Pensions Board calls on employees in traditional sectors of low pension cover to consider pension options

Only 12.8 % of employees working in hotels and restaurants,
16 % of those in agriculture, forestry and fishing
26.3 % in retail or wholesale industries
35.1 % in construction have pension cover
(CSO 2002)

Wednesday 11 May 2005: The Pensions Board has today (Wednesday 11 May) called on employees in sectors of traditional low pension cover such as catering, retail, agriculture and construction to start a pension during National Pensions Action Week. To highlight the issue, The Pensions Board teamed up with Fáilte Ireland, who provide training and education for those intending to work in the hospitality and tourism industry.

CSO statistics from 2002 show that only 12.8 % of employees working in hotels and restaurants, 16 % of those in agriculture, forestry and fishing, 26.3 % in retail or wholesale industries and 35.1 % working in construction have private pension cover.

Commenting on the trend, Mary Hutch, Head of Information and Training, The Pensions Board said: “Our research has shown that these are key areas of low pensions cover and we would call on all workers in these industries to start a pension and if they already have one, to ensure they are contributing adequately. Employers are asked to speak to their employees during National Pensions Action Week about pensions and the importance of an adequate retirement income.

“The welfare of all employees is important not just while they are working but also when they retire and it is critical that people ensure they have made adequate provisions for retirement”.

Sean O’Malley, Manager of Education Operations, Fáilte Ireland said: “Fáilte Ireland is delighted to be participating in National Pensions Action Week. We provide training and education for trainees who intend to work in the hospitality and tourism sector and we are highlighting the issue with all our trainees and graduates today about the importance of pensions and planning for a secure retirement”.

National Pensions Action Week runs from May9 – 15 and The Pensions Board is calling on people to take action to secure their income in retirement. During the week people can get information from The Pensions Board website www.pensionsboard.ie where there is a sample calculator to help work out the individual’s pension needs.

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
Q4 PR
Tel: (01) 4751444
(087) 237 1838
(087) 9053679