The GMS Superannuation Plan for self-employed general practitioners aims to deliver DB-style benefits while offering DC-style flexibility. Its long-term performance target is CPI + 4% p.a. and its average return over the past ten years is 6.6% p.a.

Its distinctive feature is the pioneering smoothing mechanism, which averages investment returns over a four-year period to cushion members from short-term market fluctuations. It also allows members to remain invested in growth assets for longer, instead of derisking too early, and can lead to higher retirement pots. The predictability of returns generated has fostered a high level of confidence among members.

The Plan declares an annual bonus for active and deferred members, designed to reflect the smoothed performance of the portfolio. The bonus aims to ensure that the minimum return declared each year is non-negative. This does not guarantee a specific rate of return but significantly reduces the likelihood of members experiencing a negative return in any year.

Irish Life’s defined contribution offerings include 40 standalone schemes and the EMPOWER Master Trust, which boasts a robust governance structure and a comprehensive range of funds. Members can access digital tools giving them the ability to retain existing scheme records online, ensuring a seamless transition if they are transferring from elsewhere.

Education is a fundamental component of Irish Life’s offering. Its member engagement programme guides individuals through their retirement journey, with webinars and videos to help them understand the basics;at retirement, it offers one-to-one sessions. With the arrival of auto-enrolment, Irish Life has also launched the Auto Ease proposition for employers, alongside a suite of informative guidelines to help them manage the introduction of auto-enrolment in their workplace pension scheme.