A third of people claim not to have any savings at all, saying they cannot afford to save, according to research by Irish Life.

Unless employees take a more active role in managing their pension contributions, they may find themselves struggling when they retire.

Irish Life has sold a sovereign annuity bond with a value of roughly €20m to a defined benefit pension scheme.

Up to 80% of defined benefit pension schemes are failing to meet funding standards, with the total deficit estimated to be €8bn.