Pension & Investment Options. A Guide to Irish Life Corporate Business Pension Funds

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1 Pension & Investment Options A Guide to Irish Life Corporate Business Pension s

2 Your Click into Pensions Irish Life Corporate Business offers a wide range of online tools to keep you up to date with pension investments. Visit our website find the latest investment information in our weekly and monthly market comments download our monthly fund factsheets view relevant information for members, employers and financial advisers download our latest literature and application forms Log on to Pension Planet Pension Planet is your central online pension information tool! It is designed to give scheme members, employers and finanical advisers access to their relevant pension details and manage the information in a more effective and efficient way. Check Pension Prophet Pension Prophet from Irish Life Corporate Business is a projection tool to help with financial planning for retirement. Pension Prophet predicts the size of the pension fund a member may accumulate at retirement. Projections can be varied to see what effect different contribution amounts and investment periods can have on the fund.

3 Capital Protection Irish Life Corporate Business Pension investment options to suit you WARNING: The value of your investment may go down as well as up. The value of the fund may be affected by changes in currency exchange rates. Past performance is not a reliable guide to future performance.the income you get from this investment may go down as well as up. 1

4 Contents 1 Introduction Page 2 Snapshot Page Risk Ratings and Sample Returns Page 4 Your Traffic Light System for Investment Risk Page 5 2 Investment strategies Page Personal Lifestyle Strategy (PLS) for DC Page 7 Personal Lifestyle Strategy (PLS) for AVC Page 10 PRSA Default Investment Strategy Page 11 Standard Investment funds Page 12 Consensus Page 1 Safe Pension Page 14 Tax Free Cash Page 15 Pension for Life Page 1 Flexible Page 17 Indexed Global Equity Page 18 Indexed 50/50 Equity Page 19 4 Other popular funds Page 20 Diversified Cautious Page 21 Diversified Balanced Page 22 Diversified Growth Page 2 Active Managed Page 24 Equity Managed Page 25 Bloxham High Yield Page 2 5 Other funds and strategies available Page 27 Investment Options Summary Page 28 Risk Ratings Page 0 This document has been put together by Irish Life Assurance plc with information and figures provided by Irish Life Investment Managers, Bloxham and Fidelity International. Whilst every care has been taken to ensure that the information is accurate, Irish Life Assurance plc. does not accept responsibility for errors contained in this document. Irish Life Assurance plc and Irish Life Investment Managers Ltd. are regulated by the Central Bank of Ireland. 1

5 Introduction Making the right investment decision for your pension savings Obviously, the more you save for your pension on an ongoing basis, the bigger your pension is likely to be. However, how you choose to invest your pension savings will also have an impact on your ultimate pension amount. It is therefore important that you take the time to understand the investment options that are available to you. The Trustees of your pension plan, or we as PRSA product providers, will have made a number of funds available for you to choose from. These funds will have different levels of potential risk and return. The fund that is right for you depends on The level of investment risk you are comfortable with The length of time you have until retirement The amount of control you want to take over managing your investment 1. What level of risk are you comfortable with?. Do you want to manage your investment yourself? Think about how much investment experience you have and how much you want to be involved in the detailed investment decisions for your pension fund. Are you comfortable choosing the individual funds to invest your pension savings in and deciding when to move from higher to lower risk funds or are you happy to leave this to an investment manager? If you want to manage the decisions yourself we have laid out the risk ratings of the various funds and highlighted for the higher risk funds when you should consider moving to lower risk funds. If you would prefer not to be involved in this level of detail then our Personal Lifestyle Strategy is available which moves you to lower risk funds as you get closer to retirement or funds which are best suited. Warning: The value of your investment may go down as well as up. Depending on which fund you choose, the value of your investment can fall as well as rise over the term of your investment. Generally funds that offer the highest potential for growth have the biggest ups and downs. If you choose lower risk funds you are aiming to protect you savings from large falls but the potential for gain is lower than if you choose higher risk funds. 2. How long have you to go to retirement? Pensions are a long term investment, and savings can be typically invested for 20 years or more. In order to minimise the risk that the value of pension savings do not keep up with inflation they are generally initially invested in funds that aim to achieve growth that exceeds inflation over the term of the investment or higher risk funds and are moved to lower risk funds as retirement approaches. 2

6 Snapshot The fund snapshot is designed to help you to identify the key features of a fund at a glance. The overview here explains the symbols and categories used. Snapshot Style This describes the fund managers performance objective for the fund. This describes how the fund manager invests to achieve the funds objective. The two principal styles of fund management are Active and Indexed. A Actively managed funds aim to beat the market return (or lessen the risk of following the market) by actively buying and selling shares and other assets. There are also different sub-styles within active management, which are highlighted in the individual fund fact sheets. i Indexed or passively managed funds seek to match the performance of a particular market index. Size Asset Mix Number of Stocks Volatility/Risk 1 i + A c Diversified s and Investment Strategies offer a combintion of indexed and active investment styles. Cash and short term deposits aim to give investors a stable and predictable return. This indicates the volume of assets under management in the fund. This illustrates the types of asset held by the fund. Some examples include: Cash, cash deposits or near-cash instruments such as very short term Government fixed interest securities and cash deposits Fixed interest Government bonds and sometimes corporate fixed interest bonds Property Commercial property, including office, retail and industrial Equities quoted stocks or shares. This indicates the number of different companies shares, fixed interest securities or properties involved and together with asset mix is an indicator of how diversified the fund is. Volatility refers to the potential ups and downs that a fund may experience over time. We rate the possible level of volatility for each of our funds on a scale of 1 to 7. We refer to this as the volatility scale or the risk level of a fund. A fund with a risk level of 1 is a very low risk and a risk level of 7 is a very high risk. Volatility is a measure of how the fund return (how the fund performs) is different from the average return of that fund over a period of time. So, the bigger the difference from the average return, the riskier the fund. You should remember that risk and potential return are closely linked. In other words, investments which are higher risk tend to have higher returns over the long term. Our volatility scale assumes that all investments are held on a long term basis and are therefore calculated over 10 years. If an investment is held for a short term, it will usually have a greater level of risk than the volatility scale shown here. You can usually reduce the level of risk attached to an investment by diversifying (splitting the investment eggs between different baskets ) and leaving the investment where it is for a longer period of time. In other words the longer you hold volatile investments for the less volatile the returns are likely to become. Please note: details are correct as at 1st October 2010 and they may vary over time.

