Fears over PRSA selling dismissed

FEARS that the drive to promote personal retirement savings accounts (PRSAs) could lead to a wave of mis-selling on the Irish market have been dismissed by groups on both sides of the pensions market.

Due to come on the market next February, the new pension plans are designed to boost private pension cover in Ireland from 50% to 70% of the working population.

Concerns about the market and its regulation were raised following disclosure that a top pension provider in Britain has been fined £1.3 million for failing to identify 13,500 people who had been mis-sold pensions.