Your AVC Plan, Your Choice Investment Choice Guide for Public Sector Employees

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1 Your AVC Plan, Your Choice Investment Choice Guide for Public Sector Employees taking care of you...

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3 Contents Investing Your Additional Voluntary Contributions 4 Why Investment Choice Is Important 6 Asset Classes & Investment Styles 7 Lifestyle Funds 9 IRIS 9 Low Risk Funds 12 Pension Cash Fund 12 Medium Risk Funds 13 Protected Assets Fund 13 Elements Fund 14 BNYM Global Real Return Fund 15 Pension Gilt Fund 16 Medium To High Risk Funds 17 Pension Consensus Fund 17 Pension Managed Fund 18 Pension Evergreen Fund 19 Ethical Managed Fund 20 High Risk Funds 21 Pension Equity Fund 21 Innovator Fund (Pension) 22 Our Investment Managers 23 Additional Information 24 3

4 Investing Your Additional Voluntary Contributions Investing your Additional Voluntary Contributions (AVCs) As a member of your Group AVC Plan (the Plan), your contributions are invested in a pension fund until you retire. When you retire, the accumulated value of these contributions will be used in accordance with Revenue Rules to top up the superannuation benefits you will receive from your superannuation scheme. Depending on your particular circumstances you may be able to receive benefits in the form of a retirement lump sum, and/or a pension. You also have the option of investing your AVC fund in an Approved Retirement Fund (ARF) or Approved Minimum Retirement Fund (AMRF), subject to satisfying certain requirements. Please refer to your New Ireland Financial Advisor for more information on this option. Your Plan offers you a choice from a range of different funds into which contributions can be invested. This guide has been designed to provide you with information about the different investment funds which the Plan offers and is intended to help you reach a decision in relation to your investment choice. It outlines the main features of each of the funds, including: Information about the main features of the funds An indication of the level of risk involved The typical asset split in each fund. Please note that the proportion of each asset type may change over time (i.e. proportion of equities, fixed interest bonds, property, cash in which the particular fund invests). The following pension funds, which are described later in this guide, are available to you. Please note that these funds may be amended from time to time. Lifestyling Funds IRIS (default investment fund) Low Risk Funds Pension Cash Fund Medium Risk Funds Protected Assets Fund Elements Fund BNY Mellon Global Real Return Fund Pension Gilt Fund Medium to High Risk Funds Pension Consensus Fund Pension Managed Fund Pension Evergreen Fund Ethical Managed Fund High Risk Funds Pension Equity Fund Innovator Fund 4

5 Default Investment Strategy If you do not make or do not wish to make an investment choice, your contributions will be invested in the Default Investment Strategy selected for your Plan. The IRIS Retirement Fund is the default Investment Strategy for your AVC Plan. The Trustees of your Plan have no liability in respect of the Pension Funds in which the contributions are invested or the performance of those Pension Funds. Fund Switches* At any point you can switch your funds. You can decide that: Your future contributions may be invested in another fund Part or all of your existing fund can be switched to one or more of the funds available Part or all of your existing fund can be switched plus future contributions may be invested into a new fund A switching charge will apply. This charge will depend on your Group AVC Plan. For most Plans, this charge is currently per switch. * In exceptional circumstances, New Ireland may decide to defer switches encashments from a particular fund. To find out further information on this, the Trustees of the Plan can provide you with a copy of the policy conditions. The list of funds currently available for investment can also be obtained from the Trustees or your New Ireland Financial Advisor. For an up-to date picture of the performance of these funds, or any other information on investment choice, please visit our Public Sector Employees section on our website where you will find further information on your pension fund investment performance, such as: The pension funds available to you Their performance- Quarterly Performance Factsheet Switch Forms Note for Public Sector Employees If you are a member of a public sector pension scheme, it is important to consider whether you can purchase added years in respect of your membership of that scheme. Further information on this can be obtained from your HR department. Who to Contact If you wish to make changes to your pension investment funds, or if you have any queries on the investment choices available to you, please contact your New Ireland Financial Advisor. 5

