent survey by Aon found one in four companies was not yet prepared for the change in the pension regime. 'We've spent thousands of hours working alongside Irish employers as they prepare for the upcoming changes,' said Trevor Gardiner, head of benefits at Kota. 'Auto-enrolment has been a really positive catalyst, prompting Irish employers to talk seriously about retirement benefits. But from our conversations, it's clear the State scheme won't work for everyone.' [ Karl Deeter-led mortgage and insurance fintech sold to UK plc in up to €9m deal Opens in new window ] Kota is undertaking a roadshow to enable companies to discuss their preparations and undertake readiness checks. It will cover 13 locations, including Cork, Maynooth, Limerick, Drogheda and Dundalk, and will run from September 2nd until October 23rd. Formerly known as Yonder , Kota raised $14.5 million (€12.8 million) in funding earlier this year to bring globally accessible and frictionless employment benefits for employees. That brings the total funding raised by the company to $22.9 million over three rounds.
The Independent
27-06-2025
- Entertainment
- The Independent
RTE legend Joe Duffy praises callers as he presents his final Liveline
Veteran broadcaster Joe Duffy has presented his final episode of RTE 's iconic phone-in show, Liveline, bringing to a close a distinguished 27-year tenure at the helm. During his last broadcast on Friday afternoon, the Ballyfermot native paid tribute to the callers who have shaped the programme over the decades. Mr Duffy, 69, is stepping down after 37 years with the national broadcaster. His long-running show, Liveline, has become a pivotal reflection of Irish life, serving as a unique forum for everyday grievances, facilitating the reunion of long-lost family members, and playing a crucial role in exposing societal injustices. Known for his plain-spoken approach as an on-air umpire for often heated debates, Mr Duffy has frequently expressed personal motivation stemming from the sensitive topics covered on the programme. These have included the tragic deaths of children during the 1916 Rising and the harrowing testimonies of survivors of institutional abuse. He has written books including Children Of The Rising and Children Of The Troubles. 'It will go on. Liveline is on today, but it's on on Monday as well,' Duffy told RTE Radio ahead of his last programme at 1.45pm on Friday. He added: 'It's the voices on Liveline; the less I talk the better, I find. 'We (the media) are still trusted. In the main we are still trusted, unlike other countries. 'They're all part of our daily discourse, which is great and I hope that continues.' During his last programme, Duffy was praised by musician Brush Shiels as 'a voice for the voiceless' and he was thanked by people whose lives had been changed because of him and Liveline. Irish premier Micheal Martin called in to praise his kindness, and said it would often happen that civil servants would run into him and say 'Liveline's gone mad, we've got to do this that and the other'. 'You were and are the voice of the people, you were authentic, you gave the people a platform, and I think you never left your roots,' he told the broadcaster. 'Your working-class background stood to you, the values that your parents and your family gave to you, I think, were the reason why you had a unique capacity to mediate between the people and authority to tell their stories.' When Mr Martin said 'I've known you going back to my student days, where you taught me a few things when I was a student activist', Duffy quipped: 'You forgot that quick enough now.' Mr Martin continued: 'Your personal acts of kindness have always been quite extraordinary, and something that has touched our family quite a lot.' Mr Martin said that Duffy had taken photos of him with his daughter Leana, who died aged seven in 2010, at a crab fishing competition in Courtmacsherry, which were now 'treasured' by him and his family. 'I think it's your kindness and your compassion that rings through on the radio.' Duffy joined RTE as a radio producer in 1989 and came to prominence as a reporter on the Gay Byrne Show. He presented programmes such as Soundbyte before taking over Liveline from Marian Finucane in 1998, attracting some 400,000 listeners to the phone-in programme. After Ryan Tubridy's departure from RTE in 2023, following governance and financial controversies at the station, Duffy became RTE's top earner on 351,000 euro. He said his working-class Dublin accent on the national broadcaster had prompted some 'green-ink letters' of complaint when he started, some of which were internal. Among Liveline's most famous episodes were callers giving their thoughts on the television series Normal People, people sharing stories of corporal punishment in Ireland over the decades, women phoning in about menopause and a row Duffy had with Brian Warfield, from the Wolfe Tones, about the song Celtic Symphony. Duffy said the only time he has been physically threatened during his tenure was over discussions about the closure of 'headshops', which sold drugs paraphernalia, where he said a man confronted him in a car park. Asked about whether he would run for the presidency in the autumn, Duffy said: 'I will not lose the run of myself.' 'I can see the Aras from Claddagh Green, I'd say that's the closest I'll ever get to it.' The Minister for Culture and Media Patrick O'Donovan tribute to Duffy for giving a voice to people. 'As the voice of Liveline since 1998, he has helped to start many important conversations in this country, to give a voice to those who were suffering and to those who were vulnerable. 'He has helped us to share in moments of national pride and national mourning, and he has been a consistent part of the daily lives of thousands of listeners across the country for decades. 'From challenging injustices, to celebrating moments of unbridled joy, for 27 years on Liveline and across 37 years with RTE, Joe's commitment to public service broadcasting has been unwavering. 'While he may be stepping back from the daily microphone, his legacy will undoubtedly continue to inspire.'
