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KBC launches new Pension Product

07 October 2020

KBC Lifestyle Extra PRSA the second product to launch as part of KBC’s integrated bank and insurance model

KBC  has today announced the launch of its non-standard personal retirement savings account, KBC Lifestyle Extra PRSA, offering customers a wide range of personalised investments based on their individual appetite for risk, reward and loss. The new product, the second to launch as part of KBC’s integrated bank and insurance model, offers investors more choice and greater control –all through KBC’s digital pension experience.

Similar to KBC’s Lifestyle standard PRSA product, customers can start a personalised pension fund through the KBC app within minutes, with the option to then increase, decrease or pause contributions while reviewing their fund performance in real-time. However, with KBC Lifestyle Extra PRSA, KBC’s risk profiler will recommend investment funds to meet a customer’s financial and emotional appetite for investment risk.

John Gethin, Branch Manager, KBC Life and Pensions said: “At KBC, our goal is to demystify pensions. Last May, we launched a truly innovative and simple pension proposition, different to anything else in the Irish market. Today, we launch our second product, KBC Lifestyle Extra PRSA. Usually, a few short questions determine an investor profile, however, we don’t believe in a one-size-fits-all approach, which is why our risk profiler assesses your attitude to risk and reward but also how you might react to changes in markets and how that could cause your investment to rise and fall. Through this unique innovation, KBC customers can remain within their own investment comfort zone, while enjoying a better, more transparent investor experience.”
 
In a unique digital experience, customers can start a personalised pension fund through the KBC app and the self-serve capability, which is unrivalled in  the Irish market, allows customers to track their progress against their own retirement goals, allowing more people to take control of their financial future. In addition all documentation is conveniently stored in the KBC mobile app.

At KBC, we’ve taken the complexity out of pensions by allowing customers to understand how their fund works in real-time so that they can take full control of their financial future based on their own personal circumstances. Since we launched in May, over half of our customers have made changes to their account themselves – increasing, decreasing, pausing, and topping up their funds – based on their individual circumstances. We’ve put the power in our customers’ hands, allowing greater control of financial investments.” added John Gethin.

Customers can choose from eight funds, each offering a suitable balance of equity, bonds, cash and other assets. Coupled with the risk profiler;these new ExpertEase funds factor in, not just your attitude to risk, but also how you may feel if confronted by short term drops in value. Our ExpertEase investment fund will automatically offer protection to customers by converting shares and bonds into risk-free cash when markets fall, and when things start to improve, it tracks market trends and will make additional share or bond investments when opportunities arise, in order to generate positive returns.
 
 KBC also offers an  investment strategy suitable for all KBC pension customers, called my ‘MyAutoinvest’. Through ‘MyAutoinvest’ customers an investment strategy is automatically selected for the customer which focuses on the customer’s own retirement age and was designed in conjunction with KBC Asset Management. My ‘Autoinvest is an ideal option for customers who want to have a retirement fund without having to make an investment fund decision.
 
KBC Life and Pensions is a branch of KBC Insurance NV in Belgium. For more information see kbc.ie/lifeandpensions, your KBC App, or call KBC on 1800 51 52 53.