Your pension essentials

Irish Life Brokerage
Wednesday, 13th November 2024

Marie Ann Reidy QFA, AIIPM
Senior Technical Specialist

It’s no secret that we have seen significant changes in pre-retirement pensions over the last number of years. Some of these changes have been welcome, others have caused confusion and uncertainty.  However, what we do know is that it is important for their future financial health that clients continue to fund for their retirement. We have a range of supports and digital systems to help you when having these conversations with your clients

Investment solutions

Investment choice is essential, 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.

When developing investment solutions for your clients, MyPortfolio Builder is there to support you.  It is a flexible tool that allows you to quickly and easily generate a report for your client.

  • Risk assessment: you can email a risk assessment to your client straight from MyPortfolio Builder, do a face-to face assessment, 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 which 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.

Pension funding

With the Irish Life Retail Master Trust, our range of PRSA and personal pension products you can choose the pension product that best suits your clients’ needs.

The Irish Life Retail Master trust is available exclusively through financial advisers. Each member has their own plan, this gives flexibility in terms of product, investment choice and contribution amounts.  It means you can work with your client to ensure their pension plan meets their individual needs.
 
Independent Trustee Services DAC (ITS) are the trustee of the Irish Life Retail Master Trust. There is currently no cost to your client for having an independent trustee.  Irish Life believes that as well as having the experience, knowledge and qualifications to carry out the role, the trustee of a master trust should be independent

When it comes to company pension funding running the Revenue maximum calculations can be complex and time consuming.  That’s where MyRevMax Calculator can help.  It is an intuitive and easy to use tool which allows you to quickly produce a Revenue maximum calculation and report for your client.

  • Simplifies funding quotes: you don’t need to worry about which is best strict n/60th or uplifted scale calculations – MyRevMax will run both and display the best outcome for your client.
  • Current annuity rates: MyRevMax will automatically run calculations using current annuity rates 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 RevMax report or a full client report which you can brand with your logo. 
  • Efficient: you can pre-populate data straight from MyRevMax to MyQuotes and onto Online Submission saving you time.

Dedicated support team

While MyPortfolio and MyRevMax Calculator have been designed to support you when advising clients and will save you time we understand that it can take time to become comfortable with new systems. That is why we have a dedicated team in place to support you as 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 during this pension season and beyond.

To find out more or to arrange for a demonstration of MyPortfolio Builder and MyRevMax calculator please contact your Irish Life account manager.