One of the newest entrants to the Irish life assurance market, CGU Life, has just launched an executive portfolio pension available to company directors, key employees and executives. The product spreads set-up charges over the life of the pension rather than in the beginning. This means directors have the majority, 95 per cent, of the pension invested from the beginning.
"Many other pension companies still charge up to 50 per cent of the first year's premium in set up charges thus reducing the client's pensions fund value. Unlike almost all competitors in Ireland, CGU Life do not charge the usual 5 per cent bid-offer spread on any of its contracts," claims the company.
CGU Life is offering special incentives to clients until November 30th to celebrate the launch of the new pension. Clients paying regular contributions will have an additional month's contribution credited to their pension value at the first policy anniversary. Clients making single contributions will receive an additional 1 per cent on the initial allocation rate. CGU Life distributes its products through insurance brokers only.
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