Having a supplementary pension alongside the State pension in Ireland is important for ensuring financial security and independence in retirement. It helps maintain your standard of living from your working years and offers attractive tax benefits. With the cost of living rising, people leading more active lives in retirement, and with life expectancy increasing, having a supplementary pension is increasingly important.
Frequently Asked Questions
Allianz Global Life offers PRSA and ARF pension products. A Personal Retirement Savings Account (PRSA) is a type of long-term personal pension plan. It is like an investment account that is designed to let you save for retirement in a flexible way. An ARF is a versatile retirement account that allows you to continue investing your retirement savings after you've retired, while still having the flexibility to withdraw money as needed. Our PRSA and ARF products are called Allianz Vantage.
Although pensions are long term savings plans and their purpose is to build up savings until the selected retirement date, it is possible under certain circumstances. It's crucial to consult with a financial advisor to understand the specific terms and conditions of your pension product and any potential tax implications of early access. Alternatively, you can check on citizensinformation.ie and revenue.ie websites.
Yes. Pension plans offer tax benefits, making them a smart way to save for retirement. Contributions to a pension plan are tax-deductible, reducing taxable income and allowing for more efficient savings. Our Allianz Vantage PRSA also benefits from these tax reliefs. Consult your financial advisor for more information or you can find detailed information regarding tax relief on contributions and pensions in general on citizensinformation.ie and revenue.ie.
Pension arrangements offer valuable benefits that can be paid out upon your death, providing financial support for your dependants and beneficiaries. The specific type and amount of these benefits will vary as outlined in the terms and conditions of your pension product.
Yes, you can contribute to several pension plans, but your individual tax relief will be based on the total contributions you make to all pension plans. Please liaise with your financial advisor to understand the potential implications of diversifying your pension savings across different policies and/or providers.
Your money is invested in a number of funds or investment options as chosen by you at the commencement of your policy. The choice of funds or investment options can be updated during the life of the policy as required. The chosen funds are managed by Allianz Global Investors, which is an investment company in Germany and is authorized and supervised by the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).
The Allianz Vantage Non-Standard PRSA offers a Default Investment Strategy (as required by law), a range of 10 investment funds and two Allianz investment options based on a Life Cycle concept, with or without guarantee. It comes also with an optional capital guarantee on selected funds that can be applied to your policy value. The Allianz Vantage Standard PRSA offers a Default Investment Strategy (as required by law) and a range of 5 investment funds. The Allianz Vantage ARF offers a range of 10 investment funds and the optional capital guarantee feature.
Yes, there are fees that Allianz Global Life charges to your policy. These fees are intended to cover the setup, management and ongoing servicing of your policy. Each fund also has fees charged by the investment manager. The cost for the optional guarantee is charged on your policy only when the guarantee is active, while there might be a contribution charge on your PRSA (depending on the level of contributions you are paying) and an early encashment charge on your ARF in the early years of the policy. You’ll see details on the applied charges in your Policy Schedule. Full details can be found in our Schedule of Fees and Charges.
We’re sorry that you need to make a complaint. You can read about our Customer Feedback & Complaints process here: How to make a complaint
Yes, you can make changes to your pension policy, including adjustments to contributions, investment choices, and other aspects.
Please consult with your financial advisor to understand the implications of a change to your PRSA or ARF policy. Any changes to your policy must be sent to Allianz Global Life directly or via your financial advisor, by using one of the available forms.
We are always looking to improve and optimise our digital journey to enhance your experience. With this in mind, we will add a range of additional functionality to the advisor and customer portals that we will release in the near future, to give you more control over your investments.
Yes, you will receive an email from us to notify you if a change has been initiated by your financial advisor or by us on your behalf, and one when it is concluded. Then you will see that the change has been made in your personal area in the dedicated Customer Portal.
The Allianz Vantage annual guarantee is applied within each policy at its anniversary, rather than within the fund itself. This approach enables us to directly deliver capital value to you by topping up your policy when the guarantee is triggered. When markets are down and the value of your policy units at anniversary falls below the level of the guarantee, you will receive additional units at the policy anniversary, as a result of this protective feature. This ensures the guaranteed value of your policy is maintained.
The guarantee is optional with three funds linked to our Non-Standard PRSA and ARF products.
No, each fund has a level of guarantee whose % depends on the equity exposure of the fund itself. However, it’s not the fund that is guaranteed, but the individual policy, and the cost of the guarantee is covered by unit cancellation. These are the funds and the level of the guarantee offered by our Allianz Vantage products:
Allianz Strategy Select 30 – 93%
Allianz Strategy Select 50 – 90%
Allianz Strategy Select 75 – 85%
The policy can invest in one of these funds, or a combination of them, or mixing funds with guarantee and funds without guarant…
Our customer portal may be out of service during temporary times due to necessary updates. If you would like to contact our customer service team who will be able to assist you, please see below contact details:
Customer Support Phone number: +353 1 242 2333
Customer Support Email: [email protected]
Yes, you can. The annual guarantee feature is flexible and can be switched on or off annually at your policy anniversary and once more within the policy year.
- Access the Login Page: Navigate to the login page of the portal where you typically enter your credentials.
- Click "Forgot Password": Locate and click on the “Forgot Password” tab or link on the login page.
- Enter Email Address: You will be prompted to enter your registered eail address. This is necessary for sending the password reset link.
- Check Your Email: After submitting your email address, check your inbox for an email containing the “Reset Your Password” link.
- Follow the Link: Click on the “Reset Your Password” link provided in the email.
- Enter one time password (OTP) : You will receive a 6-digit authentication number via SMS to your registered mobile phone. Enter this number into the portal as instructed.
- Create New Password: You will be prompted to create a new password. Ensure your new password meets the following criteria: A
- Create New Password: You will be prompted to create a new password. Ensure your new password meets the following criteria:
- 1. At least 8 characters
- 2. Includes at least one special character (e.g., ?, !, $)
- 3. Contains both upper and lower case letters
- 4. Has at least one number
- 5. Ensure the passwords match
- Complete the Process: Click "Next" to finalize the password reset process
The Customer Portal is designed to be easy to use. It helps you quickly find details about your policy, view your documents, check your contributions, and track performance. Please see our Customer Portal Guide.