Bank sounds warning on pensions
The bank said the number of people with their own pensions was “alarmingly low” and blamed strict rules governing the sale of pensions and poor awareness of the need to plan for retirement.
The bank’s survey found 22% of people felt they were too young to start their own pension, while 30% said they would rely on the State pension, which is currently less than €170 per week. The average age of people taking out a new Personal Retirement Savings Account (PRSA) was 36. PRSAs were launched last year as part of a government-sponsored drive to improve the take-up of private pensions.
