Pensions report: 50 years’ work to get 50% of salary

A 25-YEAR-OLD starting a pension today will have to work for 50 years just to guarantee half of their current salary on retirement.

The stark figures are based on a defined contribution pension of 10% of monthly income on a salary of €50,000, factoring in wage inflation of 4% a year.

The head of the Irish Association of Pension Funds, Patrick Burke, said the statistics should again make people aware of the adequacy of current pension contributions.