Dáil Éireann Debate, Wednesday - 11 February 2004
129 Ms O'Sullivan asked the Minister for Social and Family Affairs the number of people who had taken out a personal retirement savings account by the end of November 2003; if she has satisfied herself with the level of take up of the accounts; her plans to promote awareness about these accounts; and if she will make a statement on the matter. [3881/04]
View answerInformation on accounts opened are received by the Pensions Board from providers of personal retirement savings accounts, PRSAs, at the end of each quarter. The latest figures available relate to the period to the end of December 2003 and these show that 19,022 accounts have been opened with a total asset value of €41 million. This is a significant advance on the position at the end of September 2003 when a total 6,707 accounts were in existence.
The increase in the number of new accounts opened since September 2003 is encouraging and I look forward to seeing continued growth in the numbers taking out accounts in the months and years ahead. We are at a very early stage in our programme to increase overall pensions coverage but it is clear that progress is already being made. It has always been acknowledged that, given the nature of pensions, achievement in this area could be slow.
In 2003, the Pensions Board ran a very successful pensions awareness campaign on my behalf to supplement the publicity effort being made by PRSA providers. An assessment of the situation at the end of the year showed a high level of awareness amongst the public of pensions issues. The challenge is to translate this awareness into increased supplementary pensions coverage. I have provided further resources this year to continue the awareness campaign and the Pensions Board is at present considering possible future approaches.
