New Ireland’s life-styling funds, IRIS and Passive IRIS have changed to reflect a number of factors including the significant shift in how customers are now taking their retirement benefits, a low interest rate environment, and to take advantage of new investment opportunities. The changes include a redesign of the asset mix of IRIS and Passive IRIS in the years running up to and at retirement. The asset mix at retirement will now consist of low to medium risk assets (75%) and cash (25%). We consider this more suitable for those customers who wish to take a cash lump sum and invest in an ARF at retirement.
The IRIS strategy is now managed by State Street Global Advisors (SSGA) and Legal and General Investment Managers (LGIM).
Please note that the changes to IRIS and Passive IRIS means that they may not be suitable if you intend to purchase an income for life (an annuity) with the proceeds of your fund at retirement.