7 Risk Ratings and Sample Returns Our investment funds are categorised by the level of risk involved by investing in them. We have a risk ratings system from 1 to 7, with 1 being the lowest risk and 7 the highest risk level. In the table below we show a selection of standard funds in the risk categories 1 to. Risk Rating* Low Risk Medium Risk High Risk Name Tax Free Cash Safe Pension Diversified Cautious Pension for Life Flexible Diversified Balanced Core Consensus Active Managed Diversified Growth Equity Managed Indexed Global Equity Indexed 50/50 Equity Bloxham High Yield 25% Sample Returns** 20% +20% 15% +1% +1% 10% +9% +% 5% +% 0% -5% +1% 0% -1% -% -5% -10% Scale -8% * Our risk ratings scale can change and we will update it from time to time. The volatility ratings in this booklet may not be the most up-to-date ratings. Please visit our website to see the most up-to-date volatility scale. **The sample returns in this graph show the potential spread of annual returns for an average fund in each category over a 10 year investment term. 1% of expected returns lie outside of the total range shown in the sample returns shown above. WARNING: The value of your investment may go down as well as up. The value of these funds may be affected by you get from this investment may go down as well as up. These figures are estimates only. They are not a reliable guide to the future performance of this investment. These funds may engage in securities lending to earn returns. 4

8 Your Traffic Light System for Investment Risk Volatility risk reduces over time so we have highlighted below at what point in your retirement savings journey you should consider moving to lower risk funds if you have choosen to manage investment risk yourself. Typically ok for 100% Investment Need to consider reducing exposure Urgent need to consider reducing exposure Risk Rating 7 Years to Retirement John is aged 5 and 0 years away from retirement. At this stage he can be invested in a medium or higher risk fund to maximise his returns. However, he should be cautious not to put all of his eggs into one basket of a very high risk fund. Risk Rating Years to Retirement Jane is aged 4 with 19 years until retirement. At this stage she should not be fully invested in a very high risk fund and she should start to switch out of these funds to protect the value of her retirement fund against market movements. Risk Rating 5 Years to Retirement Mark is aged 0 with 5years to retirement. At this stage he should not be fully invested in high risk funds. He should have switched into medium or low risk funds to protect the value of his investment fund against market movements. Risk Rating 4 Years to Retirement Mary is aged 4 and retiring in a year. She should only be invested in low risk or appropriate benefit targeting funds. If you would prefer not to be involved in this level of detail then our Personal Lifestyle Strategy is available which will move you to appropriate benefit targeting funds as you get closer to retirement. 5

9 2 investment strategies 4 The Personal Lifestyle Strategy introduces a tailored pension investment solution for each individual. No two members of a pension scheme are the same as each other so why should your pension investment be the same? 4 The PRSA Default Investment Strategy is suitable for PRSA holders who can take up to 25% of their fund as a tax free lump sum and use the remainder of their fund to buy a pension for life (called an Annuity).

10 decompressor are needed to see this picture. QuickTime and a decompressor are needed to see this picture. i&a i&a i&a Personal Lifestyle Strategy (PLS) i&a 5i&A + 2 /2 5i&A & 2 Defined Contribution Pension /2 5 & 2 i&a i&a i&a Snapshot 5i&A Style 5i&A2 5 1i&A & Asset Mix Volatility/Risk & 1 1 Volatility Risk To align fund choice with changing investment needs and likely target benefits Indexed and Active Equities, Bonds, Cash, Property High risk to low risk The Personal Lifestyle Strategy (PLS) is an exciting and innovative new pension investment solution for members of Defined Contribution schemes Medium Risk PLS is designed to meet two very important needs for pension scheme savers: It helps protect the pension fund value against market fluctuations as members get closer to their retirement date and It directs investment into appropriate funds that best match the benefits that members are likely to take on retirement. How does the Personal Lifestyle Strategy work? The Personal Lifestyle Strategy consists of two phases which span the years of pension savings. It starts from the moment a member joins the strategy up to the retirement date. Phase 1 Growing Safely Period Phase 2 Switches into Benefit Target s Contributions and Investment Growth Growth Safe Pension Growth Safe Pension Growth Safe Pension Growth Tax Free Cash Depending on Age Salary Retirement Date Potential Service value AVCs Pension for Life Flexible 20 years to retirement years to retirement retirement PHASE 1 Growing Safely Period Phase 1 puts you in funds suitable to achieve investment growth while at the same time balancing investment risk. Initially you will be completely invested in a growth fund, typically the Consensus. With 20 years to retirement we start to gradually move your fund into the Safe Pension. This helps to protect your pension fund against volatile markets. PHASE 2 Switches into Benefit Target s Phase 2 moves your pension fund into funds that will be most suitable for how you will use your pension savings upon reaching retirement. You might for example be taking a Tax Free Lump Sum, purchase a Pension for Life or keep part of your fund for a post retirement investment. Depending on your individual circumstances we will switch your savings into investment funds that target the benefits most suitable to you. 7

