Wednesday 28 September 2016

Ignorance is no excuse on pensions

Published 28/07/2015 | 02:30

The alarming state of national ignorance regarding pensions has been revealed in an ESRI report
The alarming state of national ignorance regarding pensions has been revealed in an ESRI report

Facts do not cease to be just because we ignore them - and they often have a nasty habit of revealing themselves down the line as painful truths.

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Thus, the revelation that 66pc of older members of private pension schemes either don't know how much they will receive or whether their pension will be paid monthly or as a lump sum is troubling.

The alarming state of national ignorance regarding pensions has been revealed in an ESRI report

Some 53pc of men did not know the amount they would be paid in retirement, compared to 60 per cent for women.

The findings are even more worrying when one considers that those questioned were all over 50 and, therefore, had a vested interest in being up to speed.

The report sensibly calls for a State campaign to increase awareness. It also suggests that should this fail then there may be no option but to introduce some form of compulsory contributions.

Ignorance is no defence and facing up to the needs of an ageing population will require hard but unavoidable choices. Burying heads in the sand will not make them go away.

Irish Independent

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