Pension group’s savings plea

MEASURES to encourage people to put money from special savings schemes into pensions have been called for by the Irish Association of Pension Funds (IAPF).

The association says Finance Minister Brian Cowen should issue a positive message in the Budget about incentives for people use their SSIA funds for pension investment. “To date the focus of the Government and the Pensions Board has been on increasing pension coverage. While this is a worthy objective, we are equally concerned about the quality of pensions cover,” said IAPF Benefits Committee chairman Paul O’Brien.

“Our research shows that the majority of those in defined contribution schemes are not saving enough. The SSIA windfall is a once-off opportunity for government to encourage funds to be diverted into pension provision and hence improve the quality of pension cover.”