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Important Customer Notice

KBC Bank Ireland would like to draw your attention to some important information.
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Lifestyle Extra PRSA

Lifestyle Extra PRSA

From the 15th November 2021 KBC have paused the acceptance of new applications for Personal Retirement Savings Accounts (PRSAs) for non-KBC customers & existing KBC customers. There is no change for existing PRSA customers, who can continue to manage their PRSA and make contributions as normal.

Lifestyle Extra PRSA Highlights

Stay in Control.

From the 15th November 2021 KBC have paused the acceptance of new applications for Personal Retirement Savings Accounts (PRSAs) for non-KBC customers & existing KBC customers.

Don't worry, as an existing PRSA customer you can still

  • Control your pensions from your smart phone.
  • Have the flexibility to service your PRSA, free of charge or penalties. 
  • Keep track in real time - view your balance and Pension performance anytime.
  • Paper free - see your documents in your app.
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KBC Lifestyle Extra PRSA

  •  Control everything with a tap in app. Set your retirement goal and track it.
    Check in on your fund balance or pension performance any time.
    The app is also home to all of your documents, including your 6-monthly and annual statements.
     
  • You can claim tax relief on your contributions at your current rate of income tax. It’s worth noting that the maximum contributions you can claim tax on depend on your age.

    This table is a handy guide.
    Age Bracket % of Net Relevant Earnings
    Under 30: 15%
    30 - 39: 20%
    40-49: 25%
    50-54: 30%
    55-59: 35%
    60 and over: 40%

    When calculating tax relief, there’s a maximum earning of €115,000 per year that can be taken into account. 

    Please note: contribution tax relief isn’t automatically guaranteed and is determined by the Revenue Commissioners, not KBC.
  • Most people draw down their pension between 60 and 75 (there are some early retirement exceptions based on ill health or certain occupations).

    You can take up to 25% of your pension fund as a lump sum and up to €200,000 of this lump sum may be tax free (subject to overall Revenue limits).

    This handy table explains what happens for different amounts.
    Up to €200,000 - Tax Free
    €200,001 to €500,000 - Standard rate of 20%
    Over €500,000 - Your marginal rate of tax and subject to USC.

    You may have a number of other options available so when the time comes, we’ll help you decide what works for you.

     
  •  
    It’s all about making your money work hard for you while keeping you comfortable, regardless of market conditions. When you stay in your comfort zone, you’re less likely to make choice you might regret later. 

    We see your Comfort Zone as having three dimensions: 

    Upside potential: This is the reason we all invest – to achieve the best possible return!
    Downside risk: We all know the value of investments can fluctuate. But we don’t all feel the same about losses – our comfort zones are different. If you suffer a loss outside of your comfort zone, you may turn your back on the market at the wrong time. We want to avoid this.
    Time horizon: Your PRSA is a medium to long term investment. This means your chosen investment strategy usually has a reasonable chance to make good any losses along with way.
  •  
    Each ExpertEase fund is built with three main blocks of balanced funds. Each block corresponds to an ‘investment signal’ that determines what percentage is allocated to equity, bonds and other assets (like cash or real estate). The weighting for each block/signal varies, differentiating the level of risk for each fund. 

    Investment Signals
    Each of our three signals or blocks strikes their own individual balance between upside potential and risk of loss. So each will behave differently within the same markets conditions.Here’s more about the signals:

    1. Fundamental analysis: Follows the KBC investment strategy and so is based on views taken by our economists and analysts on economic trends and outlook. Develops an optimum allocation of equity, bonds, cash etc. for each profile.

    2. Trend signal: Seeks out trends in the recent performance of equity and bonds on a continuous basis. Builds up positions in the best-performing assets and reduces them in weaker ones.

    3. Brake signal: Normally, this signal points to investing in equity and bonds in line with your risk profile. However, if the markets falls or it’s nervous, this will indicate a need to be more cautious and replace risky assets with less risky ones. 

    Essentially, each signal strikes its own balance between upside potential and risk of loss. They can be invested differently under the same circumstances and may react differently to changing market conditions.
     
  •  
    There’s a contribution charge of 2.5% on each contribution you make. However, the good news is that this charge doesn’t apply to pension transfers into your KBC Lifestyle Extra PRSA. The annual fund management charge for these portfolios ranges from 0.5% - 1.45% of the value of your PRSA. It’s calculated on a daily basis and reflected in your fund value. 