11 Which investment funds are used in PLS? The Consensus invests mainly in international Risk Rating The Tax Free Cash is a low risk fund which invests 1 Risk Rating 5 1 equities. It aims to achieve returns that are consistently in in bank deposits. It will be used for your likely Tax Free line with the average of all pension managed funds in the Cash benefit. Irish marketplace. 2 1 The Pension for Life invests in government and Risk Rating 1 The Safe Pension is mainly invested in bonds, with corporate bonds. It is designed for the portion Risk Rating of your 7 some investment in cash, equities and alternative assets. fund that may be used to purchase an annuity. 2 2 It aims to help protect your pension fund against market The Flexible is mainly invested in bonds 2 4 Risk Rating with some movements. investment in cash, equities and alternative assets. 1 It will be used for the part of the fund that may be transferred to an Approved Retirement (ARF). 2 4 More details on these funds are available on the following pages What benefits will I be saving for? 7 Based on current Revenue rules your pension fund will be used to purchase one or more of the retirement benefits listed below. The level of benefits that you will be able to purchase will depend 7 on a number of factors. These factors include the amount you are 7 contributing, the age you started contributing, if you are paying Additional Voluntary Contributions (AVCs), investment performance and when you plan to retire. Priority 1 2 Retirement Benefit Tax Free Lump Sum (TFLS) Annuity/Pension for life Approved Retirement (ARF) ing Targets A member can take a maximum of 1.5 times final earnings as a Tax Free Lump Sum subject to having the relevant length of service. Based on our research we recommend that a person should target a replacement income of at least 25% of their final remuneration. This pension would be available in addition to any State Pension entitlement. Any remaining Additional Voluntary Contributions (AVCs) that are not used to fund the Tax Free Lump Sum or a pension for life can be transferred to an ARF, (subject to certain conditions). An ARF is a post retirement investment fund from which you can draw down income. How does PLS work in detail for an individual member? If your retirement age is 5 you will be 100% invested in the Consensus until you reach age 45. From age 45 we will switch a small percentage, about % each year, of your accumulated fund into the Safe Pension. The switches take place on a monthly basis. When you reach age 59 and you are years away from retirement, 0% of your pension will be invested in the Consensus and 40% in the Safe Pension. If your pension plan has a different retirement age then the switching will start 20 years from that retirement date. During the years before your retirement, your fund is then directed into target funds to match your likely retirement benefits. The following table gives an overview of the funds you will be invested in over the years of your pension saving. The graph on the next page looks at some sample members at different ages. Years to Consensus Safe Pension Benefit Target Retirement Growing Safely Over % 0% 0% Phase 0% 40% 0% Switches into Benefit 5 48% 2% 20% Target s 4 % 24% 40% 24% 1% 0% 2 12% 8% 80% 1 0% 0% 100% 0 0% 0% 100% 8

12 This graph shows the funds a member may be invested in throughout their time saving for retirement. Personal Lifestyle Strategy Consensus Safe Pension Benefit Target s Phase 1: Growing Safely Years to retirement John is age 5 and has 0 years until retirement. He has 10,000 saved in his pension fund. At this stage all the pension will be invested in the Consensus. Jane is age 4, with 19 years before retirement and has 50,000 saved in her pension fund. At this stage she will have 48,500 (97%) invested in the Consensus and 1,500 (%) invested in the Safe Pension. Mark is age 59 with years until retirement and has 00,000 saved in his pension fund. He will have 180,000 invested in the Consensus and 120,000 in the Safe Pension. Phase 2: Switches into Benefit Target s This is the phase when PLS really matches your personal circumstances! PLS recognises that everyone is unique and will retire on a different salary, service length, fund size and may or may not have made Additional Voluntary Contributions (AVCs). Based on your personal details submitted to us, over the last six years prior to your retirement PLS will switch your pension savings into one, two or three different fund that best fit how you are likely to take your benefits at retirement. John retires at age 5 with a fund size of 120,000. This will provide Tax Free Cash only. He will be switched into 1 fund only: Jane retires at age 5 with a fund of 180,000. This can provide Tax Free Cash and a pension. She will be switched into 2 funds: Mark retires at age 5 with a fund of 50,000, including AVCs. This can provide Tax Free Cash, a regular pension of 25% of salary and the balance may be invested in an ARF for flexible income. He will be switched into funds. Tax Free Cash Pension for Life Flexible Tax Free Cash Pension Tax Free Pension for Life Flexible Cash for Life Flexible WARNING: The value of your investment may go down as well as up. The value of these funds may be affected by you get from this investment may go down as well as up. 80,000 Tax Free Cash 120,000 Tax Free Cash 0,000 Flexible These funds may engage in securities lending to earn returns. 80, ,000 Tax Free Tax Free Cash Cash 9 10, ,000 Flexible Tax Free Cash 0,000 Flexible 80, ,000 Tax FreeTax Free Cash Cash 10, ,000 Flexible Tax Free Cash 0,000 Flexible 120,0 Tax Fre Cash Fu

