Pensions Board and Fás Launch New Pensions Initiative

Monday 27 February 2006: The Pensions Board has teamed up with FÁS, the Training and Employment Authority, to implement a new pensions initiative as part of the training for all FÁS trainees. The initiative will see up to 100,000 FÁS trainees each year provided with pensions information as part of their induction.

Trainees will receive the Pensions Board “Checklist” which encourages them to start a pension when they start their first job. The 18 to 35 year old sector is a key target area in the battle to increase pension cover in Ireland. FÁS conducts over 900 training courses in areas such as IT, construction, catering, childcare and retail. In 2005 in excess of 90,000 individuals participated in FAS programmes. Over 100,000 industry vacancies were processed and FÁS staff conducted over 98,000 career guidance consultations. FÁS has a staff complement of almost 2,400 people, a network of 64 Employment Services Offices and 20 Training Centres throughout the country.

The Pensions Board / FÁS information initiative provides graduates with useful questions to ask themselves and their employer when they start their first job. The checklist also includes a sample pensions calculation and a useful glossary of common terms associated with pensions as well as details on how to source further information.

Commenting on the new initiative, Anne Maher, Chief Executive, Pensions Board said: “We’re delighted that FÁS is including pensions as part of their training. 18 to 35 year olds are a key target sector in the campaign to increase pension coverage. It is crucial that employees start a pension early in their working lives and it is through initiatives such as this that we can encourage adequate pension take-up by trainees and graduates across a range of different sectors throughout Ireland.”

Discussing the pensions training, Rody Molloy, Director General, FÁS said: “FÁS fully understands the importance of people having a pension in order to ensure that they are adequately provided for in their retirement. While it is important that we equip our trainees with the skills to gain employment, it is equally important that we educate people on how they can provide for their retirement. It is with this in mind that we are introducing pensions information as part of the induction programme that all trainees receive through FÁS programmes.”

The pensions element of FÁS training programmes will commence in March.

About FÁS

FÁS was established in January 1988 under the Labour Services Act 1987. Its functions include the operation of training and employment programmes, the provision of an employment & recruitment service and an advisory and support service for businesses.

About the Pensions Board

The Pensions Board is the statutory body set up to regulate occupational pension schemes and Personal Retirement Savings Accounts (PRSAs) and to advise the Minister for Social and Family Affairs, and through him, the Government, on overall pension policy development.

Media Queries:

Mary Hutch
Head of Information and Training
The Pensions Board
Tel: (01) 6131900

Jackie Gallagher / Mark Leech
Tel: (01) 4751444
087-237 1838