    PortfolioAnnual Fund Management Charge

    MyAutoinvest - 0.9%
    ExpertEase Careful Defence - 0.95%
    ExpertEase Balanced Defence - 1.35%
    ExpertEase Progressive Defence - 1.35%
    ExpertEase Balanced Approach - 1.40%
    ExpertEase Progressive Approach - 1.40%
    ExpertEase Progressive Opportunity - 1.45%
    KBC Lifestyle Cash - 0.50% 
     

Education Hub

Education Hub

Pensions Education Hub
Check out our Education Hub to answer some of the most-asked questions regarding retirement planning.

Education Hub

Check out our Education Hub to answer some of the most-asked questions regarding retirement planning.

Table of fund pricing:

Lifestyle PRSA Fund Prices

Fund Name: Fund Price at 25/01/2022:

1 month
performance at 25/01/2022:

3 month performance at
25/01/2022:
6 month performance at 25/01/2022: 12 month performance at
25/01/2022:
YTD performance at 01/01/2022:
MyAutoinvest equity funds

€1,366.89

-6.16%

-2.65% 1.26% 14.40% -6.40%
MyAutoinvest bond funds €964.46 -0.94% -0.97% -2.53% -3.47% -0.60%
MyAutoinvest cash funds €991.92 -0.14% -0.39% -0.76% -0.81% -0.11%

LifestyleExtra PRSA Fund Prices

Fund Name: Fund Price at 25/01/2022: 1 month
performance at
25/01/2022

3 month
performance at 25/01/2022:

6 month performance at 25/01/2022: 12 month performance at 25/01/2022: YTD performance at 01/01/2022:
ExpertEase Careful Defence

€1,061.89

-3.02% -1.97% -1.55% 1.79% -2.90%
ExpertEase Balanced Defence €1,074.03 -3.66% -2.32% -1.66% 2.86% -3.61%
ExpertEase Progressive Defence €1,087.09 -3.85% -2.43% -1.76% 2.72% -3.82%
ExpertEase Balanced Approach €1,152.31 -5.32% -3.23%

-1.31%

6.64% -5.42%
ExpertEase Progressive Approach €1,143.06 -5.57% -3.37%

-1.47%

6.36% -5.69%
ExpertEase Progressive Opportunity €1,186.12 -6.72% -4.09% -1.40% 8.96% -7.18%
Lifestyle Cash €984.96 -0.10% -0.28% -0.56% -1.06% -0.08%

 

 

 

The Need-to-Knows

We recommend that all customers take the time to read our KBC Life and Pensions Data Protection Notice and Terms of Business (pdf, 171KB).
 
Read our Remuneration Summary Document (pdf, 73 KB)

*As at December 2019.

  • The Irish Branch of KBC Insurance NV, trading as KBC Life and Pensions, offer a number of investment funds through our PRSA products. These funds are created and managed by KBC Asset Management (KBC AM), a member of KBC Group, who provide investment management services to KBC Life and Pensions. KBC Life and Pensions fully accept the sustainability policies applied by KBC AM. 

    KBC AM understands sustainability risk as the risk that the return of investments may be negatively affected by environmental, social or governance risks.
    Environmental risk is defined as the risk that the return of investments may be negatively affected by environmental factors, including factors resulting from climate change and factors resulting from other environmental degradation.  Social risk is defined as the risk that the return of investments may be negatively affected by social factors. Governance risk is defined as the risk that the return of investments may be negatively affected by governance factors.  

    The nature of these risks varies along a time scale:

    • In the short term, sustainability risk is typically event risk. Such risks typically only affect return if the event occurs.  Examples of such events include an accident (resulting in litigation for example to compensate damage to the environment); court cases and penalties (for example for failing to respect social legislation); scandals (for example when a company gets bad publicity because human rights are not upheld throughout its supply chain or because a company’s products do not uphold the ESG standards it promises).  These types of sustainability risks are deemed higher, when an issuer is less strict on ESG standards; and
    • In the longer term, sustainability risk refers to risks that may develop over the long term, such as: exposure to business activities that may come under pressure due to climate change (for example parts of the automotive industry); changing product preferences from customers (for example an increased preference for more sustainable products); difficulties in recruiting; increased costs (for example insurance companies that face claims due to changing weather conditions).  As this risk develops over the long term, companies can take steps to mitigate it e.g. by changing their product offer, improving their supply chains, etc. 