6 Why Investment Choice Is Important One of the most important factors that will affect the value of your AVC Plan is the investment return that is earned. Contributions are invested in order to build up a fund that you can use to provide benefits when you retire. The rate of return earned on your contributions directly affects the size of your fund when you retire even an extra 1% p.a. investment growth can make a significant difference in the long-term. That s why choosing the right fund to invest your pension contributions, can make such a difference to the success of your AVC Plan. Projected Value of a Pension Fund Source: New Ireland Assurance Assumptions: The projected values assume gross contributions of 300 per month (increasing at a rate of 3% per annum) are made from age 35 next birthday to retirement at age 65. The returns are not forecasts as unit prices can fall as well as rise and could grow at a slower or faster value than assumed. The assumed investment returns are set out in the graph and are in line with Society of Actuaries guidance notes. The projected values are gross of taxes and charges. Warning: These figures are estimates only. They are not a reliable guide to the future performance of your investment. Warning: These funds may be affected by changes in currency exchange rates. 6

7 Asset Classes & Investment Styles Asset Classes Most funds invest in the following asset classes or asset types: Most pension investment is made through funds which contain a mix of these different asset classes i. Equities: Equities are company stocks or shares usually quoted on a stock exchange. Equities can offer the potential for higher returns than other asset classes (such as cash or bonds) but investing in equities can involve stock market volatility risk. ii. Bonds: These include government or corporate bonds which are essentially long-term loans to a government or company. Traditionally bond returns are less volatile than equity returns but may be lower than equity returns over long periods. Fixed income (as opposed to index-linked) bonds are particularly vulnerable to inflation. Risks involved in investing in bonds include interest rate risk and credit risk. iii. Property: Pension funds can invest in commercial property such as offices, retail outlets, industrial premises or in property related shares. Property investments can be volatile and can be subject to significant liquidity risk. iv. Cash: Investing in cash involves investing in deposits and money market funds. While cash is the least volatile form of asset class the returns tend to be lower over the longer term than other asset classes and there is a significant risk that returns will not exceed inflation. v. Alternatives: Alternative assets are assets that don t fall within the above traditional asset classes. Alternatives can include commodities, infrastructure, unquoted equities and foreign currency. Note: Where an investment involves investing in an asset denominated in a foreign currency, investing also involves a currency risk. Investment Styles Active Management Active management means that the fund manager uses their expertise and experience to select what they consider to be the most suitable assets within agreed limits. For example, a fund manager will select certain equities to invest in, manage the fund s investments in commercial property and decide which government bonds to invest in depending on the prescribed asset allocation of the fund. These investment decisions are based on analytical research and forecasting as well as the fund manager s skill, experience and expertise. 7

8 Passive Management Passive Management is a financial strategy in which a fund manager invests in accordance with a pre-determined strategy that doesn t entail any forecasting. The most popular method is to track an externally specified index. By tracking an index, an investment portfolio typically gets good diversification and low transaction costs. Tracking an index also removes the perceived risk of relying on a single fund manager. Investment Funds There may be different types of investment funds. The main types include: Managed Funds As well as funds which focus on particular asset classes, a managed fund is a popular approach for pension investors. A managed or mixed asset fund is one that invests across a range of asset classes. The typical managed fund invests in the traditional asset classes of cash, equities, bonds and property and aims to diversify investment within these classes. Managed funds aim to manage risk by increasing or reducing exposure to the different asset classes. As a pension investor you must decide on the most appropriate investment fund for your money, with assistance from your New Ireland Financial Advisor Absolute Return Funds Another type of fund available to pension investors are absolute return funds. These funds seek to make a positive return in all market conditions through the use of specialised approaches. These funds aim to generate returns in excess of cash returns. Which Fund? In order to help you choose the investment funds for your contributions, you should consider some important questions including: 1. What level of risk are you comfortable with? For example, funds that are designed to offer low growth are typically less risky than those that have the potential to deliver a higher possible growth. 2. What is your main aim for your fund? For example, is it to beat inflation, to achieve a steady growth or aim for the maximum growth possible? In this guide, we have set out a risk level that we have determined for each of the funds available for your investment 3. What is your investment term? Typically investors with a longer investment term have the time to ride out short term fluctuations. However an investor with a short time frame may be looking to invest in a less volatile fund. Unfortunately there is no such thing as a risk-free investment. However, there are many steps that you can take to effectively manage risk, the most important of which is timing. Pension investing can often be for 20 years or more and such time usually allows investment funds the opportunity to average out the highs and lows that markets experience. 8

