Low-cost accounts to boost savings

WORKERS without pensions will be able to take out special low-cost saving accounts from today to encourage them to save for their retirement.

The drive to increase the number of people with pension cover follows a series of shock reports which found half the workforce does not have a pension.

All major financial institutions will offer the Personal Retirement Savings Accounts (PRSAs), which will be exempt from a series of bank charges and will benefit from tax relief.