300,000 workers face pension shortfalls

MORE than 300,000 workers face pension shortfalls unless they double their contributions, the Irish Association of Pension Funds (IPAF) has warned.

Almost 50% of private sector workers will retire on far less than two-thirds of their basic salary. This is the main finding of a report to be published shortly by the IPAF.

To ensure full pensions, 300,000 workers need to nearly double their contributions, IPAF president John Feely warned yesterday.