Workers told put a sixth of wages in pension

WORKERS starting a pension have been warned they need to contribute at least a sixth of their weekly wage if they want a pension worth two-thirds of their salary on retirement.

Speaking at a conference on pensions in Dublin, a number of experts also said that given the pension crisis in this country many people will be forced to continue working well into their retirement years.

A 30-year-old worker on a €40,000 salary will need to put €5,600 into their defined contribution (DC) scheme a year if they want to have a pension of €24,000 on retirement at 65 years of age.