Navigating the new pensions landscape

We have seen significant changes in pensions over the last number of years. One member company pension schemes were the focus for most company directors up to 2021 when IORP II got us looking at Retail Master Trusts. For 2023 and 2024 the emphasis switched to PRSAs and now in 2025 we’re back looking at Master Trust as well as PRSAs.

With the Irish Life Retail Master Trust and range of PRSAs you can choose the pension product that best suits your clients’ needs.

Irish Life Retail Master Trust

The Irish Life Retail Master Trust, winner of the Irish Pension Awards 2024 Pension Scheme Innovation Award, is available exclusively through financial advisers. Each member has their own plan, this gives flexibility in terms of product, investment choice and contribution amounts. This allows you to work with your client to ensure their pension plan meets their individual needs.

With Independent Trustee Services DAC (ITS) as trustee the Irish Life Retail Master Trust was the only retail master trust judged  to offer 100% independent trusteeship. There is currently no cost to your client for having an independent trustee.

Establishing your client’s funding limits

When it comes to company pension funding, running the Revenue maximum calculations can be complex and time consuming. MyRevMax Calculator can help you here. It's an intuitive and easy to use calculator which allows you to quickly run a Revenue maximum calculation and produce a report for your client.

• Simplifies funding quotes: MyRevMax will run both best strict n/60th and uplifted scale calculations and display the best outcome for your client.
• Current annuity rates: will automatically be used for clients within three years of their normal retirement age. To use joint life annuity rates, you just need to add their spouse’s date of birth.
• Client reports: you have the option to generate a one-page report or a full client report which you can brand with your logo. 
• Efficient: you can pre-populate data from MyRevMax straight through to MyQuotes allowing you to run a company pension product quote with few additional inputs.

Investment solutions

Investment choice is a key part of pension funding, it enables you to deliver meaningful solutions that meet your clients differing needs. We offer over 80 funds across the major asset classes from our four world-class fund managers, Irish Life Investment Managers (ILIM), Setanta, Amundi and Fidelity. This means when developing your client’s investment portfolio you have options from multi-asset, equity (indexed and active), fixed income, property, commodities, alternatives, cash and other specialist funds.

MyPortfolio Builder is there to support you when developing investment solutions for your clients.

• Risk assessment: you can email an attitude to investing questionnaire to your client straight from MyPortfolio Builder, use the face-to face assessment option, or you can enter your client’s risk score
• Portfolio creation: with three levels of support MyPortfolio Builder gives you flexibility to create the right solution for your client
  Be my guide defaults to the MAPs fund appropriate to your client’s risk rating
  By my side illustrates a sample combination of funds appropriate to your client’s risk rating. You decide on how suitable it is.
  I’ll decide lets you construct your client’s solution from scratch.
  No matter the option you take you will always have complete freedom to add and remove funds.
• Client report: you can add your branding and customise your client report using the report builder feature.

Dedicated support team

MyRevMax Calculator and MyPortfolio have been designed to support you when advising clients.  We have a dedicated team in place to help you familiarise yourself with the tools and how they may be incorporated into your advice proposition.  Just let us know, we’re here to help you.

To find out more about our pension offering or to arrange for a demonstration of MyRevMax Calculator and MyPortfolio Builder please contact your Irish Life account manager.