The bank issued a statement today saying it would release more details on the product next week, and outlining some of the details of the new offer.

The proposed revised pension initiative is designed to boost the national pensions coverage from what the bank termed its “current low level of 52.4 per cent”.

Bank of Ireland Life managing director Brian Forrester added that he believes revision of the pensions product could help to maintain the trend for savings that SSIAs have helped create.

Bank of Ireland Life offers a range of life and pensions products, which are on offer at its 300 branches throughout the country.

To read more about pension, click here.

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