A unique pension comparison tool offering performance insights into hundreds of funds
- Irish public has unprecedented access to pension fund data under one roof
- Major milestone for transparency within the pension industry
- Key data available on all 597 pension funds in Ireland
- Compare performance, risk, added fees and more
- Choose up to 5 funds to compare real-time data in clear graphs and charts
The National Pension Helpline is delighted to announce that Ireland’s first comprehensive pension fund comparison tool is officially live and available to the public.
The Pension Fund Explorer, which can be found here, is a free platform which contains up-to-date data on all 597 pension funds in Ireland, from their performance over time to management fees and risk exposure.
Comparing Funds and Gaining Insights
The searchable database can be used to compare each pension fund’s performance over time, the allocation given to each asset class, where these assets are located, and the holding companies involved.
Users can choose up to 5 funds to compare their performance which is displayed in clear, interactive graphs and charts allowing for a smooth user experience.
Funds from the same pension provider can also be pitted against each other to compare how each fund is faring, with users being able to toggle between different timeframes to get a clear picture of performance over time.
It is not designed to offer financial advice – however, people now have an invaluable resource at their fingertips to gain a deeper understanding and knowledge of pension funds seeking professional financial advice.
Rethinking how we analyse pension funds
Our Fund Explorer addresses a problem which has existed for decades, and one which has never been properly addressed – a lack of transparency within the industry.
Until now, those wishing to invest had to tediously browse through countless documents from each provider or speak to a broker to have any idea of which funds are available.
Even then, many will have been at a disadvantage due to a lack of knowledge and access to key information.
This platform provides access to that key information, with users being able to view and compare every pension fund from every provider – all under one roof.
The database took over six months to compile and build, and there are many further developments in the pipeline over the coming months, including:
- A dedicated section for standard PRSA comparisons
- A section for auto-enrolment fund performance
- Articles focused on comparing funds offered by different suppliers, based on similar risk, return and asset allocations
Looking to the Future
The tool was designed as a free resource for everyone, and it will remain free – providing equal access to the entire database to all users.
Over the coming weeks and months, we will continuously take any feedback on board, and upgrade the system based on this feedback to make the dashboard work in a way that best suits the needs of users.
We’re also working on easy-to-follow tutorials which explain how to use the platform, as well as a new series of in-depth articles highlighting the best funds for people at various stages of their lives.
“A major milestone”
Speaking at the launch, James Dorrian, QFA, said: “This new platform is a major milestone in making the pension industry more transparent and easier for the public to navigate the hundreds of funds that are available in Ireland.”
“The National Pension Helpline was set up out of frustration for how hard it is for the average person to get the information they need when it comes to investing in their pension.”
Mr Dorrian said that this data should be freely available without people having to manually trudge through hundreds of individual documents, and that the Fund Explorer enables people to easily compare funds in one location.
“Investing in the wrong fund can cost you in retirement, and similarly, smart investments have a compounding effect which means that even small monthly contributions can grow into a substantial pension pot in the future,” said Mr Dorrian. Our advice to those contemplating making monthly contributions is to speak to a financial advisor before making a decision.”
“Similarly, we make no claims that past performance can predict future outcomes and this tool won’t replace sound financial advice – however, our independently sourced data can certainly give people invaluable insights that will benefit them before speaking to a qualified expert.”
