THE Irish Insurance Federation (IIF) has welcomed the proposed changes to self-employed pensions announced in the recent Finance Bill.

"Some commentators have assumed that life assurers would oppose the increased flexibility that the Minister for Finance is proposing to give the self-employed in their retirement planning," the IIF chief executive Mr Michael Kemp said. "On the contrary, we fundamentally agree with the Minister's logic and we welcome the challenge of developing solutions for the new retirement planning environment."

However, the IIF said the new options would place a premium on quality investment advice. "Investors will need to take special care in selecting their professional advisers and should also be aware of the costs involved in getting advice," Mr Kemp said.