Irish have smallest pensions in Europe

IRISH people retire later than others in the European Union, but end up with the smallest pensions, according to a new OECD report.

The report reveals that workers here retire later – at an average of 64 years – than in any other EU country but that their pension, at around 35% of the average wage, equates to the lowest income of all 31 OECD countries.

A new EU report also reveals how private pensions here lost more during the crisis than those in any other member states, because so much of the money was invested in equities likes stocks and shares.