Pensions information - We know we can’t depend on the State

TODAY’S survey from the Irish Association of Pension Funds (IAPF) suggesting that workers in the services sector might be encouraged to establish pensions, or enhance existing packages, if the process was made simpler deserves thoughtful consideration.

It also reveals a poor level of knowledge and an irresponsible attitude among some respondents towards the process of financing life after paid employment.

The IAPF also suggests that there is a lot that can be achieved by simplifying the current voluntary system rather than introducing mandatory pensions.

We have all heard of a possible pensions shortage just over the hill, of deficits of incomprehensible proportions. Equally we are all aware that we cannot depend on the State for anything other than the most basic of pensions. That is, of course, unless you are a public sector employee with the prospect of an inflation-proofed pension, a benefit only the tiniest minority in the private sector can even dream of.

Nonetheless, each of us needs to optimise our pension prospects; it is our responsibility and ours alone.