State pension insufficient, says Minister

Minister for Social and Family Affairs Seamus Brennan has today reiterated his warning that the state pension will not provide workers with enough money to live comfortably when they retire.

Almost 930,000 people out of a workforce of more than two million do not have any private pension arrangements for their retirement.

Currently, those depending on the state pension receive around €11,000 per year.

Speaking at the launch of Pensions Action Week today, Mr Brennan said the state pension had increased dramatically in recent years, but workers would still need their own private pension if they were to avoid poverty in later life.

The Government is now considering introducing semi-mandatory pensions in an effort to increase private pensions coverage.