Financial Planning

What is PRSA standard?

PRSA Standard stands for Personal Retirement Savings Account. It is an easy to understand pension plan which puts you in control while offering you a good choice of funds.

PRSA Standard offers you value for money, giving you a straightforward pension solution with competitive charges. Whether you are an employee, self employed or between jobs, a PRSA can help you save for retirement. If your employment status changes, you can bring your PRSA with you. You can also use your PRSA to add to the pension benefits already available from your job.

Existing PRSA Standard plan holder?

You can keep track of your money and check the details of your plan online by visiting the Irish Life website www.irishlife.ie and logging into My Online Services. You will need a personal identification number (PIN), which you would have received when you started your plan. If you have lost your PIN or need a new one, contact our customer service team on 01 704 10 10

Warning

• The value of your investment may go down as well as up.
• If you invest in this product you may lose some or all of the money you invest.
• Past performance is not a reliable guide to future performance.

What is Navigator Pension?

This pension type is suitable for:

• People who want to take out a personal pension plan.
• Employers who want to provide pension benefits for their employees through a company pension arrangement.
• People who are looking for a long term investment plan to provide for their retirement and don't need access to their money before age 60 (or until they retire).
• People who have at least €1,800 a year to invest and are happy with the choice of funds and the charges on this plan.
• People who want to  take advantage of the tax relief available on pension contributions and who understand that when they retire, their pension benefits (after the retirement lump sum) will be taxed as income.

Warning

• The value of your investment may go down as well as up.
• This product may be affected by changes in currency exchange rates.
• If you invest in this product you may lose some or all of the money you invest.

What are the Approved Retirement and Approved Minimum Retirement Funds? 

The aim of these plans is to allow you to control your retirement fund. Once you reach retirement you may be able to choose what to do with your retirement fund depending on your individual circumstances. One of these options may be an Approved Minimum Retirement Fund (ARF) or an Approved Retirement Fund (ARF).

ARF - The need to knows

Before you invest in an ARF you must meet one of the conditions below (unless you have inherited your ARF or AMRF from your spouse or registered civil partner).

You must set aside €63,500 in an AMRF until you reach 75

Or, you must buy a guaranteed pension for life (annuity) with this money (€63,500)

Or, you must have a guaranteed pension income for life of €12,700 a year

• You are required to withdraw a minimum amount from your ARF every year. This minimum amount is currently 4% from the year you turn 61 (or 60 if your birthday is the 1st of January) and 5% from the year you turn 71 (or 70 if your birthday is the 1st of January) where the total value of your ARFs and Vested PRSAs is less than €2,000,000 (6% otherwise.) 
• If the withdrawals you have paid are less than this, we will pay you the balance at the end of the year. This withdrawal will reduce the value of your fund.
• Depending on investment returns it is possible that these withdrawals could result in your fund reducing to zero before you die, the plan would then end.
• You must take out an AMRF if you have chosen the ARF route but do not have a guaranteed pension income for life of at least €12,700 a year already in place or have not used €63,500 to buy a pension for life. 
• The main difference between an AMRF and an ARF is that, until you are 75 years old or you become in receipt of the required guaranteed pension income from other sources, you are not required to make a minimum withdrawal from an AMRF each year.

AMRF 

• You must take out an AMRF if you have chosen the ARF route but do not have a guaranteed pension income for life of at least €12,700 a year already in place or you have not used €63,500 to buy a pension for life ( annuity ) with the fund at any stage during the term of your ARF or your AMRF plan.
• The main difference between an AMRF and an ARF is that, until you are 75 years old or you become in receipt of the required pension income from other sources. You are not required to make a minimum withdrawal from an AMRF each year.

Existing AMRF plan holder?

You can keep track of your money and check the details of your plan online by visiting the Irish Life website www.irishlife.ie and logging into My Online Services. You will need a personal identification number (PIN), which you would have received when you started your plan. If you have lost your PIN or need a new one, contact our customer service team on 01 704 10 10

Warning

• The value of your investment may go down as well as up
• This product may be affected by changes in currency exchange rates.
• If you invest in this product you may lose some or all of the money you invest.
• Past performance is not a reliable guide to future performance.

What is Navigator Investment Bond?

Navigator Investment Bond is a life assurance lump sum investment product from Irish Life. Customers' money is invested in one or a combination of Irish life investment funds. Navigator Investment Bond provides access to 22 funds, including Irish Life’s Multi Asset Portfolio range of funds. .

