New Ireland Assurance challenges consumers to test their pension provision

- Investment performance key in selecting pension provider

New Ireland Assurance, today [4th October 2004] challenged consumers to check the level of income, if any, that they can expect to have when they retire. The company's online interactive pensions calculator, available onwww.newireland.ieallows users calculate the level of contribution necessary for their retirement.

According to Denis Kelleher, Head of Broker Sales, New Ireland Assurance "By inputting factors such as age, sex, the age at which you would like to retire, the calculator estimates your future weekly pension, tax free lump sum (if any), weekly state pension and total expected income at retirement, all in a matter of seconds. For those who have made no pension provision, the reality is that they will be forced to live on the state pension, which is currently just eur167.30 per week.

The New Ireland campaign also highlights the potential savings that an individual can make on their pension provision, with up to 42% tax relief available on contributions. In addition, New Ireland advises that starting your pension planning early is very important, as illustrated in the table below:-

1. Person on salary of eur30,000 looking to retire on 60% of total salary would
need to make the following contribution:-

2. Person on salary of eur55,000 looking to retire on 60% of total salary would
need to make the following contribution:-

Denis Kelleher added: "The illustration above highlights the cost benefits of starting saving for your pension early. However, it is equally important to examine the track record of your fund manager when taking out a pension. New Ireland has won 11 of the last 16 MoneyMate Investment Awards for excellence in investment fund management. This superior investment performance means more money in your pocket in retirement. New Ireland's fund manager is Bank of Ireland Asset Management (BIAM), the largest Irish fund manager", he concluded.

Ends

Contact:
Jenni Smith
Life and Pensions Product Manager
New Ireland
Ph. 01 617 2575
Mob. 086 830 1038

Anne Mathews
Media Relations Manager
Group Corporate Communications
Ph. 01 604 3836
Mob. 087 246 0358