9 Lifestyle Funds A Lifestyle Investment Strategy is an investment strategy that is specifically designed for pension investors who, when they retire, wish to take a retirement lump sum and purchase a pension with the balance of their fund. This strategy recognises the fact that your investment needs will be different depending on your term to retirement. It is designed to match these changing needs by automatically targeting the most appropriate level of risk depending on your term to retirement. A higher level of risk may be suitable when you are far from retirement and want time to potentially grow your fund and a lower level of risk as you near retirement and want less volatility from your investment fund. IRIS Suitable for: All pension investors* Risk level: Lifestyle Style: Actively managed Managed by: State Street Global Advisors Ireland Limited Objective of the fund: To potentially grow and as an investor approaches retirement, safeguard a pension investor s retirement savings based on their expected year of retirement. Key features IRIS can initially invest in a mix of Equities, Property, a Target Return Strategy, Bonds and Cash depending on your term to retirement. In the early years the investment strategy of IRIS is tailored towards achieving higher rates of growth through investment in assets such as equities, property and the Target Return Strategy. When retirement is 15 years or less away, the allocation to each asset class changes gradually so the fund is designed to de-risk as you approach retirement. IRIS is actively managed which means that the investment manager decides on the asset allocation in the fund (within the limits of the investment strategy). These investment decisions are based on analytical research and forecasting as well as the fund manager s skill, experience and expertise. The fund manager will exercise their discretion within the limits of the IRIS investment strategy. The standard fund related charge applies to this fund. * It is important to note that as all members of pension schemes have the option of investing in an Approved Retirement Fund (ARF) at retirement (subject to restrictions), you will need to review your investment fund in the years approaching retirement as the Lifestyle Fund may not be suitable if choosing this option. For more information please contact your New Ireland Financial Advisor. 9

10 IRIS Glide Path 15+ Years to Retirement 15 Years to Retirement 14 years 13 years 12 years 11 years 10 Years to Retirement 9 years 8 years 7 years 6 years 5 Years to Retirement 4 years 3 years 2 years 1 year At Retirement 50% 5% 40% 2%3% 50% 5% 40% 2%3% 47% 5% 40% 3% 5% 44% 5% 40% 4% 7% 41% 5% 41% 5% 8% 38% 5% 42% 6% 9% 35% 5% 43% 7% 10% 32% 5% 43% 9% 11% 29% 4% 43% 10% 13% 1% 26% 4% 42% 13% 14% 1% 23% 3% 41% 14% 17% 2% 20% 3% 40% 13% 20% 4% 16% 2% 32% 13% 16% 15% 6% 12% 2% 24% 10% 12% 30% 10% 8% 1% 16% 7% 8% 45% 15% 4%1% 8% 3% 4% 60% 20% 75% 25% The allocation to each asset class shown above is approximate and may change in the future. n Equities n Property n Target Return Strategy n Corporate Bonds n Government Bonds n Long Bonds n Cash 10

11 The Target Return Strategy The Target Return Strategy element of IRIS (see glide path on page 10) aims to return 4% above cash rates, see page 7, (Cash +4%p.a.) over the medium to long term. For this element of IRIS the fund manager chooses the mix of asset classes to invest in. The mix of asset classes is actively managed and can change substantially depending on the fund manager s assessment of risks and expected returns. The table below shows the current weighting range by asset class for the Target Return Strategy. Target Return Strategy - current asset class weighting ranges Asset Class Developed Equities Emerging Equities Government Bonds Corporate Bonds (investment grade) Commodities Cash Emerging Market Bonds High Yield Bonds Hedge Funds / Alternative Payoff Infrastructure Global Real Estate Weighting range 0% 20% 40% 60% 80% 100% September

12 Low Risk Funds Low Risk Funds have been categorised as low risk for the following reasons: Low risk investments aim to provide a return in line with, or slightly better than deposits. Low risk investments involve very little risk to the pension investors funds. Low risk funds offer little or no protection against inflation or annuity rate risk. Note: The growth on low risk funds may not always be sufficient to cover plan charges. Pension Cash Fund Recommended investment term: Short-term Risk level: Low Risk Style: Actively managed Managed by: State Street Global Advisors Ireland Limited Objective of the fund: To help maintain the value of members capital while generating a return (before charges) in line with short term deposit rates. Key features The fund invests in cash deposits and is most suitable for those investing over the short-term, and those who do not wish to unduly risk their capital. This fund is not suitable as a long-term investment. The standard fund related charge applies to this fund. Other Cash Funds From time to time other Cash Funds may be made available which provide a fixed return over a fixed term. You should check with your New Ireland Financial Advisor to see if this type of fund is currently available to you. 12

