TWO new pension products have just been launched - one aimed at the personal pension needs of the self employed and the Additional Voluntary Contribution (AVC) market, and the other directed at companies wishing to set up tailored pensions for their senior executives.

Bank of Ireland's new Lifetime pension is aimed at a wide cross section of people who are increasingly conscious of the effect that costs can have on the short to medium term in particular on regular premium life and pensions products. A 3 per cent bonus is added to the fund at retirement.

Lifetime, has created a very flexible product - there are no additional charges or penalties should you need to take a contributions break at any stage.

The company has also made an effort to simplify its marketing and policy documents avoiding insurance jargon to give a clear explanation of the product, charges and tax implications.

Bank of Ireland Asset Managers, which does all the fund management for Lifetime, has one of the best performance track records over the past several years.

Scottish Provident's new portfolio of pension products, renamed Select, is aimed at the broker network which exclusively sells the company's pensions to individuals and firms. The new range includes an AVC and a retirement bond for employees wishing to transfer the value of benefits from a previous employer's pension. Like BIAM, Scottish Provident's with profit track record has been excellent in recent years and its Irish fund now exceeds £650 million.