Success of pensions plans ‘distorted’

THE Consumers’ Association of Ireland has accused the Pensions Board of distorting the success of the personal pensions savings plans knows as PRSAs.

CAI director and spokesman on finance, Eddie Hobbs, says the figures published for PRSA uptake by the Pensions Board, in a new review, do not reflect the uptake by new entrants to the pensions market.

The Pensions Board claimed the sale of 26,899 PRSAs since their introduction back in February of this year. It failed to properly inform the public, however, that much of the sales were substitute sales for personal pensions.