Govt sets Sept deadline for mandatory pension schemes

The Government has set September 15 as the deadline for employers to give their workers access to a personal retirement savings account.

The PRSA scheme was established for employers who do not operate a pension scheme and employees who do not qualify for company schemes.

At present, just 50% of the Irish workforce participates in pension schemes, with 54% of women and 45% of men having no pension coverage.

The Minister for Social Community and Family Affairs, Mary Coughlan, said the Government hopes to increase pension cover to 70% as part of its commitments under the proposed new social partnership agreement.