New options for managing retirement funds are now available to the self employed and some company directors thanks to the recent Finance Act.

In response, Hibernian Life has introduced Retirement Choice, a range of products designed to meet individuals' income and investment needs in retirement.

Depending on their risk, income and investment profile, customers may access an annuity or funds ranging from riskier equity-based investments to conservative deposit-based and cautiously managed funds.

Retirement Choice requires a minimum investment of £10,000 (€12,697). Management charges are 1.5 per cent per annum for Hibernian's Approved Minimum Retirement Fund or Approved Retirement Fund. There are no entry fees but there are penalty charges for transferring to another fund manager within five years.