Thousands give up on pensions
Published 13/09/2011 | 05:00
THOUSANDS of people have given up on private pensions and have resigned themselves to depending on the State to pay for their retirement.
This is because they are under huge strain to pay other bills, and have no money left to save for retirement.
Planned changes to tax reliefs are also putting people off planning for retirement.
Almost four out of 10 people have no private pensions, with a majority of these having no intention of paying into one, research carried out for investment company Friends First shows.
And a quarter of those that do have a pension have been forced to cut back on their contributions, the survey has found.
Many expect to have nothing to supplement the State contributory pension when they leave their job, which works out at less than €12,000 a year.
People have been forced to stop even thinking about a pension as they struggle to meet repayments for utility bills and mortgages.
Some three out of 10 people surveyed had suffered a pay cut.