Sales of Personal Retirement Savings Accounts (PRSA) have remained slow and are likely to remain sluggish for some time, according to life and pensions provider, Hibernian.
The PRSA scheme which was intended to extend pension coverage has been greeted with indifference by workers who are not in group pension schemes.
First-quarter sales of €61 million were down from the €68 million earned in the first quarter of 2003, reflecting difficult market conditions for single premium savings products, Hibernian said.
But sales of group pensions were stronger with continued success in the money purchase scheme market, the group said.
Life single premium sales were lower at €11 million, with continuing low demand for unit-linked and with-profit bond investments as investors remain cautious.