13 Personal Lifestyle Strategy (PLS) AVC The Personal Lifestyle Strategy (PLS) is also available for Additional Voluntary Contribution (AVC) plans. We offer two different versions of the Personal Lifestyle Strategy for AVC plans. They differ in the options for Target Benefit funds. Phase 2 of the Strategy gradually moves your AVC fund into funds that will be most suitable for how you will use your AVC savings upon reaching retirement. Personal Lifestyle Strategy AVCs We expect you will want to take as much of your fund as tax free cash at retirement as Revenue will allow you to and keep the remainder invested. Depending on your individual circumstances we will switch your savings into investment funds that target the benefits most suitable to you. With one year to retirement you will be 100% invested in your target fund(s). Growing Safely Period Switches into Benefit Target s Contributions and Investment Growth Growth 20 years to retirement Safe Pension Growth Safe Pension Growth Safe Pension Growth years to retirement Tax Free Cash Depending on Age Salary Retirement Date Potential Service value Flexible retirement Up to years before retirement Personal Lifestyle Strategy Tax Free Cash Phase 1 years before retirement Phase 2 Growing Safely Period Switches into Benefit Target s Again, we expect that you will take as much of your fund as tax free cash as Revenue will allow. Therefore we gradually switch all your savings into the Tax Free Cash. With one year to retirement you will be 100% invested in the Tax Free Cash. Growing Safely Period Switches into Benefit Target s Contributions and Investment Growth Growth Safe Pension Growth Safe Pension Growth Safe Pension Growth Tax Free Cash 20 years to retirement years to retirement retirement WARNING: The value of your investment may go down as well as up. The value of these funds may be affected by you get from this investment may go down as well as up. These funds may engage in securities lending to earn returns. 10

14 PRSA i&a i&a Default i&a Investment Strategy /2 5 & 2 Snapshot Style i&a Asset Mix i&a i&a To align fund choice with changing investment needs Indexed and Active Equities, Bonds, Cash, Property Volatility/Risk & High risk to low risk 5 12 Phase 1: Growth The goal is to maximise investment growth 1 1 Phase 1 is the early and middle years of pension saving where the goal is to maximise investment growth. Therefore the PRSA fund invests mainly in equities as they have the highest expected rate of return. In Phase 1, pension contributions are invested in the PRSA Consensus. The PRSA Consensus is an indexed managed fund, which adopts the collective wisdom of the Irish fund management industry in deciding asset allocation. Stock selection then replicates the major world market indices. The PRSA Consensus minimises the possibility of underperforming relative to actively managed funds. Phase 2: Consolidation As retirement gets closer it is essential to protect the value of the fund that has been built up Protecting your fund value is essential so that the potential fall in the value of your retirement fund due to a period of poor performance for investment markets is minimised. In Phase 2, the PRSA Default Investment Strategy gradually switches the entire fund into the Cash and the Pension Protection s over the 5 years before retirement. The fund is switched monthly over 0 months. The PRSA Cash is designed to protect the part of your fund which may be used as a tax-free lump sum. By retirement, 25% of the fund will have been gradually invested in this option. (This reflects the maximum amount of the fund that can be taken as a tax-free lump sum by a PRSA holder.) The Pension Protection is designed to track annuity prices, which are used to convert the fund into a pension income. By retirement, 75% of the fund will have been gradually switched into this investment option. Switch from Growth to Consolidation At retirement 15% 5% 80% 0% 10% 0% 45% 15% 40% 20% 0% 20% 25% 75% PRSA Consensus PRSA Pension Protection - Annuity PRSA Cash WARNING: The value of your investment may go down as well as up. The value of these funds may be affected by you get from this investment may go down as well as up. These funds may engage in securities lending to earn returns. 11

15 standard investment funds We offer a wide variety of investment funds which cover different risk categories. The following pages will give you more details about the following funds: 4 Consensus 4 Safe Pension 4 Tax Free Cash 4 Pension for Life 4 Flexible 4 Indexed Global Equity 4 Indexed 50/50 Equity 12

16 Consensus Snapshot Style Size Asset Mix Number of Stocks i To consistently achieve average managed fund performance Indexed 5.5 billion Equities, Bonds, Cash, Property 92 1 Volatility/Risk Medium/High 7 risk Risk Years to Retirement BEWARE WARNING BEWARE WARNING This is a high risk fund which can have a high level of volatility. Therefore it may not be suitable for investors who have less than 10 years to retirement. The fund is most suitable for long term investment. The Consensus is a managed fund, the assets of which are invested on a consensus basis, replicating the average asset allocation of the Irish fund management industry. It is suited to those investors who want long-term managed fund growth without manager and stock selection risk. Operation The Consensus aims to provide performance that is consistently in line with the average of all pension managed funds in the Irish marketplace. After adopting the average asset allocation of all the pension funds in the market, the fund then pursues index tracking stock selection. Asset Split Equity 74.2% Bonds 15.4% Cash 7.5% Property 2.9% The Consensus is considered a high risk fund for short term investors e.g. 10 years or less. However, generally the longer investments are held the less volatile they become, so the fund is considered medium risk for longer term pension investors, especially if used as part of a Lifestyle Strategy. Equities - Geographical Mix US 1.% Eurozone 20.1% UK 14.2% Pacific 14.1% Europe ex EZ 8.9% Ireland 7.5% Japan.9% The above values and asset mix are correct as of 1st October WARNING: The value of your investment may go down as well as up. The value of this fund may be affected by you get from this investment may go down as well as up. This fund may engage in securities lending to earn returns. 1