13 Medium Risk Funds Funds have been categorised as medium risk for the following reasons: Medium Risk Medium risk investments offer the potential for returns in excess of deposits but do not promise a minimum return at any time. Medium risk investments tend to invest in a range of assets, which would normally include lower risk assets such as government bonds and corporate bonds. However, they can also invest in other assets such as equities, property and alternatives (e.g. commodities). At times these investments may be a significant portion of the fund. Pension investors funds are less exposed to market fluctuations than most other investments but they may get back less than they originally invested. Protected Assets Fund Recommended investment term: Medium to long-term Risk level: Medium Risk Style: Dynamic investment strategy with explicit downside protection. Objective of the fund: To generate capital growth over the medium to long-term for investors while explicitly managing market risk. Key features The Protected Assets Fund is designed to offer investors the opportunity to share in stock market returns but with significantly reduced risk. In any calendar year, the value of an investment in the fund (before charges are deducted) will never fall below 90% of its highest value in that year. The fund invests in a mixture of global equities and cash, with a dynamic investment strategy: In times of high market volatility, exposure to equity indices falls In times of low market volatility, exposure to equity indices rises Please refer to the Protected Assets Fund brochure for full details regarding the operation of the 90% annual protection and the dynamic investment strategy of this fund. The Protected Assets Fund has a specific investment strategy which is linked to the performance of five mainstream indices. Bank of Ireland (BOI) provides the fund protection to New Ireland. If for any reason, BOI is unable to meet its obligations, investors could lose some or all of their investment. Indicative Equity Split of the fund Eurostoxx 50 50% S&P % FTSE % Nikkei % MSCI Emerging Market 5% The indices and relative exposure to each index can be varied at any time. Exposure to the individual indices is automatically reset at the start of each calendar year. A fund related charge of 0.25% higher than the standard charge applies to this fund. 13

14 Elements Fund Recommended investment term: Medium to long-term Risk level: Medium Risk Style: Actively managed Managed by: State Street Global Advisors Ireland Limited Objective of the fund: To earn capital growth for investors over the medium to long-term with lower risk than that experienced by traditional managed funds. Elements aims to return 2.5% per annum over cash (1 month EURIBOR) over a rolling five year period gross of tax and charges. Key features Elements invests in a mixture of equities, fixed interest bonds, cash and alternative assets to generate a positive long-term return for investors. Elements has a lower risk/return profile than most managed funds and currently has an upper limit on its equity allocation of 40%. Managing risk is one of the primary goals of Elements. Reflecting this the fund manager, State Street Global Advisors, has much greater scope to invest in lower risk assets such as bonds and cash should the need arise. Elements can also invest in other assets, often excluded from traditional managed funds, such as commodities. A fund related charge of 0.25% higher than the standard charge applies to this fund. Indicative Asset Split of the fund Indicative Equity Split of the fund Note: The dynamic nature of the fund may see the asset and equity splits change significantly over time. Equities 20% North American 50% Alternatives 10% Eurozone ex. Ireland 15% Property 10% UK 10% Government Bonds 20% Pacific Basin 10% Corporate Bonds 20% Japanese 10% Cash 15% Other 5% 14

15 BNY Mellon Global Real Return Fund Recommended investment term: Medium to long-term Risk level: Medium Risk Style: Actively managed Managed by: Newton Investment Management, one of BNY Mellon Asset Management s specialist asset managers. Objective of the fund: BNY Mellon Global Real Return Fund aims to return 4% per annum over cash (1 month EURIBOR) over a rolling five year period (gross of tax and charges). Key features BNY Mellon Global Real Return Fund invests in a mixture of equities, bonds, cash and alternative assets to generate a positive long-term return for investors. The fund is more focused on managing short-term risk than many other managed funds but a substantial portion of the fund can still be invested in equities. Please note that due to the type of active management involved in the fund, the asset split of the BNY Mellon Global Real Return Fund tends to move more quickly (and in larger amounts) than traditional managed funds. Newton Investment Management are a multi-award winning fund manager and have a proven track record in Absolute Real Return strategies, managing the Sterling version of the Real Return Fund since A fund related charge of 0.35% higher than the standard charge applies to this fund. Indicative Asset Split of the fund Indicative Equity Split of the fund Note: The dynamic nature of the fund may see the asset and equity splits change significantly over time. Equities 57% North American 25.91% Bonds 23% UK 23.83% Cash 15% European Excluding UK 38.51% Other 5% Japan 5.18% Pacific Basin 5.53% Other 1% 15