Irish Times
20-06-2025
- General
- Irish Times
Time off to care for children can leave women poorer in retirement. Here's how to close the gap
Ireland's gender pay gap may be improving but it's still a reality. And for young women, the implications extend far beyond what they can expect in their weekly or monthly pay packet. Finding out that you are paid less than your male colleagues for the same type of work is clearly demoralising: realising that today's insult could mean a permanent financial disadvantage in the far off days when you eventually retire should be deeply worrying. It means that at an age when most people are understandably focused on just establishing themselves in their careers – and when all the data tells us that pensions are seen as a low priority – women need to be pension aware. And thanks to the power of compound interest, the gap in retirement income will be even larger than any gap in pay. READ MORE Reporting and research on gender pay gaps is improving all the time and as it does, the impact on pension pots will diminish but, as of now, PwC pensions partner Munro O'Dwyer says, the gap is around 11 or 12 per cent, though, clearly, that can vary from sector to sector. What is the gender pension gap? Data published by Irish Life this time last year found that, in Ireland, there was a 36 per cent gender pension gap . For every €100,000 a man has in their pension pot, on average, a woman will have just €64,000. The practical impact is that women will either have substantially less money to live on each year in retirement or their pension pot will be exhausted before they are likely to die. When you consider that women in Ireland, in general, live for three and a half years longer than men, the reality is that they need a bigger pension pot than men, not a smaller one. The Irish Life report said women would need to work for eight years longer than men just to match the men's pension pots! O'Dwyer notes that the gender pay gap is just one area of disadvantage for women when it comes to pensions. How does staying at home with children impact pensions? Women are also more likely to take time out of the workforce for caring commitments – either to raise children or to care for older relatives – than men. And where they do stay in work, those commitments mean they are more likely to be in part-time employment. As a result, their pay will be lower as will contributions into an occupational pension – both their own and those coming from their employer. Even in couples not wedded to such traditional division of labour, simple domestic economics where the male partner is bringing in a higher wage can often mean they opt for the lower earner to step back from the workplace. That's not universal, of course, but it remains more likely as of now. How can you close the gender pensions gap? So, in a working world that is still skewed against them, what can women do too offset the disadvantages? First, get started early. It's good advice anyway as the longer funds are invested in a pension the better the eventual return. But if you are a young woman and you are likely to be taking a step back from work at some point to raise a family, it's even more important. 'The best advice is to make an early start to contributions at the highest level you can afford,' says Ray McKenna of employee benefits group Locktons. 'The best opportunity by far to build retirement funds tends to be when in employment. Not only does the employer also contribute, but the tax relief reduces the cost impact ,' says Shane O'Farrell, who is director of workplace market at Irish Life Employer Solutions. 'So people returning to the workforce after periods of absence (or those about to leave employment) should look carefully to address the missing years by additional top up contributions, ideally following a financial health check'. Given the generous tax relief available – up to 40 per cent for those paying tax at the upper rate – there are limits on how much you can invest in a pension. Having said that, the limits are generous enough that very few people hit the relevant caps. Under the age of 30, you can get tax relief on anything up to 15 per cent of your gross salary that you put into a pension. In your thirties, that share jumps to 20 per cent, rising to 25 per cent in your forties. Between 50 and 54, the figures is 30 per cent, rising to 35 per cent between 55 and 60. Over the age of 60, you can put up to 40 per cent of your gross salary into a pension while availing of relief. There are two other caps. First, when assessing those percentages, the upper salary limit is €115,000. If you earn less than that, no worries; if your gross salary is higher, you just get the percentage appropriate to your age of the first €115,000 of salary. So, if you're 42 and earning €130,000, the maximum pension contribution you can secure tax relief on is €28,750 (25 per cent of €115,000). [ Childcare in Ireland: 'Even as well-paid professionals, it was an exhausting struggle. The numbers never added up' ] In addition, there is a cap on the total size of your pension fund for tax relief purposes, called the Standard Fund Threshold, which is €2 million. Again, this will affect very few people when you consider that, according to 2023 PwC figures, the average private pension pot in Ireland is a very modest €75,000. For what it is worth, if you are relying on a €75,000 pension pot in retirement, you will feel the pinch financially, so I would suggest aiming higher than that. It would only deliver income of somewhere between €3,750 and €4,500 a year on top of any State pension you are entitled to. But let's get back to our young woman starting out in work. If you are in your 20s and earning, say €35,000, you can still put €5,250 a year into your pension. And because that is deducted from your gross salary before tax, it would cost you even less. Now at €35,000, you'd still be paying income tax at 20 per cent so your tax bill will be €1,050 lower for the year than it otherwise