Alternative Energy and Water Funds just added to PRSA plans with Bank of Ireland Life & New Ireland Assurance

Today, 20th October 2008, Bank of Ireland Life & New Ireland Assurance are delighted to announce the addition of three new pension funds to their PRSA plans. Following approval from the Pensions Board, the three new investment funds will be made available to both new and existing PRSA* pension customers of Bank of Ireland Life & New Ireland Assurance.

The three new PRSA pension funds are:

  • Consensus IRIS Fund– Consensus IRIS is a lifestyle fund that operates based on the collective wisdom of all Pension fund managers in the industry, removing the perceived risk of choosing a single fund manager. Consensus IRIS consists of a series of different investment funds, which groups investors with similar terms to their retirement date. The assets within the fund change over time to match the life stage of investors in that fund, with the aim of achieving growth in the early years and protecting the pension in the years approaching retirement.
  • Alternative Energy Fund – managed by eco-investment experts KBC Asset Management. The rapid growth in the alternative energy sector is being driven by many factors, most prominently are those resulting from political and social concerns about the threat to future oil supply and environmental concerns, particularly global warming. This is driving demand for investment in new energy sources to unprecedented levels.
  • Water Fund – managed by eco-investment experts KBC Asset Management. Water is a vital natural resource, which is coming under increasing pressure as standards of living across the globe improve and existing infrastructure struggles to cope. As such, extensive investment is now set to take place all around the world to invest in developing a modern, reliable water supply and treatment infrastructure.

These new pension funds will give new and existing customers the opportunity to further diversify their pension investment portfolios. With the recent stockmarket volatility pension investors are becoming more aware of the importance of having a well-diversified pension investment plan.

Commenting on the launch, Eoin Kennedy, Head of Product Development for Bank of Ireland Life & New Ireland Assurance said; “With so many exciting and innovative investment funds now easily accessible to the pension investor, it makes sense that those contributing to a pension before the self-assessment tax deadline of 31st October, examine their pension fund portfolio to ensure it is set-up to maximise the growth potential that such a long-term investment can offer. Pensions are an essential part of every investor’s financial plan, even in a climate of market uncertainty, both the tax-relief and long-term nature of a pension makes it the best retirement planning tool available today.”

The best approach for the pension investor is to balance consistently performing funds with some of the more innovative funds now available on the market. This will provide a more diversified asset allocation over the longer term, which can reduce risk and volatility without reducing returns.

Customers who wish to set-up a PRSA plan or review their existing PRSA plan in further detail can contact a Pension Adviser at their local Bank of Ireland branch, their New Ireland financial advisor or their Broker.

*Please note the Consensus IRIS Fund is available to both Standard and Non-Standard PRSA customers. The Alternative Energy and Water Funds are only available to Non-Standard PRSA customers.

ENDS

Notes to Editors:

  • The Consensus IRIS Fund is available to both Standard PRSA and Non-Standard PRSA customers. Standard fund management charges apply.
  • The Water and Alternative Energy Funds are available to Non-Standard PRSA customers only. An additional fund management charge of 0.25% will apply.

For further information contact:

Laura Erskine
Public Relations Manager
Bank of Ireland Life & New Ireland
Tel:01 617 2586
Mob:086 856 2929

Sharon McDonnell
Group Consumer Communications Manager
Bank of Ireland
Tel:01 604 3750
Mob:087 226 9324

New Ireland Assurance Company plc trading as Bank of Ireland Life is regulated by the Financial Regulator and is a member of the Bank of Ireland Group.