Irish Life fears earners will be dissuaded from saving for future

THE head of the country’s largest pensions provider has warned of a “crisis in confidence” in the sector and of a real possibility of earners being dissuaded from saving for the future.

Irish Life’s chief executive, Gerry Hassett told delegates at a pensions conference, organised by his company, that 70% of Irish adults believe that the Government is not currently actively trying to encourage people to save for their retirement.

He added that the Government’s plan to end tax relief for pensions at the marginal rate will make it hard to persuade middle income customers to put money away for 20 or 30 years. As much as 85% of Irish Life pension customers earn less than €70,000 per year.