Hibernian Life & Pensions has invested in a new campaign that uses "left-brain" logic to overcome "right-brain" emotions and drive pensions uptake among the self-employed before the important 31 October revenue deadline.
Hibernian Life & Pensions has invested in a new campaign that uses "left-brain" logic to overcome "right-brain" emotions and drive pensions uptake among the self-employed before the important 31 October revenue deadline. With a six-figure marketing investment supporting Hibernian's "Safe Haven Fund", the new campaign breaks this weekend across national print, on-line and radio media. Using the inescapable "left-brain" logic of protecting your financial future while also reducing your tax bill, the core message is that Hibernian can provide a way for the self-employed to maximise the tax advantages from pension investments while removing the need to invest in the current turbulent financial markets.
The genesis of the Hibernian campaign was based on consumer feedback about "fear based indecision" on the topic of pensions and investments due to the current financial market turbulence. Based on this insight Hibernian developed the "Safe Haven Fund" which makes it possible for the self-employed to avail of the significant tax advantages from investing in a pension while not exposing themselves to the current financial market turbulence.
Hibernian's Safe Haven Fund campaign has a budget of over €300,000 and includes national press, radio and on-line advertising, PR and sponsorship and is centred on Hibernian's core brand proposition of "Looking Out For You". Hibernian is also investing in a significant "roadshow" for the investment and broker community, a crucial sales channel for life and pensions sector. Many of Hibernian's branches nationwide will also host "Pension Education" events.
The Safe Haven Fund was specifically designed to offer customers a number of distinct stepping-stones to investing in equity markets while also maximising the tax benefits of taking out a pension. The first step enables the customers to start a pension and place their funds on secure deposit with a guaranteed return of ECB + 1% until September 2009. In the interim customers can take additional small steps toward investing in a range of Hibernian equity market funds as their confidence in investment markets returns to normal levels.
Speaking about the campaign, Bernard Lynch of Hibernian said: "Self-employed people typically have a higher tolerance for risk as evidenced by their decision to leave behind paid employment and start their own firms. Hibernian's research has shown that 57% of the people also consider their home to be their pension fund. Particularly for the self-employed, this approach leaves them exposed to a significant income drop at retirement and sees them lose out on significant tax savings. Central Statistics Office (CSO) figures* also show that just 46% of those who are categorised as 'self employed' have a pension. This compares unfavourably with the national average of 54% and is also less than half the level of pension coverage in the public service and defence sector where pension coverage is at 93%. With Hibernian's Safe Haven Fund campaign we are living up to our promise of helping the self-employed achieve peace of mind and prosperity and in the process we are also helping them reduce their tax bill."
Following a fully integrated approach, the campaign brought together consumer insight, product development and marketing teams at Hibernian and is one of a series of campaigns from Hibernian's newly formed group marketing team.
Hibernian, which is owned by the world's fifth largest insurance company, Aviva, has one of the largest range of pension and investment funds available in the Irish market.
* The Central Statistics Office Quarterly National Household Survey Pensions Update dated 4 September 2008.
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Note to editors
- Hibernian is one of Ireland's largest and most successful financial organisations with activities spanning general insurance, risk management, pensions, life assurance, health insurance and personal financial services.
- Hibernian is owned by Aviva plc, the world's fifth largest insurance group.
- Hibernian's full year results for the year ended 31st December 2007 produced an operating profit of €352.9m (2006: €188.9m).
- Hibernian occupies the number one position in the General Insurance market and a top three position in Life & Pensions and Health Insurance.