    In its investment policy, KBC AM takes these sustainability risks into account by:           

    • (i)    defining an exclusion policy (the “Exclusion Criteria”)[1] which applies to all funds; and
    • (ii)    differentiating between sustainable and responsible investing (“SRI”) funds and other conventional funds, with stricter ESG standards and hence lower sustainability risk for the SRI funds.

    The investment policy of KBC AM continuously assesses the underlying investments at issuer level, but also (where relevant) at the level of asset allocation and regional or sectoral allocation level. These regular reviews consider sustainability risk as one of several elements that may affect return. The SRI research team assigns an ESG risk rating to most companies included in the common indices MSCI World and MSCI Emerging Markets and a selection of small and midcap companies based on inputs from an ESG data provider. The ESG risk ratings are shared internally with portfolio managers and strategists so they can use this as a factor in the investment decision process. 
    The investment policy does not merely frame permissible investments by reference to the financial position of the business or government but also the societal impact of the company or government in question. KBC AM is constantly monitoring its investment policy and its application to its business as a key part of its drive to deliver long-term sustainable investment returns for its clients. 

    As part of its commitment to long-term sustainable investment, KBC AM applies additional SRI criteria to its SRI funds. These are described in its SRI policy.

    Please note that KBC AM`s passive investment funds, structured funds and funds investing in third party funds may not apply all the Exclusion Criteria. MyAutoinvest, the default investment strategy for KBC PRSAs is primarily a passive investment strategy.

     

    Ethical Standards
    The KBC Group, to which KBC AM belongs, is committed to the following international business codes and KBC AM’s investment policy and processes are aligned with these commitments: 

    • United Nations Environmental Programme Finance Initiative (UNEP FI) Principles for Responsible Banking;
    • The Collective Commitment to Climate Action, by which the KBC Group committed itself to stimulate the greening of the economy as much as possible and thus to limit global warming to well-below 2°C, striving for 1.5°C, in line with the Paris climate agreement;
    • Tobacco-Free Finance Pledge which encourages financial institutions to divest from the tobacco industry; and
    • United Nations Principles of Responsible Investments.
  • The Irish branch of KBC Insurance NV, trading as KBC Life and Pensions, is a member of KBC Group. 

    The KBC Group Remuneration Policy is a framework for a sound remuneration practice within KBC Group worldwide in line with the corporate sustainability strategy and considering the European and different national legislations aiming sustainability (including article 5 of  Regulation 2019/2088 on sustainability related disclosures in the financial services sector).
    The KBC Group Remuneration Policy aims to ensure consistency with and to promote sound and effective risk management (e.g. “sustainability” is a specific parameter for the evaluation of KBC Senior Management).

    Furthermore, the KBC Group Remuneration Policy aims to prevent incentives for excessive risk taking and ensures that the payment of variable remuneration is aligned with the long-term interests of KBC Group (e.g. Variable remuneration should not induce risk-taking in excess of the risk appetite of the different entities of the KBC Group and where relevant, be based on risk- and liquidity-adjusted profit, not on gross revenues. Additionally, ex ante and ex post risk adjustments to variable remuneration are possible in order to guarantee the sustainability strategy).

Warning: Past performance is not a reliable guide to future performance
Warning: The value of your investments may go down as well as up
Warning: If you invest in these funds you may lose some or all of the money you invest
Warning: These funds may be affected by changes in currency exchange rates

KBC Insurance NV trading as KBC Life and Pensions is authorised by the National Bank of Belgium in Belgium and is regulated by the Central Bank of Ireland for conduct of business rules.

KBC Bank Ireland Plc is tied to KBC Life and Pensions for the distribution of PRSA products to personal customers in the Republic of Ireland. This means that KBC Life and Pensions products are distributed through the nationwide KBC Hub network, by telephone as well as through KBC’s mobile banking platform.

KBC Life and Pensions is a registered business name of KBC Insurance NV in Ireland. Branch registration number 909131.

Registered Office: Sandwith Street, Dublin 2, Ireland