RaboDirect enters pensions market

RaboDirect has entered the Irish pensions market with the launch of an online PRSA pension product provided by Zurich Life.

Customers will manage the product online.

For those signing up in 2009, upfront costs will be capped at 2%(1), RaboDirect said today, and this will be reflected in all additional contributions made thereafter. The annual management fee for the fund is 1%, and there are no charges incurred for terminating the PRSA/transferring funds or suspending/varying contributions.

"There is a clear need to demystify pension products and help Irish consumers plan properly for their retirement," RaboDirect said today.