Almost 112,000 people had taken out Personal Retirement Savings Accounts (PRSAs) - a type of flexible personal pension product launched in 2003 - by the end of June, according to figures released yesterday by the Pensions Board.
This figure represents an increase of almost 9 per cent during the second quarter of the year, but it still falls well short of initial targets set when the scheme was launched.
Data collected by the board - which regulates both occupational pension schemes and PRSAs - from all 10 PRSA providers in the State showed that some 85,355 standard PRSAs have now been taken out. A further 26,477 non-standard PRSAs have also been opened.
The board announced that a total of €1.06 billion is now held in PRSA accounts.
By the end of June, 82,467 employers had signed up with a PRSA provider in compliance with mandatory requirements.
The data also shows that 40,411 employees have taken out PRSAs through their employers.
Figures previously released by the Pensions Board showed that the number of people taking out PRSAs jumped by 37 per cent in 2006 to 95,045.
PRSAs were introduced with the aim of increasing private pension coverage from 50 per cent of the workforce to 70 per cent.
