Future fear: less than half women have pensions

CONCERNS that less than half of women have occupational pensions were voiced at the National SIPTU Women’s Forum.

SIPTU general secretary Joe O’Flynn referred to a ‘grim’ picture, which showed that only 47.5% of women workers had pensions, mostly in the public sector.

Also, only 34.5% of personal retirement savings accounts (PRSA) have been taken out by women, event though women were form the majority of many areas of private sector employment, where this was often the only type of pension scheme available.

“We can expect little help from employers on this front,’’ Mr O’Flynn said. “In fact, some blue chip private sector employers have been seeking to reduce benefits to employees or switch from defined benefit to defined contribution schemes.’’

Equality and social affairs consultant Orlagh O’Farrell said although the basic contributory State pension was increased in the recent Budget, it would still provide retirement income of only about one-third of average industrial earnings.

She was concerned PRSAs were not having the desired impact, as only half the working population were in supplementary pension schemes.