Pensions crisis – Revelation highlights need to act

THE pensions time bomb is ticking faster following the revelation that only half the country’s 2 million-strong workforce have personal coverage.

According to Social Affairs Minister Seamus Brennan, there is an alarming gap between people with provision for additional income in retirement, and those relying solely on the State pension in their twilight years.

New statistics show that almost 930,000 out of 2 million workers, including 494,000 men and 435,000 women, have no supplementary pensions whatever.

This underlines the importance of National Pensions Action Week (March 12-18) when groups with low cover will be targeted. Besides focusing on women, younger people, and those in the hospitality and agri-sectors, the campaign will address the pension needs of immigrants.

With the number of people aged 65 and over set to treble within decades, it would be hard to exaggerate the enormity of Ireland’s pensions challenge.