Irish Life has created a new flexible pension product called Navigator. The product offers higher returns in the early years by minimising set-up costs. Pension holders may choose from a variety of investment options and fund managers, and have the ability to alter or suspend contributions at any stage during the life of the policy.

In line with changes in the last budget, investors have full choice on how to use their pension fund on retirement.

Each year, policyholders will receive a statement detailing the contributions they have made, the current value of the fund and the pension which is anticipated from that fund.

The Navigator product literature received the crystal mark for clarity from the plain English campaign.