I propose to take Questions Nos. 72 and 75 together.
Recent data from the quarterly national household survey, published by the CSO, show that almost 51% of persons at work aged between 20 and 69 have supplementary occupational or personal pensions cover. The company in question used these CSO statistics with their own recently conducted research on attitudes and awareness in relation to pensions. Its research highlights that knowledge and understanding of pensions among those without cover is extremely poor.
The proposed pensions information and awareness campaign is intended to raise awareness among individuals of the need to provide additional pension cover for themselves. The proposed campaign, which will be managed by the Pensions Board, will complement and support other measures which are designed to raise the numbers with supplementary pension cover. The Pensions Board in its report on the national pensions policy initiative estimated that 70% of workers over 30 years require supplementary pension cover if they are to maintain their pre-retirement standard of living. The Government aims to increase private pensions coverage in line with this target.
In this regard, the personal retirement savings account, a low-cost, flexible pensions product, provided for in the Pensions (Amendment) Act, 2002, will be a key instrument of this strategy on foot of the Pensions Board's proposals. The Pensions Board has commenced the approval process for PRSA products and it is expected that the new products will be available to the public early in 2003.
Participation in a PRSA arrangement will not be compulsory for either the employee or the employer but employers will be required to facilitate this for their employees if they do not already provide an occupational pensions scheme. The take up of PRSAs and the position regarding pen sions coverage generally will be monitored and a review of the overall strategy will be undertaken within three years.