Tuesday 27 September 2016

€60 a week: all that your pension will be worth

Regulator warns many workers face a shortfall

Published 16/08/2016 | 02:30

Pensions Authority chairman David Begg Photo: Damien Eagers
Pensions Authority chairman David Begg Photo: Damien Eagers

Workers have been warned they face a massive shortfall in the level of pensions they are set to get in retirement.

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The warning came as it emerged the average worker has only enough in their private pension fund to give them a weekly income of €60 - that's €8.50 a day.

The head of the State's pensions regulator said that expectations around retirement income were unrealistic.

Chairman of the Pensions Authority David Begg said that what people expected to receive in retirement income was way out of line with what they would actually get.

Mr Begg said too few workers had pensions and many of those with a private pension in place were putting too little into it.

The comments come as research shows the average person has put enough into their pension to give them a weekly income of only €60, excluding the State pension.

Yet half of people want to retire to live in the sun or by the sea.

But the average person has enough in their pension pot to give them a retirement income of only €3,000 a year, according to new research by the pensions and investment firm Standard Life.

Irish Independent

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