One-third of workers will be totally reliant on State pension when they retire
Cover Pension Most 8% Year 54 The Pension To Have Were Age 76 Likely The Old – The State Cohort 45 At Outside
More than one-third of workers will be totally reliant on the State pension when they retire, new figures from the Central Statistics Office (CSO) show.
The CSO survey, conducted between July and September last year, found 35.3% of those in employment had no supplementary pension cover.
Workers in their early 20s were the least likely to have pension cover outside what the State provides – at just 24.4%.
Almost half (49.9%) of those aged 25-34 had supplementary coverage, while 73% of 55-69 year olds had additional cover.
The 45-54 year old age cohort were the most likely to have pension cover outside the State pension – at 76.8%.
Of those who don't have any supplementary cover, 37% said they never got around to organising it, while 35% cited a lack of affordability.
More than half (52.2%) of workers with no pension arrangements said their employer did not offer a pension scheme.
The State pension was cited as the expected source of income on retirement for 57.6% of workers with no pension cover, while one in 12 (7.9%) said they would rely on savings or investments.
Outside of State pension 65% of workers have some form of pension coverhttps://t.co/WBoIHJr3Vv #CSOIreland #Ireland #Pensions #PensionCoverage #Earnings #Employment pic.twitter.com/jGY2rwoMea
— Central Statistics Office Ireland (@CSOIreland) February 11, 2021
Commenting on the report, CSO statistician Maureen Delamere said supplementary pension cover has increased for all age groups, when compared to the third quarter of 2019, but pension cover in 2020 followed the same trend as in 2019 where pension cover was lowest among younger workers.
“Analysis of pension coverage by broad occupational groups shows that workers whose occupation was classified as ‘professionals’ had the highest pension coverage rate (86.4% of persons working in this area), whereas just over one third (34%) of workers, whose broad occupational group was sales and customer service, had pension coverage,” she said.