A lifestyle strategy aims to put pension members’ savings into the appropriate fund at each stage of the saving journey, moving their pension savings into lower risk funds as they approach retirement.
Most pension providers offer a one-size-fits-all lifestyle strategy. Irish Life’s EMPOWER Personal Lifestyle Strategy (PLS) adjusts to a member’s unique circumstances.
Irish Life’s EMPOWER PLS reflects our best investment thinking for long term pension growth. And it evolves with investment trends and regulatory changes.
20 years from retirement
When the pension member is reasonably far from retirement, their pension savings are invested in higher-risk options to maximise growth.
If they are more than 20 years from retirement, all savings are invested in the EMPOWER High Growth fund.
Later, their pension savings are switched to the EMPOWER Growth Fund, which has slightly lower risk and return expectations.
When the pension member is reasonably far from retirement, their pension savings are invested in higher-risk options to maximise growth.
If they are more than 20 years from retirement, all savings are invested in the EMPOWER High Growth fund.
Later, their pension savings are switched to the EMPOWER Growth Fund, which has slightly lower risk and return expectations.
11 to 6 years from retirement
As the pension member moves towards retirement (usually 11 years from retiring), approximately half of their savings are gradually moved to lower-risk investments in the EMPOWER Stability Fund.
Moving funds to lower-risk investments helps protect their pension savings from volatile markets.
As the pension member moves towards retirement (usually 11 years from retiring), approximately half of their savings are gradually moved to lower-risk investments in the EMPOWER Stability Fund.
Moving funds to lower-risk investments helps protect their pension savings from volatile markets.
6 years from retirement and at retirement
At 6 years from retirement, pension savings are then gradually moved into funds that align best with the retirement options the employee plans to take. This helps to protect their savings.
Pension savings are invested in funds that best reflect how we believe employees are likely to use them in retirement.
For example, a pension member might:
Depending on the circumstances, we will move each member’s retirement savings into the funds that best match the benefits they are likely to choose at retirement.
At 6 years from retirement, pension savings are then gradually moved into funds that align best with the retirement options the employee plans to take. This helps to protect their savings.
Pension savings are invested in funds that best reflect how we believe employees are likely to use them in retirement.
For example, a pension member might:
Depending on the circumstances, we will move each member’s retirement savings into the funds that best match the benefits they are likely to choose at retirement.
As an alternative to the Personal Lifestyle Strategy, your employee may wish to choose their own fund (also known as a self-directed pension). Employees can select from an approved range of funds that are listed under the investments section of their MyIrishLife account.
Your employees’ pension funds are invested in the best options we believe are most suitable for them, so they receive a personalised outcome based on their pension plan data.
EMPOWER PLS tailors your employees’ investments by selecting funds that suit their unique circumstances. It invests their pension savings by focusing on the benefits we believe they are most likely to use when they retire.
We strive to protect your pension savings from market fluctuations as you approach retirement, but savings values will still fluctuate and growth in pension savings over time isn’t guaranteed.
Resources
If you want to learn more about the Irish Life EMPOWER Personal Lifestyle Strategy, please read through our information booklets.
EMPOWER Investment Strategy Information for Employees
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