Irish Life survey finds affordability less of an issue for pension savers now

Affordability is less of an issue for pension savers, according to a new study by Irish Life, but a growing number of people say they simply never get around to setting up a retirement fund.

The survey shows that people feel an autoenrolment pension scheme will be far more successful in increasing private pension savings than the current arrangement where people have to actively manage their retirement plans.

Tony Lawless, the managing director of corporate business at Irish Life, said the study showed the climate for pension reform was improving.

“Our message to Government is ‘seize the moment’,” Mr Lawless said. “We believe strongly that now is the right time for Government to implement widescale and durable pension reform.”

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He said a positive decision as soon as possible was vital if autoenrolment was to be introduced as planned in 2022. “Any delay ... could have a very detrimental effect on the pension pots of potential savers in the scheme.”