Pensions move urged

IRISH Life & Permanent (ILP) has called on the Government to do more to encourage the take-up of personal pensions.

The mortgage and life assurance provider estimated that 15,000 people had taken out a Personal Retirement Savings Account (PRSA), following the Government’s drive last year to increase private pensions coverage from 50% to 70% of the workforce. ILP said it held approximately 40% share of the PRSA market and had signed up 5,400 PRSA customers, who were making annual contributions of approximately €16 million to their pensions.

ILP said more work needed to be done to make employers comply with new pensions legislation.