Quinn Life Funds & Irish Life

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taytoman

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Hi

I have about 25K that originally was in Quinn Life Freeway funds (mainly euro equity & US equity freeway funds). These have now been transferred to Irish Life. I have contacted Irish Life on two occasions, but cannot clarify if these funds have been transferred into the "nearest equivalent" Irish Life fund (ie pooled with other investors, which is what I would like), or whether they continue on as "stand alone" funds that Irish Life are probably not v interested in as they are legacy funds / assume don't have much money in them any longer. Anyone know what the situation is? The person in the call centre can't tell me as this is not in her script... Only reason to stick with them is for tax reasons as the original investment is in the red.
 
You should have received a document from QL last summer detailing how the funds would be switched over from QL to IL. Basically, not all IL funds are the equivalent of QL funds, e.g. the Nasdaq fund is the same, but the Euro fund does not track the Eurostoxx50 – it tracks the MSCI Europe ex-UK index and the American fund does not track the S&P; instead it tracks a North American index of US and Canadian shares. Also as far as I am aware, your QL funds were switched into IL funds for ex-QL investors, i.e. you are not investing with other IL investors in nearest equivalent funds and your switching options are limited to those funds for ex-QL investors.
 
Anyone know if the annual charges are the same as they used to be with QL?
 
Hi 3CC,
As far as i can see the charges are similar,their website is quite good also,took a little while to get used to,good graphs also etc.


Pat
 
taytoman said:
Hi
cannot clarify if these funds have been transferred into the "nearest equivalent" Irish Life fund (ie pooled with other investors, which is what I would like), or whether they continue on as "stand alone" funds that Irish Life are probably not v interested in as they are legacy funds / assume don't have much money in them any longer.
Click to expand...

Briefly, Euro and US appear to be invested in the same "investment-level fund" as pre-existing irish life customers. But the QL customers have a different wrapper on top of the "investment-level" fund.


The summary actuarial report (p.8-9 of section 4) explains this a bit. The quotes (" ")below are from the summary actuarial report.

They say Irish Life have two levels of funds, one an investment level fund which holds the assets. The policyholders *can't* invest in this level. And then "a range of higher level 'price series' funds, which holds the investment level fund and includes the annual management charge, currency price series, and appropriate tax treatment.

The majority of the new funds were "created by linking to existing 'investment level' funds of ILA where the investment mandate was very similar" i.e. they sold the assets in the old QL funds, and bought new assets as per the mandate of the pre-existing underlying investment level fund.

The following funds, did not pre-exist in Irish Life, and were created as new funds by transferring across the assets directly, and they have the same investment mandate as in QL. Biotech, Clean Energy, Latin America, China, Self-directed-pension.
 
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