‘It's no picnic when you don't have adequate pension provision’
Wednesday, 30 August 2006: The Pensions Board is encouraging people to start their pensions early in their working lives and is highlighting that contributing to a pension at an early age can make a significant difference in retirement.
To mark the Autumn campaign start, The Pensions Board handed over the prize to the winner of their National Pensions Action Week ‘Electric Picnic’ competition run on Today FM. Dave White from Tramore in Waterford won two tickets to the Electric Picnic music festival, an overnight stay in the Abbeyleix Manor Hotel on the evening before the festival, transport to the venue, as well as a voucher for camping equipment from The Great Outdoors. The Pensions Board admobile will be present around the Electric Picnic event, to highlight the importance of starting a pension.
The Pensions Board is encouraging people to ask about pensions in their job. The Board is highlighting the issue with younger workers in particular, who may not be aware that by law their employer must provide them with some form of access to a pension, whether they are in full-time, part-time, temporary, contract or casual employment and that they are legally entitled to information about their employer’s pension scheme or a PRSA.
Speaking today, Mary Hutch, Head of Information and Training, The Pensions Board said: “While pensions may not seem the coolest of topics for young people, they make sense from a tax and personal finance point of view and no matter what age you are, everybody would like to think that they will have a comfortable retirement in later life. By starting a pension early in life, you take away some of the financial pressures which may face you later.
“We would encourage all employees to talk to their employer about pensions, no matter what age or what stage of your career you are at. It is very important that one of the first questions you ask your employer when you start a new job is about a pension. In Ireland we are now living longer than ever, and a man retiring at 65 now can expect to live to 81 and a woman retiring at 65 can expect to live to 84. To balance this, we must start to save for our retirement early in our working life,” said Ms Hutch.
The Pensions Board is encouraging young workers to log onto the pensions calculator at www.pensionsboard.ie , which allows you to estimate the amount of money you would need to contribute to your pension in relation to your age and current yearly salary to end up with the level of pension you like to receive in retirement.
About The Pensions Board
The Pensions Board is the statutory body set up to regulate occupational pension schemes and PRSAs and to advise the Minister for Social and Family Affairs, and through him, the Government, on overall pension policy development.
The 2006 Finance Act provides a special incentive to the lower paid to reinvest all or part of their SSIA proceeds after maturity into an approved pension product. For every €3 of SSIA proceeds reinvested by an eligible SSIA holder in a pension product, the Exchequer will contribute €1 by way of a tax credit. Further information on this incentive is available on www.revenue.ie .
The information Unit at The Pensions Board provides a wide range of pension information booklets, free of charge, and can be reached at the LoCall number 1890 656565 and on www.pensionsboard.ie.
Head of Information and Training
The Pensions Board
Tel: (01) 6131900
Jackie Gallagher / Mark Leech
Tel: (01) 4751444
087 237 1838