‘Too early’ to make PRSAs compulsory

THE Irish Pensions Board believes it is too early to consider making PRSA pensions compulsory after Hibernian Life & Pensions said it was time to do so.

Yesterday, Hibernian’s life and pensions manager Grant Barrans said the current rate of PRSA uptake is not sufficient to push the level of pension uptake above the 50% of workers who have some form of non-State funded pension cover.

Mr Barrans said the vast majority of these were State or semi-State employees, working with financial institutions or larger companies.