17 Safe Pension Snapshot Style Asset Mix Number of Stocks i To achieve secure results with minimum risk to capital Indexed Bonds, Cash, Equities and Alternative Assets 27 Volatility/Risk 1 2 Low risk Risk Low Risk Medium Risk This is a low risk fund. While there will be a low level of volatility in fund returns, there is also only a low potential for gains. It is suitable for investors who are close to retirement or have a low appetite for risk. High Risk The Safe Pension is suitable for those who will accept some volatility in the investment performance and who are also looking for some potential for growth. Operation The Safe Pension is mainly invested in short and medium term bonds, with some investment in cash, equities and alternative assets such as emerging market equity and corporate bonds. Asset Split Medium Term bonds 0.% Inflation Linked bonds 29.9% Indexed Cash 24.8% Alternative Assets 7.% 50/50 Equity 7.4% The above values and asset mix are correct as of 1st October equities fixed interest/ cash property other bonds assets WARNING: The value of your investment may go down as well as up. The value of this fund may be affected by you get from this investment may go down as well as up. This fund may engage in securities lending to earn returns. 14

18 Tax Free Cash 9. Snapshot Risk To match deposit rate returns Style C Active Size 78 million Asset Mix Bank Deposits Volatility/Risk 1 2 Low risk Low Risk Medium Risk This is a very low risk fund. While there will be a very low level of volatility in fund returns, there is also only a very low potential for gains. It is suitable for investors who are very close to retirement or have a very low appetite for risk. High Risk The Tax Free Cash can be used to protect the value of member s funds against market movements. For members who are close to retirement it is particularly useful for that element of the fund that will be taken as a tax-free lump sum. Operation The Tax Free Cash invests 100% in cash and short-term deposits and aims to give investors a stable and predictable return. Asset Split Bank Deposit 100% The mixture and composition of the assets may change from time to time. WARNING: The value of your investment may go down as well as up. The value of this fund may be affected by you get from this investment may go down as well as up. This fund may engage in securities lending to earn returns. 15

19 Pension for Life Snapshot To move in line with the prices of an annuity Risk Style Size i Indexed 251 million Low Risk Medium Risk High Risk Asset Mix Number of Stocks The Pension for Life is a passively managed fund, which invests entirely in long-dated Eurozone securities. These securities are effectively loans to governments with repayment dates of ten years or more. The fund s objective is to match the Merrill Lynch EMU Government Index, a 10 year index. Asset Split Government and corporate bonds Volatility/Risk 1 2 Medium 4 5risk 7 8 This is a medium risk fund which can have some level of volatility. The potential return from the fund will also be medium. It is suitable for investors who will accept some level of risk. Operation This fund should broadly follow the long-term changes in annuity prices due to interest rates i.e. if long-term interest rates fall, the value of this fund will increase to roughly compensate for the rise in annuity prices. Long-term interest rates are just one of the main factors that determine the cost of an annuity. However, there will be times when the fund will not track annuity prices closely and no guarantee can be given in relation to such movements. Eurozone Government and corporate bonds 100% The mixture and composition of the assets may change from time to time. Bonds - Geographical Mix Italy 29.1% France 2.8% Germany 19.% Spain 9.% Others 7.5% Belgium 5.4% Netherlands 5.0% The above values and asset mix are correct as of 1st October WARNING: The value of your investment may go down as well as up. The value of this fund may be affected by you get from this investment may go down as well as up. This fund may engage in securities lending to earn returns. 1

20 Flexible Snapshot Style Asset Mix Number of Stocks i To achieve moderate returns with low levels of volatility Indexed Bonds, Cash, Equities and Alternative Assets 27 Volatility/Risk 1 2 Medium 4 5risk 7 Risk Low Risk Medium Risk High Risk This is a medium risk fund which can have some level of volatility. The potential return from the fund will also be medium. It is suitable for investors who will accept some level of risk. The Flexible is suitable for those who will accept some volatility in the investment performance and want reasonable potential for growth. Operation The Flexible is mainly invested in bonds, with some investment in cash, equities and alternative assets such as emerging markets equity and corporate bonds. Asset Split Medium Term bonds 25.2% Inflation Linked bonds 24.9% Cash 19.8% Alternative Assets 15.2% Indexed 50/50 Equity 14.9% The above values and asset mix are correct as of 1st October WARNING: The value of your investment may go down as well as up. The value of this fund may be affected by you get from this investment may go down as well as up. This fund may engage in securities lending to earn returns. 17

21 Indexed Global Equity Snapshot Style Size Asset Mix Number of Stocks i To achieve consistent average global equity fund returns Indexed 214 million Equities Volatility/Risk 4 5 High 7 risk Risk Years to Retirement BEWARE WARNING This is a very high risk fund which can have a very high level of volatility. Therefore it may not be suitable for investors who have less than 1 years to retirement. The fund is most suitable for long term investment. BEWARE WARNING The Indexed Global Equity is designed to achieve average equity fund returns on a consistent basis. Asset Split Operation The fund is 100% invested in equities. The country allocation is based on the composition of the average managed pension fund. Having implemented the country allocation the fund then pursues index tracking stock selection. The aim is to eliminate manager selection risk, which is the risk of being with an investment manager who under performs. Equities 100% Equities - Geographical Mix US 1.7% Eurozone 21.0% UK 14.7% Pacific 14.4% Europe ex EZ 8.7% Ireland 5.5% Japan 4.0% The above values and asset mix are correct as of 1st October WARNING: The value of your investment may go down as well as up. The value of this fund may be affected by you get from this investment may go down as well as up. This fund may engage in securities lending to earn returns. 18

