New low-cost pension stirs up a storm

ON Monday The Pensions Board launches the names of the first six providers of their new pension plans known as Personal Retirement Savings Accounts.

Even before they get to market the new low cost pension, designed to encourage more people to buy personal pensions is stirring up a storm.

Earlier this week the Irish Society of Actuaries warned the PRSAs as they have become known, will hasten the shift away from the traditional defined benefit plan bringing with all the negative implications in such a change in pension provisioning going forward.