Irish Life has welcomed proposals by the Pensions Board to introduce an SSIA-style incentive to encourage greater interest in pensions among the public.
Irish Life has recently completed research market-testing this proposal. The research found that the introduction of an SSIA-style initiative would dramatically increase people’s appetites for investing in pensions
Irish Life head of marketing Dervla Tomlin said: “Our research indicates that the Pensions Board plans could transform interest in pensions.
“Our research found that as things stand just 9% of people with no pension provisions indicated that they were extremely likely to start a pension this year.
“However, when we suggested that the Government move from the current tax arrangement to an SSIA-style Government payment – with the Government contributing €1 for every €1 contributed by the individual – the figure shot up to 36%.”