Pension scheme needs to attract young people

SOCIAL and Family Affairs Minister Séamus Brennan is right to be concerned about the continuing low levels of private pension coverage among the Irish workforce.

It is clear the Government’s 70% coverage target is way off course; at present, it is just over 52%. Thousands of people will face a significant reduction in living standards when they retire, if they depend solely on State pension.

The proposal to make private pensions mandatory would be a retrograde step. Such a drastic measure would be strongly opposed by certain groups and individuals for a variety of reasons.