Bank of Ireland advises "Save tax with a PRSA before Halloween"

Bank of Ireland Life today (5th October 2003) launched a national campaign to encourage the self employed to take out a PRSA prior to the 31 October tax deadline in order to avail of up to 42% tax relief on their contributions. Bank of Ireland Life believes that PRSAs are one of the most tax efficient methods of saving for retirement. As poor pension provision continues to be evident amongst the self-employed, Bank of Ireland Life is encouraging individuals who have put their financial and retirement planning on the long finger to act now, take out a PRSA and save tax.

Commenting Mr Pat Surlis, National Pension Sales Manager, Bank of Ireland Insurance and Investments Limited said: "We have a simple but compelling message. If you are self-employed, and you do not have a pension or a PRSA, you are not benefiting from all the tax relief available to you and you should consider this matter urgently. In addition to this obvious short-term benefit, the longer-term advantages of planning early for retirement should not be underestimated. It is never too soon to start putting money aside for your future. Despite this very simple proposition the number of people who have no retirement coverage remains surprisingly high at approximately 49% of the population."

For those facing the October 31st tax deadline, the PRSA option merits careful scrutiny. In addition to the tax relief available on your contributions, your investment is allowed to grow without being subject to tax. This means that you gain from all the growth and income that your fund earns. Also, on reaching retirement you may take a portion of your fund tax-free, subject to Revenue limits.

The money which you invest in your Bank of Ireland Life pension or PRSA will be invested in funds managed by Bank of Ireland Asset Management Limited (BIAM), one of Ireland's largest and most successful fund managers. The funds are excellently positioned to avail of investment opportunities, which offer real value and good potential for above average growth.

Bank of Ireland Life's pensions awareness campaign will run until the 31st October 2003 with information on all pension options available throughout the Bank of Ireland branch network. Each branch has a dedicated Bank of Ireland Insurance and Investments Manager, who will carry out a detailed analysis of each customer's financial needs prior to advising on a tailored solution.

Concluding Mr Surlis said " This is a pivotal financial time for the self employed and it is important action is taken before it is too late. Some straight-talking guidance from one of our trained advisors could result in savings of up to 42% in tax. We would therefore strongly advise anyone who has not yet started saving for their retirement to drop into a Bank of Ireland branch to discuss their financial future now and reduce their tax bill."

Ends

Date: 5th October 2003

Contact:

Anne Mathews
Media Relations Manager
Group Corporate Communications
Bank of Ireland
Tel: 604 3836
Mobile: 087 2460358

Claire Devine,
Life and Pensions Product Manager
Bank of Ireland Life
Tel: 01-6172711

Bank of Ireland Life is a trading name of New Ireland Assurance Company plc. Bank of Ireland and Bank of Ireland Insurance and Investments Limited are tied agents of New Ireland Assurance Company plc. New Ireland Assurance Company plc, trading as Bank of Ireland Life, is regulated by the Irish Financial Services Regulatory Authority. Bank of Ireland is regulated by the Irish Financial Services Regulatory Authority. Bank of Ireland Insurance and Investments Limited is a Multi-Agency Intermediary regulated by the Irish Financial Services Regulatory Authority. Bank of Ireland Asset Management Limited is authorised by the Irish Financial Services Regulatory Authority under the Investment Intermediaries Act, 1995.