Minister announces 'pensions for all' scheme

The Minister for Social, Community and Family Affairs has announced a new scheme to ensure everyone in Ireland can have a pension plan.

Minister Dermot Ahern revealed details of the Personal Retirement Savings Account framework today during the launch of the first part of the Pensions Bill.

He said the objective of the policy is that all citizens will have an adequate income upon retirement.

PRSAs will be regulated by the pensions board and benefits will be paid from age 60.

Employers not already providing an occupational pension scheme must provide access to at least one standard PRSA and employees can take their scheme with them when changing jobs.

Minister Ahern said he intends to publish the Pensions Bill as soon as possible and to have PRSAs on stream early next year.