Access to pension funds 'may solve present crisis'

The Minister for Social Affairs, Seamus Brennan has suggested that he may have to introduce new legislation making pension savings compulsory.

New research by Standard Life has revealed that a new, more flexible approach to pensions is necessary in order to solve the present crisis in that area.

Their study highlighted the fact that half of those without a pension would consider taking one out if they could access some of the funds before their retirement.

In addition four, out of ten people surveyed who already have a pension say they would increase their contributions if they had access to the money.

Standard Life spokesperson, Nigel Dunne says young people are afraid to lock their money away until they are sixty-five in pension funds.

He says we should follow the model of countries like the States where young people are more likely to take out pensions because they have limited access to the funds before they retire.