would be. That means, in take-home pay terms, the €5,250 pension contribution is costing you just €4,200, or €350 a month. Someone in their thirties on the average industrial wage – €53,352 as of the first quarter of this year – could put as much as €10,670 into a pension. Almost all of this would otherwise be taxed at 40 per cent so your €10,670 will actually cost you just €6,677.60 in take-home pay. And that's even before you consider that many employers will match your pension fund contributions within certain limits. Those limits – and indeed what you might be allowed to put into your company's occupational scheme – will likely be significantly lower than the amounts above but there is nothing stopping you taking out Additional Voluntary Contributions (AVCs) to accommodate the balance. Employers won't contribute to AVCs but it does allow you max out your tax relief. And remember it is not all or nothing. If you cannot put in the maximum permitted, it's not the end of the world. Should I increase my pension contributions? The key message for young working women is that it is more important for them than it is for men to invest as much as they can in their pensions early to allow for the fact that you might miss out contributions in some years when you are out of the workforce. If you are taking unpaid time out of work, you will not be permitted to contribute to the company pension scheme for that period. However, if you did not use up your full pension tax relief threshold the previous year – the 20 per cent of salary in your thirties for instance – and you have the financial resources available, you can make additional pension contributions via an AVC or a personal retirement savings account (PRSA) up to the end of October the following year. As an example, Patricia (35) earns €55,000 and last year contributed 6 per cent (€3,300) to a company pension, a figure that was matched by her employer. That 6 per cent is well below the 20 per cent limit on pension investment that she can get tax relief on. Patricia has taken unpaid time off work this year to spend more time with her children who are just making the transition to school. She won't be able to invest in the company pension scheme as she's not being paid. However, as long as she acts before the end of October – including filing a tax return – she can put up to €7,700 into an AVC or PRSA and get a tax refund for 2024 of €3,080, which means the €7,700 investment will only cost her €4,620. You can only go back one year like that but at least it will help. What are the benefits of flexible hours? Another approach, says Locktons' McKenna is to see if your employer is prepared to be more flexible around work patterns. With hybrid and remote work more common, and more practicable than it used to be, many people can continue to work as long as employers allow wriggle room. That would, for instance, allow the carer (woman or man) to put in their work hours when their partner has finished their more regular working hours. The main advantage, in pension gender gap terms, is that as you are still being paid, you can continue to make contributions to the company pension scheme. Also, as you are earning income, there is income tax against which you can offset the tax relief on those contributions. Otherwise, apart from the one year lookback arrangement we spoke about above, any contributions you make to an AVC while out of paid employment – even if you had the financial wherewithal to do so – would have no tax to claim relief from, reducing the attraction. There are other factors that also disproportionately play against women where improvements are more at the gift of government and industry rather than something over which individuals have control. [ Health takes a back seat when working and raising young children. We just get on with it Opens in new window ] PwC's O'Dwyer points to waiting and vesting periods for occupational pensions. Many company schemes do not allow staff to join their scheme for six months after they start work. And, if you leave the company within two years of joining an occupational scheme, companies can, and do, simply give you back any contributions you made to the scheme in that time. That means you lose out on the benefit of any employer contributions and the investment performance on those and your own refunded contributions not just to the point where you leave the business but also over the following years right up to when you retire. Because of women's employment patterns, O'Dwyer says this works more against women than men. He also notes that in an era when technology allows for immediate action on signing people up to schemes, there is no justification for waiting periods. While there are ongoing criticisms of the incoming mandatory workplace pension scheme – auto-enrolment or My Future Fund – planned for next year, O'Dwyer notes that it will at least ensure that people are signed up from the date of employment without waiting periods and that their pension fund will remain invested even if they do move jobs or otherwise leave the employer within two years. He notes that there is more Government could do; for instance, the State could continue to make its contributions to a person's auto-enrolment account during periods of unpaid leave in line with the level of State contributions before the leave. Other countries, O'Dwyer says, have looked at one-off contributions to women's pensions at events such as childbirth for social policy purposes in a world where more and more western economies are concerned at low rates of childbirth. 'Having children is very important (for an economy) and financial support is very important,' he says. 'There are ways it can be done. There is a cost but it is arguably an investment in the future.' You can contact us at OnTheMoney@ with personal finance questions you would like to see us address. If you missed the last newsletter by Dominic Coyle on setting up a bank account before coming to Ireland , you can read it here .