16 Pension Gilt Fund Recommended investment term: Medium to long-term Risk level: Medium Risk Style: Actively managed Managed by: State Street Global Advisors Ireland Limited Objective of the fund: Pension Gilt fund aims to generate medium to long term capital growth by investing in a range of government and corproate bonds. Key features The Pension Gilt Fund invests in a range of medium and long-term fixed interest bonds. The majority of these are government-issued but a range of top quality corporate bonds are also included in the portfolio. Because these investments pay a regular fixed income, they tend to be less volatile than investments in stocks and shares. However, the value of the fund can still fall, particularly over the short or medium term. Gilt funds tend to underperform share-based funds over the long term, but provide a useful alternative to equities, particularly as part of a diversified portfolio or fund. The standard fund related charge applies to this fund. 16

17 Medium To High Risk Funds Funds have been categorised as medium to high risk for the following reasons: Medium to High Risk Medium to high risk funds aim to generate a return higher than deposits and inflation. Medium to high risk funds typically invest in assets such as equities, bonds, property and cash. Within these asset classes, risk is reduced by investing across sectors and geographic regions. The value of these funds can fluctuate, sometimes significantly and members may get back less than they originally invested. Pension Consensus Fund Recommended investment term: Medium to long-term Risk level: Medium to High Risk Style: Passively managed Managed by: State Street Global Advisors Ireland Limited Objective of the fund: Pension Consensus fund aims to match the return of the average Irish pension managed fund. Key features The graphs below outline the typical asset split of the Pension Consensus Fund as well as the typical equity split by region. A fund related charge of 0.1% lower than the standard charge applies to this fund. Typical Asset Split of the fund Typical Equity Split of the fund Note: Exposure to asset types and geographic regions may change over time. Equities 65% European Equities 35% Fixed Interest Bond 20% North American Equities 25% Cash 10% UK Equities 15% Property 5% Irish Equities 10% Pacific Basin Equities 10% Japanese Equities 5% 17

18 Pension Managed Fund Recommended investment term: Medium to long-term Risk level: Medium to High Risk Style: Actively managed Managed by: State Street Global Advisors Ireland Limited Objective of the fund: Pension Managed fund aims to generate capital growth over the medium to long term by investing in a spread of assets across different geographic regions. Key features Managed Funds have historically been among the most popular investment approach adopted for pension funds in Ireland. The Pension Managed Fund is a good example actively managed by State Street Global Advisors Ireland it invests in a wide range of assets, including Irish and overseas equities, fixed interest bonds, property and cash. The asset mix will vary at times based on the investment manager s view of the relative merits of each of these investment classes. The standard fund related charge applies to this fund. Typical Asset Split of the fund Typical Equity Split of the fund Note: Exposure to asset types and geographic regions may change over time. Equities 65% North American Equities 25% Fixed Interest Bond 25% Euroland Equities 25% Cash 5% UK Equities 15% Property 5% Pacific Basin Equities 10% Non-Euro Equities 10% Irish Equities 10% Japanese Equities 5% 18

19 Pension Evergreen Fund Recommended investment term: Medium to long-term Risk level: Medium to High Risk Style: Actively managed Managed by: State Street Global Advisors Ireland Limited Objective of the fund: Pension Evergreen fund aims to generate long term capital growth by investing in a mix of assets across geographic regions. Key features The property content of the Pension Evergreen Fund is higher than many other managed funds currently in the market and as a result has a lower equity content. The proportion of property assets held in the fund is generally set between 20% and 30% with the remainder of the portfolio made up of equities, fixed interest bonds and cash. This diversified high proportion in equities and property allows for high growth potential. The standard fund related charge applies to this fund. Typical Asset Split of the fund Typical Equity Split of the fund Note: Exposure to asset types and geographic regions may change over time. Equities 45% North American Equities 25% Property 25% Euroland Equities 25% Fixed Interest Bond 20% UK Equities 15% Cash 10% Pacific Basin Equities 10% Non-Euro Equities 10% Irish Equities 10% Japanese Equities 5% 19

