Young farmers urged to start pensions

All young farmers have been urged to take out a pension plan.

Macra na Feirme’s new president, Colm Markey, said pension awareness here remains low, especially among farmers, with igures for 2002 showing only 16% have private pension plans.

Noting that farmers currently have a strong reliance on state pensions after retirement age, Mr Markey said it was vital that they start investing in pensions at an early age to avoid having to make big contributions in later life. “Many young farmers will be playing catch-up if they wait till they take over the farm before thinking about retirement. It is vital that young people start a pension now” he said.