Ulster Bank update on assurance products, pensions, and investment

Ulster Bank Ireland have announced an update of its phased withdrawal process. The bank say that as part of this withdrawal they reached an agreement with Irish Life Financial Services Ltd, who will make ongoing advice services available to policy holders.

This transfer, effective July 31, 2022, relates to life assurance products, pensions, investment and protection policies which were and will continue to be underwritten by Irish Life Assurance, for which Ulster Bank acted as insurance intermediary for Ulster Bank customers.

In this context, since customer policies are already provided by Irish Life Assurance, the terms and conditions of the policies are not affected in any way.

Ulster Bank is writing to customers to inform them of this transfer, which includes the transfer of their personal data that we hold relating to the advice given by Ulster Bank and to offer customers an opportunity to opt-out, should they so wish. 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 Chief Executive Jane Howard said the announcement represents “further progress” on the withdrawal from the Republic of Ireland: “I am pleased that this transfer will offer these customers a seamless process as we transfer their service to Irish Life. We will be contacting customers shortly in this regard to ensure that they remain supported throughout the transfer.”