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Pensions savings scheme approved by government

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Women have 33pc less saved for retirement than men. Photo: Getty Images.

Women have 33pc less saved for retirement than men. Photo: Getty Images.

Women have 33pc less saved for retirement than men. Photo: Getty Images.

The Government has formally approved plans to introduce a "universal pension-saving scheme".

Tanaiste Joan Burton brought a memo to Cabinet seeking approval to develop a roadmap and time line for the introduction of the new, universal supplementary pension saving scheme.

The scheme is intended to ensure everyone will have enough funds to cover the cost of their retirement, especially lower-paid workers.

Ms Burton also got approval to establish a high-level interdepartmental group to prepare this roadmap for consideration by Government. This will be chaired by her department.

Ms Burton's spokesman said this process would have a "significant lead-in time", but said it wouldn't affect people's entitlement to the state pension.

Irish Independent