22 Indexed 50/50 Equity Snapshot Style Size Asset Mix Number of Stocks i To achieve average equity fund returns on a consistent basis Indexed 515 million Equities Volatility/Risk High risk 7 Risk Years to Retirement BEWARE WARNING BEWARE WARNING This is a high risk fund which can have a high level of volatility. Therefore it may not be suitable for investors who have less than 10 years to retirement. The fund is most suitable for long term investment. The aim of the Indexed 50/50 Equity is to achieve average equity fund returns and eliminate manager selection risk, which is the risk of being with an investment manager who underperforms. Operation The assets of this fund are fully invested in equities. The allocation in this fund is split into approximately 50% Eurozone assets and approximately 50% assets from the rest of the world. The stock selection within each market is index stock selection, meaning that we replicate the weighting that each stock represents within the relevant market index. Asset Split Equities 100% Equities - Geographical Mix Eurozone 50.1% US 27.% Pacific 8.9% UK 5.2% Japan 5.0% Europe ex Ez.5% This fund may engage in securities lending to earn returns. 19 The above values and asset mix are correct as of 1st October WARNING: The value of your investment may go down as well as up. The value of this fund may be affected by you get from this investment may go down as well as up.

23 4 other popular funds The following pages give details of other popular funds including: 4 Diversified Cautious 4 Diversified Balanced 4 Diversified Growth 4 Active Managed 4 Equity Managed 4 Bloxham High Yield 20

24 Diversified Cautious Snapshot Style Size Asset Mix Number of Stocks i&a To achieve moderate returns with low levels of volatility Indexed & Active 11.7 million Equities, Property, Bonds, Cash, Commodities, Forestry, Hedge 50 Volatility/Risk 1 2 Medium 4 5risk 7 Risk Low Risk Medium Risk High Risk This is a medium risk fund which can have some level of volatility. The potential return from the fund will also be medium. It is suitable for investors who will accept some level of risk. The Diversified Cautious is suitable for members who wish to maintain a small exposure to equity markets while limiting volatility in comparison to a traditionally managed type fund. Investors get exposure to both traditional equity managed markets on an indexed basis, as well as a wide variety of other assets classes, which are managed on an active basis. Operation The fund combines traditional assets such as equities, bonds, cash and Irish property with a mix of alternative assets which can include: Emerging Markets Equities, Forestry, Hedge s, Commodities and European Property. Asset Split Bonds 0.9% Equities 2.9% Property 9.7% Hedge 8.1% Cash 8.0% Forestry 7.7% Multi Asset 4.7% Commodities 4.0% Equities - Geographical Mix Global 4.8% Eurozone 28.2% US 15.4% Pacific 5.0% UK 2.9% Japan 2.8% Europe ex EZ 1.9% This fund may engage in securities lending to earn returns. 21 The above values and asset mix are correct as of 1st October WARNING: The value of your investment may go down as well as up. The value of this fund may be affected by you get from this investment may go down as well as up.

25 Diversified Balanced Snapshot Style Size Asset Mix Number of Stocks i&a To achieve managed fund returns with reduced levels of volatility Indexed & Active 5. million Equities, Property, Bonds, Cash, Commodities, Forestry, Hedge 41 Volatility/Risk Medium 5 risk 7 Risk BEWARE Years to Retirement This is a medium to high risk fund with expected volatility in the medium to high range. Therefore it may not be suitable for investors who have less than 7 years to retirement. WARNING BEWARE WARNING The Diversified Balanced aims to achieve managed fund returns with less volatility. This fund is suitable for those looking for managed type returns with reduced levels of volatility. Operation It combines traditional assets such as equities, bonds, cash and Irish Property with a mix of alternative assets which can include: Emerging Markets Equities, Forestry, Hedge s, Commodities and European Property. Thus investors get exposure to both traditional equity managed markets on an indexed basis, as well as a wide variety of other assets classes, which are managed on an active basis. Asset Split Equities 40.% Bonds 20.9% Property 1.% Hedge 8.1% Forestry 7.% Commodities 5.1% Multi Asset 4.7% Equities - Geographical Mix Global 8.0% Eurozone 1.1% US 17.0% Pacific 5.5% Japan.2% UK.1% Europe ex EZ 2.1% This fund may engage in securities lending to earn returns. 22 The above values and asset mix are correct as of 1st October WARNING: The value of your investment may go down as well as up. The value of this fund may be affected by you get from this investment may go down as well as up.

