I'm not sure what you mean by credit risk,but as regards risk free then a cash fund is an option.Irish Life Performance PRSA 'Safe Deposit Fund' is invested in PTSB deposit account and the interest rate is ECB+1% after contribution charge of 3% (for contributions €12k pa and over).The annual management charge 1.35% is waived until January 2010.For me, I want my pension as near to 100% risk free as possible. I dont want credit risk or market risk. Geven the choice I'd choose market risk. Are pensions in BOI or Irish Life free from credit risk?