Pension’s Board urges ‘keep saving’

THE Pensions Board has called on SSIA holders to address their pension provision with their SSIA savings.

The Board believes that continuing the savings habit post SSIA could provide a significant boost to pension coverage in Ireland if savers shift their focus to pension provision.

Brendan Kennedy of the Pensions Board said: “With so many people receiving their SSIA savings this year, now is an excellent time to start a pension. Over the next two months the remaining SSIA accounts mature and in excess of 500,000 people will share in the over €7 billion payout.

One in four of those without a pension have an SSIA and the Pensions Board is encouraging them to take positive action in 2007 by using some or all of their SSIA savings to start a pension and to avail of the associated tax benefits and incentives. The Pensions Board has posted an SSIA / Pension calculator on www.pensionsboard.ie.