Those who find the current array of investment options on the market confusing may be interested in Irish Life's new suite of Scope products, launched earlier this week and designed to simplify the process of investing in shares.
Investors with a minimum of £2,000 (€2,539) may choose from five different investment options, each containing a range of shares. Investors can choose a single option or a combination depending on the level of risk and return with which they are comfortable.
The first option, Securescope, invests in a mix of worldwide shares and secure bonds and is the only one to come with a money-back guarantee after five years. However, the price of this is modest growth potential.
Wisdomscope invests in a mix of worldwide shares with some property, secure bonds and cash investments. Europascope invests in the top 50 companies in the euro zone, while Celticscope invests in the top Irish companies.
The most high-risk product, but the one with the greatest potential rewards, is Telescope, which is invested in the top European telecommunication companies including firms like Deutsche Telekom and British Telecom.
Investors can change the mix of investments and shift their money between the different options without incurring any extra charge. They can also top up their investment by amounts of £500 or more at any time.
There is no upfront charge although the company levies a management charge of 1.5 per cent of the value of the fund each year. Investors will also incur a penalty if they cash in their investment before five years are up. The penalty varies from 5 per cent in the first year to zero after the five years have elapsed.
Investors will also receive a PIN number allowing them to access, over the phone, a range of services including daily updates on the investment markets and the value of their investment.
Investments of £10,000£25,000 will receive an extra initial bonus of 0.5 per cent, while sums between £25,000 and £100,000 qualify for a bonus of 1.0 per cent. Those with £100,000 or more to invest will get a 1.5 per cent bonus.
