€150m senior loans boom predicted

A MAJOR shake-up of the Irish pensions market is promised with the launch of a new product which has already caused a stir in New Zealand and Australia.

Having secured a 94% market share in a year after its launch in New Zealand, Sentinel has joined with the IFG Group to launch ‘Seniors Money’ in Ireland. It estimates that the post-retirement income market in Ireland is less than €50 million but will grow to €150m in 12 months and over €1 billion within 10 years. According to Sentinel, the product revolutionised the post-retirement income market in New Zealand and Australia, with the take-up being extremely strong.

Ireland is the launch-pad for the firm to Europe and it will have its HQ in Dublin. Up to 12 jobs will be created and the company said this workforce should grow substantially.