Call for products to attract SSIA cash

THERE is a challenge for life assurance companies to launch innovative products to attract SSIA accounts on maturity, according to Diarmuid Kelly, chief executive of the Professional Insurance Brokers Association.

He said the Government should introduce tax incentives to compliment such financial products.

He welcomed a commitment given by Finance Minister Brian Cowen in his Budget speech "to assist those at the lower end of the income scale and those who are not using their current full entitlements to provide themselves with reasonable retirement arrangements."

Mr Kelly said: "The SSIA scheme is a phenomenal success and will release more than €16bn into the economy over the next two years. There is no reason why innovative products and schemes cannot be put in place which encourage people to save for the future and their pensions."