Hibernian Life & Pensions launches its PRSA products today (11 April 2003) following approval from the Pension Board last month.
Hibernian Life & Pensions launches its PRSA products today (11 April 2003) following approval from the Pension Board last month. The products, which will be sold primarily through Hibernian’s network of independent brokers are:
- Standard PRSA
- PRSA Choice (which includes three different options)
The Standard PRSA will invest contributions in a choice of five different funds:
- Hibernian Focused Managed Fund
- Hibernian Equity Fund
- Hibernian Irish Property Fund
- Hibernian Bond Fund
- Hibernian Cash Fund
The Standard PRSA allows contributors to change their investment fund once in any policy year without charge. Charges on the Hibernian Standard PRSA are capped at 5% of the each contribution, plus a management charge of 1% of the value of the fund.
PRSA Choice is Hibernian's non-standard PRSA product and offers a much wider choice of investment funds - 28 in total, which is the full gamut of all Hibernian’s pension funds (see below for full details). For the astute investor it offers diverse options like the Eurozone Equity Fund, the High Yield Equity Fund, as well as Hibernian’s flagship Unitised With Profit Fund, always a popular choice among investors. PRSA Choice investors also have the option to switch fund choice six times per year without charge. The fund management charge for all Hibernian PRSA Choice investment options is 1%.
The default investment strategy for both the Standard PRSA and PRSA Choice options is Hibernian’s Focused Managed Fund.
Hibernian Life & Pensions' managing director Grant Barrans said: "We are delighted to finally launch Hibernian’s PRSAs products on the market. We hope that this PRSA venture is a success for all concerned and that it will succeed in its primary aim of increasing pension coverage in Ireland. I strongly encourage anyone thinking of investing in a PRSA to speak to an independent financial adviser first in order to discuss the various product options open to them, and to choose the correct investment strategy for their age and individual pension requirements."
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Investment Options
PRSA Choice will have the full choice of Hibernian pension funds
- Hibernian Focused Managed Fund
- Hibernian Equity Fund
- Hibernian Irish Property Fund
- Hibernian Bond Fund
- Hibernian Cash Fund
- Hibernian Unitised With Profit
- Hibernian International Equity
- Hibernian High Yield Equity
- Hibernian Recovery Portfolio
- Hibernian Target 20
- Hibernian European Equity
- Hibernian Eurozone Equity
- Hibernian Irish Equity
- Hibernian UK Equity
- Hibernian Japanese Equity
- Hibernian US Equity
- Hibernian Pacific Equity
- Hibernian Euro Banks
- Hibernian Global Telecoms
- Hibernian Global Technology
- Hibernian Balanced Managed
- Hibernian Euro Managed
- Hibernian BIAM Managed
- Hibernian AAM Managed
- Hibernian KBC Pension Managed
- Hibernian Consensus
- Hibernian UK Property
- Hibernian Precision Portfolio
Press contact: Kela O’Riordan, 01 617 8164, 086 606 8842, kela.oriordan@hibernian.ie
Notes to editors:
- Hibernian is part of the Aviva plc the fifth largest insurance group in Europe, and seventh globally (based on gross worldwide premia)
- Hibernian is Ireland’s largest composite insurer, ranked first for general insurance and top five for life and pensions
- A photograph is available by ISDN
- Hibernian news releases are also available on www.hibernian.ie.