The Irish Association of Investment Managers has called on the Minister for Finance Brian Cowen to set up a new savings scheme to replace SSIAs, which are due to mature in 2006 and 2007.
In a submission, the organisation has proposed a savings account aimed at people on low incomes. The proceeds of the products would be tax free at retirement.
The IAIM says the new products, called Lifetime Flexi Investment Accounts (FIAs), would involve using existing tax allowances for pension contributions and allowing access every five years to 30% of the previous five years' investment.
The IAIM also published its annual retail funds survey, which shows that €1,874m was invested in retail investment products last year, down 5% on 2003 but ahead of 2002. €124m was invested in PRSAs.
The value of unit-linked funds, the largest category of investment, rose by 19% last year