26 Diversified Growth Snapshot Style Size Asset Mix Number of Stocks i&a To achieve traditional equity fund returns with lower volatility Indexed & Active 49 million 1 Volatility/Risk High risk 7 Equities, Property, Commodities, Forestry & Hedge 270 Risk Years to Retirement BEWARE WARNING BEWARE WARNING This is a high risk fund which can have a high level of volatility. Therefore it may not be suitable for investors who have less than 10 years to retirement. The fund is most suitable for long term investment. The Diversified Growth fund aims to achieve traditional equity fund returns with lower volatility than an all-equity based fund. Investors get exposure to both traditional equity managed markets on an indexed basis, as well as a wide variety of other assets classes, which are managed on an active basis. Operation The fund combines traditional assets such as equities, bonds, cash and Irish Property with a mix of alternative assets which can include: Emerging Markets Equities, Forestry, Hedge s, Commodities and European Property. Asset Split Equities 55.9% Property 1.2% Hedge 10.2% Forestry 5.7% Commodities 5.1% Bonds 5.1% Multi Asset 4.8% Equities - Geographical Mix Eurozon.% Global 27.% US 19.8% Pacific.4% UK.8% Japan.% Europe ex EZ 2.5% This fund may engage in securities lending to earn returns. 2 The above values and asset mix are correct as of 1st October WARNING: The value of your investment may go down as well as up. The value of this fund may be affected by you get from this investment may go down as well as up.

27 Active Managed Snapshot Style Size Asset Mix Number of Stocks A To achieve above average managed fund performance Active 1. billion Equities, Bonds, Property, Cash Volatility/Risk High risk 7 Risk Years to Retirement BEWARE WARNING BEWARE WARNING This is a high risk fund which can have a high level of volatility. Therefore it may not be suitable for investors who have less than 10 years to retirement. The fund is most suitable for long term investment. The Active Managed is an actively managed fund which aims to deliver above average performance on a consistent basis through active asset allocation and stock selection. The core principle of our approach is the calculation of fair value and taking advantage of market mis-pricings. Operation Based on our view of the markets and economies, we first decide how much to invest in equities, bonds, property and cash. Then a view is taken on the countries and then the stocks within those countries to hold. Our analysts pick stocks based on various value criteria. Only those stocks that have the greatest potential to recover to their fair value within the medium term are chosen. Asset Split Equities 71.2% Bonds 1.8% Cash 9.2% Alternatives 2.9% Property 2.9% Equities - Geographical Mix Eurozone.% US 1.0% UK 11.4% Pacific 10.7% Ireland 7.% Japan 4.5% Eurozone ex EZ 1.8% This fund may engage in securities lending to earn returns. 24 The above values and asset mix are correct as of 1st October WARNING: The value of your investment may go down as well as up. The value of this fund may be affected by you get from this investment may go down as well as up.

28 Equity Managed Snapshot Style Size Asset Mix Number of Stocks A To achieve above average equity returns on a consistent basis Active 87 million Equities Volatility/Risk 4 5 High 7 risk Risk Years to Retirement BEWARE WARNING This is a very high risk fund which can have a very high level of volatility. Therefore it may not be suitable for investors who have less than 1 years to retirement. The fund is most suitable for long term investment. BEWARE WARNING The Equity Managed s aim is to achieve above average performance through active asset allocation and stock selection. Asset Split Operation Based on the view of the market and economies, a decision is taken firstly of which countries we should invest in ( asset allocation"). The next decision is which stocks (company shares) to hold within each country portfolio ("stock selection"). We believe that picking the best undervalued stocks is a key driver in achieving consistent above average performance. Our stock selection process is a highly disciplined systematised approach, combined with in-depth company analysis and visits. Equities 100% Equities - Geographical Mix Eurozone 2.4% US 0.7% UK 11.% Pacific 10.% Ireland 7.1% Japan 4.5% Europe ex Ez 2.% Cash 1.1% This fund may engage in securities lending to earn returns. 25 The above values and asset mix are correct as of 1st October WARNING: The value of your investment may go down as well as up. The value of this fund may be affected by you get from this investment may go down as well as up.

29 Bloxham High Yield Snapshot Snapshot Style Size Asset Mix Number of Stocks A Invest in stocks which pay higher than average dividends Specialist Active 218 million Equities 5 1 Volatility/Risk High risk 7 Risk Years to Retirement BEWARE WARNING BEWARE WARNING This is a high risk fund which can have a high level of volatility. Therefore it may not be suitable for investors who have less than 10 years to retirement. The fund is most suitable for long term investment. The Bloxham High Yield s central objective is to choose a selection of 40-0 high yielding companies which have a strong probability of good dividend growth going forward. Asset Split Equities 100% Operation This fund is operated by Bloxhams. This fund invests in stocks which pay higher than average dividends. The thinking behind this strategy is that companies with an ability to pay higher dividends on a sustained basis generally provide stable growth opportunities. Stocks included in the fund are selected according to a set of financial screening criteria to identify those whose share price is likely to be less volatile than average. The indicators used to select such companies include: - Above average dividend payouts. - Low debt to equity ratios. - High cash cover on dividend payments. - Low price earnings ratios with stable earnings growth expected. Equities - Geographical Mix US 8.2% Europe 29.8% UK 1.5% Asia 7.1% Cash.7% Other 2.% Ireland 2.1% The above values and asset mix are correct as of 1st October WARNING: The value of your investment may go down as well as up. The value of this fund may be affected by you get from this investment may go down as well as up. This fund may engage in securities lending to earn returns. 2

