State pensions target ‘will not be met’

THE new pensions plans will not meet the Government’s target of getting 70% of workers into private pensions, an industry expert warned yesterday.

“There will be no big bang the way it was for SSIAs, warned Bank of Ireland marketing director Dave Swanton.

Referring to the imminent introduction of personal retirement savings accounts (PRSAs) due to hit the market next month, Mr Swanton said: “The Government will have a serious role to play in increasing awareness for pension provision.