Irish Life Health
Welcome to Ireland’s newest health Insurer, Irish Life Health. Bringing fresh options and innovation to the health insurance market.
Irish Life
Irish Life the largest life and pensions group and fund manager in Ireland, employing 2,000 people and servicing one million customers.
Irish Life Investment Managers
Managing assets in excess 39bn, ILIM manages money on behalf of multinational corporations, charities and domestics.

Irish Life very pleased with Sovereign Annuity interest

Irish Life is very pleased with the demand it has seen for its new Sovereign Annuity product. Despite only receiving certification from the Pensions Board in Dec 2012, Irish Life has already sold over €125m of sovereign annuity related buy-outs. Some of these were 100% Sovereign Annuity and others were mixed products (that is, combining sovereign annuities with traditional annuities). Irish Life is also satisfied with the high number of potential sovereign annuity sales currently in the pipeline.
“Defined Benefit trustees have some tough decisions to make and we’ve seen evidence that they have started to take real action with the upcoming Pensions Board funding deadlines in mind” said Shane O’Farrell, Executive Manager Risk and Longevity.

Sovereign Annuities allow trustees to buy-out their pensioner liabilities at cheaper rates due to the higher yield on Irish bonds than risk-free German rates. The discount is currently about 15%. However, payments under the pensions can reduce or cease if the special Irish bonds-called Irish Amortising Bonds (IABs)-do not perform. “The NTMA quote daily indicative yields and so far the process of buying the bonds and closing out transaction has proven efficient”, added O’Farrell.

Find out more about Sovereign Annuities from Irish Life Corporate Business.

Warning: The income that you get from this product may be reduced in payment or even cease.