Wednesday 13 December 2017

Nearly 50pc never paid into pension

Peter Flanagan

Peter Flanagan

ALMOST half the population has never held a pension, the latest Irish Independent/Millward Brown Lansdowne poll reveals.

A total of 47pc never paid into a pension, while a further 13pc have either stopped paying or cut their contributions, with just 19pc maintaining contributions over the past year.

Many people are being forced to sacrifice long-term retirement benefits in favour of prioritising the here and now. The findings have startled industry experts. Fionan O'Sullivan, of IFG Pensions, said people were gambling with their futures.

"Anyone who does not have a pension is taking the chance that there will be a good State pension by the time they retire ... but we don't know what could happen decades from now," he said.

Irish Independent

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