Brennan aims to defuse pensions time bomb with new SSIA scheme

A RADICAL new pensions and savings plan to replace the Special Savings Incentive Accounts (SSIA) will be brought to Cabinet by Social and Family Affairs Minister Seamus Brennan before the summer.

The SSIAs, which are worth €14.5 billion, will begin to mature next year and Mr Brennan wants to have a scheme in place to encourage people to continue saving - especially in pensions.

Only 59% of all workers and even less women - 43% - currently have pension schemes and the Government is anxious to increase coverage and adequacy hugely.