Dáil Éireann debate -
Thursday, 24 Oct 2002

Vol. 556 No. 2

Written Answers. - Pension Provisions.

Emmet Stagg

Question:

45 Mr. Stagg asked the Minister for Social and Family Affairs the steps she intends to take to establish a group to report on options for lower income groups to ensure that they can have an earnings-related pension when they retire, as proposed in the programme for Government. [19514/02]

Minister for Social and Family Affairs (Mary Coughlan)

The recent CSO survey on pensions coverage showed that just over 50% of workers have supplementary pensions cover. The Government aims to increase this to 70% in accordance with the targets suggested in the national pensions policy initiative. The overall objective of the Government's pension policy is that all citizens will have an adequate income on retirement, the main components being the social welfare pension and occupational pensions.

In this regard, the Pensions (Amendment) Act, 2002, provides for the introduction of PRSAs, which will be available to the public in early 2003. The PRSA is a low-cost, flexible pensions product which will be the main instrument employed in furtherance of Government policy to increase supplementary pensions coverage.

The Government is committed to reviewing progress on the level of pension coverage of the coming three years and this will include the establishment of a group to examine pension options for lower income groups.

Question No. 46 answered with Question No. 39.