New credit union accounts to save for retirement

Credit unions in Ireland intend to play a role in providing personal pensions when Personal Retirement Savings Accounts are introduced early next year.

The decision will add clout to the distribution system and boost the Government's aim to have up to 70% of private-sector employees with pensions of their own.

Brian Mulholland, head of insurance at the Irish League of Credit Unions, confirmed the decision yesterday, which will give its savers an alternative means of saving for old age, he said.