Irish Life launches its PRSA product

CASH earmarked by the Government to promote Personal Retirement Savings Accounts (PRSAs) should be used to educate the public, a leading pensions seller said yesterday.

Irish Life, the country's largest pension provider, launched its PRSA products PRSA Standard and PRSA Performance yesterday.

Speaking at the launch, Irish Life Retail chief executive Denis Casey called on the Government to mount an extensive public information campaign in support of pension planning and PRSAs in particular.

" This is a real opportunity to increase peoples levels of pension planning but it will require massive effort by everybody in the industry especially by Government if it is to be successful," declared Mr Casey.

The Government introduced PRSAs with the objective of increasing the level of occupational and personal pension coverage from less than 50% at present to 70% of the workforce over 30 years of age. Irish Life's new products will be available across the company's distribution channels, independent brokers and tied agents, Irish Life's Direct Sales Force, and through the branch network of permanent tsb.

Irish Life has commenced a major advertising and promotion campaign around the products. Employers who do not provide a pension scheme for employees, or who operate a scheme which imposes limits on eligibility or a waiting period longer than six months, will have to provide access to at least one standard PRSA by salary deduction.