Companies struggle to sell savings scheme

FEWER than 3,500 people have signed up for the Government-backed Personal Retirement Savings Accounts (PRSAs) scheme almost five months after it was launched.

The savings accounts were designed to make it easier for people without company pensions to save for their retirement but the public is unwilling to invest in the scheme.

One of the country’s leading finance experts last night said PRSAs should be scrapped as companies struggle to sell the complicated product.