Hi
cannot clarify if these funds have been transferred into the "nearest equivalent" Irish Life fund (ie pooled with other investors, which is what I would like), or whether they continue on as "stand alone" funds that Irish Life are probably not v interested in as they are legacy funds / assume don't have much money in them any longer.
Briefly, Euro and US appear to be invested in the same "investment-level fund" as pre-existing irish life customers. But the QL customers have a different wrapper on top of the "investment-level" fund.
The summary actuarial report (p.8-9 of section 4) explains this a bit. The quotes (" ")below are from the summary actuarial report.
They say Irish Life have two levels of funds, one an investment level fund which holds the assets. The policyholders *can't* invest in this level. And then "a range of higher level 'price series' funds, which holds the investment level fund and includes the annual management charge, currency price series, and appropriate tax treatment.
The majority of the new funds were "created by linking to existing 'investment level' funds of ILA where the investment mandate was very similar" i.e. they sold the assets in the old QL funds, and bought new assets as per the mandate of the pre-existing underlying investment level fund.
The following funds, did not pre-exist in Irish Life, and were created as new funds by transferring across the assets directly, and they have the same investment mandate as in QL. Biotech, Clean Energy, Latin America, China, Self-directed-pension.