30 5 other funds and strategies available 27

31 Investment options summary The following tables give a detailed overview of investment strategies and funds available from Irish Life Corporate Business,including information on the availablity per products. Strategy Name Defined Contribution (DC) and PRSA PRB Additional Voluntary Contributions (AVC) INVESTMENT STRATEGIES Personal Lifestyle Strategy Consensus Lifestyle Strategy Individual Investment Strategy PRSA Default Investment Strategy Name Style Asset Mix No. of Risk DC/AVC/ PRSA Size Stocks Rating PRB PERSONAL LIFESTYLE STRATEGY FUNDS Consensus Indexed 5. billion Equities, Property, Bonds, Cash 92 Safe Pension Indexed million Bonds, Cash, Equities, Alternative Assets 27 Flexible Indexed 0. million Bonds, Cash, Equities, Alternative Assets 27 Tax Free Cash Active 78 million Cash N/A Pension for Life Indexed 251 million Government and Corporate Bonds 8 ILIM SPECIALISED FUNDS Active Managed Active 1. billion Equities, Property, Bonds, Cash 1702 Diversified Cautious Indexed + Active 11.7 million Equities, Property, Bonds, Cash, 50 Diversified Balanced Indexed + Active 5. million Equities, Property, Bonds, Cash, Commodities, Forestry, Hedge 41 4 Diversified Growth Indexed Equities, Property, Commodities, Forestry 40 million + Active Commodities, Forestry, Hedge Capital Protection Active 591 million Bonds, Cash, International Equities Active Hedge Pension Protection Active 182 million Bonds 27 Equity Managed Active 87 million International Equities 1095 Cash Cash 78 million Cash N/A Safe Deposit Cash 17 million Cash N/A Active 50/50 Global Equity Active 7 million International Equities 0 Property Active 2 million Irish Property (Office, Retail, Industrial) 48 Fixed Interest Active 110 million Bonds 24 Global Consensus Active 18 million International Equities, Property, Bonds, Cash 2988 Consensus Cautious Active 1.7 million International Equities, Property, Bonds, Cash 2874 Core Active 18.5 million International Equities, Property, Bonds, Cash 1 Global Select Active 2. million International Equities 8 Corporate Bond Indexed 24 million Corporate Bonds See website for details continued overleaf 28

32 Investment options summary Name Style Asset Mix No. of Risk DC/AVC/ PRSA Size Stocks Rating PRB ILIM INDEXED EQUITY FUNDS Indexed Irish Equity Indexed 45 million Irish Equities 59 Indexed UK Equity Indexed 4.9 million UK Equities 11 Indexed North American Equity Indexed 179 million North American Equities 51 Indexed Japanese Equity Indexed.5 million Japanese Equities 45 Indexed Pacific Equity Indexed 14. million Pacific Equities 500 Indexed European Equity Indexed 209 million European Equities 407 Indexed Global Equity Indexed 214 million International Equities 2179 Indexed Emerging Markets Equity Indexed 7 million Emerging Markets Equities 89 Indexed Ethical Global Equity Indexed 2.5 million International Equities 107 Indexed World Equity Indexed 79 million International Equities 241 Indexed 50/50 Equity Indexed 515 million Equities 241 Indexed Commodities Indexed 1.8 million Commodities N/A Indexed Fixed Interest Indexed 14 million Bonds 45 Indexed Long Bond Indexed 251 million Bonds 8 Indexed Medium Bond Indexed 102 million Bonds 150 OTHER INVESTMENT MANAGERS Bloxham Intrinsic Value Active N/A International Equities 9 Bloxham High Yield Active N/A International Equities 5 Bloxham Contrarian Active N/A International Equities 9 Bloxham Global Alpha Active N/A International Equities 1 Fidelity Global Focus Active N/A International Equities N/A Fidelity Global Property Active N/A Intenational Property N/A Fidelity European Opportunities Active N/A European Equities N/A Fidelity Global Special Situations Active N/A International Equities N/A Fidelity India China Active N/A Indian and Chinese Equities N/A Fidelity EMEA Active N/A International Equities N/A Fidelity India Focus Active N/A Indian Equities N/A Fidelity China Focus Active N/A Chinese Equities N/A Global Access Managed Active N/A International Equities N/A Global Access Equity Active N/A International Equities N/A Global Access Europlus Equity Active N/A International Equities N/A

33 Risk Ratings Low Risk Volatility 1 Volatility 2 Cash Capital Protection Safe Deposit Tax Free Cash Safe Pension Medium Risk Volatility Diversified Cautious Pension Protection Fixed Interest Corporate Bond Indexed Long Bond Indexed Medium Bond Indexed Fixed Interest Pension for Life Flexible Volatility 4 Diversified Balanced Core Consensus Cautious Volatility 5 Consensus Global Consensus Active Managed Diversified Growth Indexed 50/50 Equity Bloxham High Yield High Risk Volatility Equity Managed Active 50/50 Global Equity Property Indexed European Equity Indexed Global Equity Indexed Ethical Global Equity Indexed World Equity Indexed UK Equity Indexed North American Equity Indexed Japanese Equity Indexed Commodities Bloxham Intrinsic Value Bloxham Contrarian Bloxham Global Alpha Fidelity Global Focus Fidelity European Opportunities Fidelity Global Special Situations Global Select Global Access Managed Global Access Equity Global Access Europlus Equity Volatility 7 Indexed Irish Equity Indexed Pacific Equity Indexed Emerging Markets Equity Fidelity Global Property Fidelity India China Fidelity India Focus Fidelity China Focus Fidelity EMEA WARNING: The value of your investment may go down as well as up. The value of these funds may be affected by you get from this investment may go down as well as up. These figures are estimates only. They are not a reliable guide to the future performance of this investment. These funds may engage in securities lending to earn returns. 0

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