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Ulster Bank’s pension and investment business to be transferred to Irish Life

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EXIT Ulster Bank has entered into an agreement with Irish Life to administer pensions, investments and life insurance products.

The agreement relates to the products purchased by the bank but subscribed to by Irish Life.

From 31 July, Irish Life will be offering policyholder advice.

Ulster Bank was the broker for the pension, investment and life insurance products written by Irish Life.

The bank said the terms of the policies were not affected in any way as customer policies are already provided by Irish Life Assurance.

Ulster Bank said it is writing to customers who have these products to explain what is happening.

Clients are informed that the agreement includes the transfer of their personal data held by the bank in connection with the advice given by Ulster Bank.

Customers have the option to opt out of product offerings if they wish, the bank said.

Customers will continue to receive annual correspondence directly from Irish Life Assurance in relation to their existing policy and their policies will continue to be serviced and administered by Irish Life Assurance until the policy maturity date, Ulster Bank said.

The bank is gradually withdrawing from this market and has begun writing to its one million current and deposit account customers, giving them six months to make new banking arrangements.

Its non-tracker mortgages will be transferred to Permanent TSB when regulatory approval is granted. AIB hopes to get the green light to purchase the tracker mortgages.

Ulster Bank chief executive Jane Howard said the latest move represents further progress in the bank’s phased withdrawal from the Republic of Ireland.

“I am delighted that this transfer will offer these customers a seamless process as we transfer their service to Irish Life.

“We will be in touch with customers shortly regarding this to ensure they are supported throughout the transfer.”

The recent announcement does not include other non-life insurance products, where Ulster Bank is also an intermediary for Aviva, which sells home and car insurance.

Last month, Ulster Bank and KBC Bank Ireland were warned by regulators that they would be prevented from exiting this market unless substitute banking services were put in place for their customers.

The central bank told the exiting banks that it should step up its oversight over the planned exits, in what has been described as a massive upheaval in financial services.

https://www.independent.ie/business/personal-finance/banking/ulster-bank-pension-and-investment-business-to-transfer-to-irish-life-41646587.html Ulster Bank’s pension and investment business to be transferred to Irish Life

Fry Electronics Team

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