Pension savings at record levels but ‘DC schemes need to be improved’

The amount of money people are putting into their pension to save for their retirement reached record levels last year.

According to a new survey from the Irish Association of Pension Funds (IAPF), pension savings grew by 14% — to a record level of €91.5bn — during 2013, compared to €80.5bn the previous year.

While Irish pension savings fell to €63.5bn at the end of 2008, they have grown by 44% since and last year’s record high beat the 2006 record of €87.7bn.