Less than 20,000 workers take up PRSAs

LESS than 20,000 workers have taken -up Personal Retirement Savings Accounts (PRSA) while employers are facilitating contributions to pensions plans of just 7,499 workers under the scheme.

The Pensions Board said it is pleased to report a steady increase in the uptake of PRSAs following the review of all PRSA provider data up to the end of December 2003.

The board hopes that close to 340,000 workers will take out PRSAs over the next 10 years to increase the number of workers in occupation schemes from 50% to 70%.