Pensions Board reports 40% rise in new PRSA accounts

The Pensions Board has reported a rise of almost 40% in the number of people opening Personal Retirement Savings Accounts last year.

The PRSA scheme was established several years ago to try to increase the number of workers making private provisions for their retirement.

One hundred thousand people have opened such accounts since 2003.

However, the Pensions Board says Ireland still has a situation whereby just over half of the workforce have private pensions arrangements.