20 Ethical Managed Fund (Pension) Recommended investment term: Medium to long-term Risk level: Medium to High Risk Style: Actively managed Managed by: State Street Global Advisors Ireland Limited Objective of the fund: Ethical Managed fund aims to generate long term capital growth by investing in a diversified range of high quality ethical equities, excluding investments in sensitive areas and avoiding equities which are considered unethical. Key features The Pension Ethical Managed Fund operates to the same investment principles as the Pension Managed Fund, but equities held are subject to additional ethical screening. SSgA Ireland s dedicated Ethical Investment Committee, which includes independent, non-ssga Ireland representatives, monitors stocks in the portfolio to ensure they meet certain ethical standards. Stocks not meeting these criteria are excluded from the portfolio. Areas of exclusion include the defence industry, animal testing and environmental damage, among others. The standard fund related charge applies to this fund. Note: Exposure to asset types and geographic regions may change over time. Typical Asset Split of the fund Typical Equity Split of the fund Equities 65% North American Equities 35% Fixed Interest Bond 25% Euroland Equities 20% Cash 5% Pacific Basin Equities 15% Property 5% UK Equities 10% Non-Euro Equities 10% Japanese Equities 5% Irish Equities 5% 20

21 High Risk Funds Funds have been categorised as high risk for the following reasons: High Risk The potential return from high risk investments is much higher than deposits and the rate of inflation. These funds focus on maximising potential return to investors, rather than minimising risk. Some funds may consist almost entirely of one asset class. These funds may fluctuate significantly and investors may get back less than they originally invested. Pension Equity Fund Recommended investment term: Long-term Risk level: High Risk Style: Actively managed Managed by: State Street Global Advisors Ireland Limited Objective of the fund: This fund aims to generate long term capital growth by investing in a widely diversified portfolio of global equities. Key features The Pension Equity Fund invests in a portfolio of equities throughout the world. The fund typically invests 10% or less in Irish equities, with the balance in overseas equities, as the typical equity split chart below shows. The focus is on buying shares in large, well-established and profitable companies, with the aim of generating good investment returns over the long term. As this fund invests solely in company shares, it should outperform traditional managed funds over the long term, but will be more volatile in the short to medium term. The standard fund related charge applies to this fund. Typical Asset Split of the fund North American Equities 25% Euroland Equities 20% Non-Euro Equities 15% UK Equities 15% Pacific Basin Equities 10% Japanese Equities 7% Irish Equities 7% Cash 1% 21

22 Innovator Fund (Pension) Recommended investment term: Long-term Risk level: High Risk Style: Actively managed Managed by: Kleinwort Benson Investors Dublin Ltd. Objective of the fund: Innovator Fund (Pension) aims to generate long term capital growth by investing in alternative investment themes including water, alternative energy, commodities, emerging markets and climate change. Key features The Innovator Fund is managed by KBI Asset Management, and provides access to a range of alternative investments not included in traditional pension funds. Innovator focuses on four main areas of investment - Alternative Energy, Water, Emerging Markets and Commodities. The fund also has the scope to invest in other assets on a discretionary basis. One of the key benefits of this fund is the extra level of diversification it can provide as part of a wider investment portfolio. A fund related charge of 0.25% higher than the standard charge applies to this fund. Typical Asset Split of the fund KBI Water Fund (core) 20% KBI Alternative Energy Fund (core) 20% Emerging Markets (core) 20% Commodities (core) 20% Climate Change (satellite) 10% Discretionary (satellite) 10% 22

