Workers facing massive pension deficit

IRISH workers are facing a pension deficit of over €20 billion a year, a pan-European survey has established.

Workers facing massive pension deficit

Compiled by Aviva, the research shows every Irish worker with a private pension will have to save an extra €9,100 a year on average or face a seriously reduced standard of living on retirement, figures reveal. The pensions savings gap of over €20bn is the third worst after Britain and Germany.

Aviva said the pensions saving gap, the difference between expectations for retirement and what is actually being saved, is so dire that thousands of workers are looking at very bleak retirement prospects.

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