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Dublin: 14 °C Thursday 17 October, 2019

The average pension payout for Irish people is just €6,000 per year at present

25% more Irish people are covered by a pension plan now however, compared with 2010, according to a new survey.

shutterstock_124029445 Source: Shutterstock/Brian A Jackson

PENSION OWNERSHIP IN Ireland has increased by 25%, according to a new survey.

A controlled survey of 1,000 respondents by Standard Life found that ownership of a rainy day fund has increased from 40% to 50% since 2010.

Many Irish people would have put pension cover on the back burner since the dark days of the end of the last decade, but it seems that future-planning is coming back into vogue.

“It’s the first time pension ownership has hit 50% since the downturn in 2008,” said Brendan Barr,  head of marketing at Standard Life.

We also believe there is increased awareness about the need to save as early as possible and that the average person is not saving enough.

Some of the key findings of the survey are:

  • More men (55%) than women (46%) own pensions
  • 70% of Irish adults over the age of 55 own a pension fund
  • 79% of retired people are covered by a pension plan
  • The average retirement income is €5,625 per annum

“People still need to save more,” says Barr.

Even if you include the state pension, which is about €12,000 per annum, many people will not be able to live comfortably on less than €20,000 a year.

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