Early pension plan warning

Workers are being encouraged to start their pensions earlier and contribute more to avoid "living out a financially uncomfortable retirement".

The average age of starting a pension — 37 — as well as the amount being contributed, will leave retirees struggling, according to new research by insurance company Irish Life.

Irish Life corporate business managing director David Harney yesterday encouraged employees to take a more active role in managing their pension contributions, and said employers needed to do more to entice their workers to do so. “Our analysis highlighted how important it is for people to join pension schemes as early as possible. The current average age of 37 years does not give people the optimum time to build their fund.