Pension Board considering changes to PRSAs

The Pension Board is considering a number of options aimed at improving the public take-up of the new pensions scheme, it emerged today.

Speaking at the publication of the Board's annual report, chief executive Ms Ann Maher, said: "The Board is taking note of the various comments and suggestions on how the product and its surrounding processes might be improved."

She said the Board is interested in any "perceived obstacles to public take-up".

"These issues are now being looked at and possible changes may be considered if these would help to ensure the success of PRSAs," she added.

However she rejected criticism that the new scheme had had little impact, saying: "Most commentators would appear to agree that the product is basically a good one".

Ms Maher said: "September 15th, when mandatory provision of access by all employers to pension coverage becomes obligatory, is the key date in the progress of PRSAs."

The annual report for 2002 showed the total number of current schemes at the end of the year was 107,764 with an active membership of 709,332.

Compared with 2001, there was 10 per cent rise in the number of schemes and an overall increase in membership of six per cent.

Chairperson of the Pensions Board, Ms Gráinne Clohessy said: "The annual report sets out the results of one of the most challenging years for pensions in recent history but despite the challenges Ireland still enjoys a robust and successful pension system."

Just over 50 per cent of the workforce is covered by a pension. To date there are a total of ten PRSA providers with a total of 52 approved products.