of most employees into a private pension arrangement have been deferred again – to the end of next year.
But even for the group most likely to have a private pension – those aged between 55 to 69 years of age – more than one in four has no savings for their looming retirement.Among those with no pension savings, 40 per cent said affordability was the biggest barrier, with another 45 per cent saying they simply had never got around to setting one up.
Half of those with no pension coverage say they expect to rely on the State pension – which currently pays up to €253.30 a week – as their main source of income in retirement. said the “persistently low” pension coverage was a major challenge for State. Among those with pensions, the trend towards defined contribution schemes – where the pension is determined by how much you save and the investment performance of those funds – continues. Such schemes now account for almost 70 per cent of pension schemes.
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