This investment fund is suitable for someone who:

• Is aged 18 to 74.
• Wants to invest for 5 years or more.
• Has at least €15,000 to invest.
  
• Is prepared to risk getting back less than your original investment amount.
  
• Wants to invest in a wide range of fund types, and understand the risk of values falling and rising.

Warning

• The value of your investment may go down as well as up
• This product may be affected by changes in currency exchange rates.
• If you invest in this product you may lose some or all of the money you invest.

What is Navigator Savings Plan?

Navigator Savings Plan is a long term life assurance savings plan from Irish Life, designed for the regular saver so people can make payments each month. You choose the fund(s) you wanted to direct your regular payments into, and through these funds you gain access to the growth potential of shares and bonds.

• Navigator Savings Plan provides access to nine funds, managed by a selection of fund managers, including Irish Life’s range of Multi Asset Portfolio Funds which ranges from lower risk to higher risk to suit different attitudes to risk.
• These funds are invested in a wide range of cash, property, shares and bonds.
• Each Multi Asset Portfolio Fund uses Irish Life’s Dynamic Share to Cash (DSC) model. 

This plan is suitable for someone:

• Aged 18 to 75.
• Who wants a regular, long term savings plan for 5 years or more.
• Who does not  want to make regular withdrawals
  
• Who has at least €150 per month to save
  
• Who is prepared to risk getting back less than their amount invested.

Warning

• If you invest in this product you may lose some or all of the money you invest.
• The value of your investment may go down as well as up.

What is a Dynamic Share to Cash (DSC) model?

This innovative model uses a multi-factor approach to identifying long-term stock market trends and movements. The advantage of having the DSC is that it aims to reduce the amount invested in Developed Market Shares and increase the amount in cash when it identifies greater potential for stock market falls.

As importantly, when the DSC identifies greater potential for stock market recovery, it will move back out of cash and into Developed Market Shares. This innovative solution is a market first in Ireland and Irish Life’s investment managers (ILIM) have spent two years developing and testing this model. It is important to note that the DSC looks at long-term movements and trends in the market and is not designed to react to one-off or short-term jumps or shocks. Also, currently DSC applies to Developed Market Shares, though ILIM will continually review this and, in the future, a similar process may apply to other assets.

OnePlan Protection from Irish Life combines different types of cover within the one plan, including Life Cover, Bill Cover, and Specified Illness Cover. It means you can have more cover options, with one direct debit payment, from the one company, all under the one plan. 

• Decreasing Life Cover pays a lump sum to replace income if anyone covered for this benefit on the plan dies.
• Bill Cover pays money for your essential monthly bills (mortgage, rent, utility bills) if you are unable to work due to illness or injury while you are employed. If you have Bill Cover and are unemployed for more than one month, you will not be able to claim for this cover.
• Specified Illness Cover provides a lump sum if you are diagnosed with one of the conditions covered under the plan.
• Includes additional benefits such as children’s cover, terminal illness cover and guaranteed insurability depending on the benefits your have on your plan.
• Allows you to choose guaranteed cover again as an optional benefit at an additional cost on certain benefits.
• Provides money to your family to help them cover the cost of your funeral and other related expenses (this is optional cover, if selected you will be charged an additional cost).

Important Information

• OnePlan Protection is provided by Irish Life Assurance plc.
• You must be over 18 and resident in Ireland to buy OnePlan Protection. You can include cover for your partner if you want at an additional cost provided they are also over 18 and resident in Ireland.
• You must keep up your payments to stay on cover. This is a life insurance plan not a savings plan so you cannot cash it in.
• If after buying your plan you feel it is not suitable, you have 30 days to cancel it – any payments you have made within the first 30 days of sending you the details of your plan you will be refunded.
• For full information and benefit descriptions including any restrictions and exclusions you must read the OnePlan Protection booklet and terms and conditions booklet 
• Before taking out insurance cover you’ll need to meet with a financial advisor.  Ulster Bank is tied to Irish Life and can advise you on OnePlan Protection. 
• Your financial adviser can help you see what level of cover you might need. This can vary depending on your circumstances, for example what level of income you have. You can choose one of three bundled cover options, Standard, Essential or Comprehensive to best suit your budget. You can also tailor the benefits according to your needs; you can choose any benefit on its own or a combination of benefits. Your financial adviser can help you choose the best benefits for you.