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Press & News

Most SSIA holders will reinvest


Shane Hickey - Irish Independent

Thursday 9th Feb 2006

The life insurance arm of the Quinn group has said up to 90% of investors in their SSIA packages are expected to reinvest the money.

The first tranche of SSIAs will mature within the coming months and Quinn Life estimate that as many as 90% of their customers will seek to reinvest.

Figures from Bank of Ireland earlier this week showed 42% of people intended to reinvest after the SSIA scheme is completed.

Director and general manager of Quinn Life, Siobhan Gannon, said the company expected a "high turnover rate" when the scheme ends.

Quinn Life took in €50m in funds for its SSIA schemes. Over 90% of these were in equity-based funds while less than 10pc were in government bonds, according to Ms Gannon.

"We would expect a high turnover rate. We would say about 90% from our current contact with customers," she said.

"There are a lot of people saying 'can we roll it straight over into an investment bond or keep continuing on a savings product'."

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