23 Our Investment Managers In today s investment market, investors have many different needs and these needs change over time. To ensure that we can meet the wide array of needs, we have chosen a range of investment managers. Together they combine their different strengths to present a robust investment proposition, offering a choice of investment styles, from active to passive, and investing across a broad range of asset classes, geographic regions and market sectors. A range of carefully selected investment managers State Street Global Advisors (SSgA) The asset management business of State Street Corporation dates back over two centuries SSgA is a global leader in asset management 29 global offices 10 investment centres and 24 hour global trading capability Employs over 2,300 people around the world (as at December 2012) A pioneer in index investing Manage over 11.6 trillion in assets worldwide (as at December 2012) BNY Mellon Bank of New York (BNY) Mellon, is one of the world s major financial services groups It has global operations in 34 countries serving more than 100 markets With assets under management of approximately US$1.4trillion (as at 30th September 2012) BNY Mellon is one of the largest asset managers globally The company operates a multi-boutique model with a number of fund managers allowing BNY Mellon to benefit from international scale while still harnessing the skill of world class specialist managers such as Newton Investment Management and Insight Investment Management Kleinwort Benson Investors Dublin Part of the RHJI Group and a sister company of Kleinwort Benson, the UK financial services institution A boutique fund manager with offices in Dublin, New York and London Specialists in alternative investments 23

24 Additional Information Charges The fund related charge for each fund is outlined throughout the booklet. Other charges and fees apply to cover the administration and servicing of your AVC Plan. The charges that apply to the plan, including the standard fund related charge are available from your Trustees. Taking Care of You... Established in 1918, New Ireland Assurance is one of the country s leading assurers and provides a range of innovative pension, investment and protection products. Since December 1997, it has been a wholly owned subsidiary of Bank of Ireland. New Ireland has been actively involved in the growth and development of the retirement planning market in recent years and provides plans to cater for a wide range of individuals and groups. New Ireland specialises in providing exceptional service to its clients throughout the duration of their investment and retirement plans. General Investment Trust (GIT) Limited is a separate company within the New Ireland Group and they act as a professional trustee for your Group AVC Plan, General Investment Trust Limited. Registered in Ireland No Registered Office: 11/12 Dawson Street, Dublin 2. A member of New Ireland Group. GIT is not regulated by the Central Bank of Ireland. You can contact the Trustees of the Plan, by phone (01) OR Are my benefits secure? By law your benefits are established under trust keeping the assets separate to that of your employer. GIT have been appointed as trustees to look after your interests as members. 24

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28 Warning: The funds may be affected by changes in currency exchange rates. Warning: If you invest in the funds you may lose some or all of the money you invest. Warning: Past performance is not a reliable guide to future performance. This brochure is based on our understanding of current legislation and Revenue practice as at September Terms & Conditions apply. Except where otherwise indicated, all indicative illustrations are as at September While great care has been taken in its preparation, this brochure is of a general nature and should not be relied on in relation to a specific issue without taking financial, insurance or other professional advice. The content of this brochure is for information purposes only and does not constitute an offer or recommendation to buy or sell any investment or to subscribe to any investment management or advisory service. If any conflict arises between this brochure and the Policy Conditions, the Policy Conditions will apply. New Ireland Assurance Company plc is regulated by the Central Bank of Ireland. A member of Bank of Ireland Group. State Street Global Advisors Ireland Limited is regulated by the Central Bank of Ireland. Incorporated and registered in Ireland at 40 Mespil Road, Dublin 4. Registered number Member of the Irish Association of Investment Managers. KBI Asset Management Limited is regulated by the Central Bank of Ireland. BNY Mellon Global Real Return Fund is a Sub-Fund of BNY Mellon Global Funds, plc. BNY Mellon Global Funds, plc is an open-ended umbrella type investment company with variable capital (ICVC) and segregated liability between sub-funds, incorporated with limited liability under the laws of Ireland. It qualifies and is authorised in Ireland by the Central Bank of Ireland as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S1. No. 352 of 2011), as amended. The Manager of BNY Mellon Global Funds, plc is BNY Mellon Global Management Limited. BNY Mellon Global Management Limited, 33 Sir John Rogerson s Quay, Dublin 2, Ireland. The Manager is approved as a management company and regulated by the Central Bank of Ireland under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S1. No. 352 of 2011), as amended. The Global (ex. US) Distributor of BNY Mellon Global Funds, plc is BNY Mellon Asset Management International Limited. BNY Mellon Asset Management International Limited, BNY Mellon Global Management Limited (BNY MGM), Newton and any other BNY Mellon entity mentioned are all ultimately owned by The Bank of New York Mellon Corporation. New Ireland Assurance Company plc Dawson Street, Dublin 2 T: F: E: W: New Ireland Assurance Company plc is regulated by the Central Bank of Ireland. A member of Bank of Ireland Group V

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