IRELAND - The asset value of stakeholder pensions in Ireland has reached e106.6m, according to third quarter data for Personal Retirement Savings Accounts (PRSAs) collected by the Pensions Board.
The Pensions Board said the data – collected from all 10 PRSA providers covering the quarter ending September 2004 – showed 37,086 PRSAs had been taken out, comprising 29,373 Standard savings accounts and 7,713 non-standard savings accounts.
Some 66,486 employers had signed up with a PRSA provider under the employer mandatory access requirements and 18,117 employees had taken out the savings accounts through their employer.
Commenting on the quarterly review, Pensions Board chief executive Anne Maher said: “With the latest PRSA quarterly figures, we can report an increase in the uptake of PRSAs.
“We know that spreading awareness may be the easier part of the process but progress in increasing actual pension cover will only be achieved if all interested parties work together.”
“In this regard the Board is delighted to be associated with the pension providers, trade unions, employer groups, representative organisations and community groups under the auspices of the National Pensions Awareness Campaign, who are all helping to promote pensions and who share our commitment to increasing pension coverage.”
The Board undertook a mail-out to 64,000 employers in August this year who do not have an occupational pension scheme registered with the Board or who have not designated a PRSA provider to ensure employee access to a Standard savings account.
Target areas include small employers, particularly in the services, hospitality, retail and farming sectors where there is a higher proportion of part-time and seasonal employees with little or not tradition of pension provision, the Board said.
Canada Life has signed a £351m bulk annuity contract insuring the pensioner liabilities of 2,510 members and dependents in the AA UK Pension Scheme.
In this week's Pensions Buzz, we want to know if you believe there is ever a case for combining retirement savings products with other savings products, and if the PPF levy for sponsorless schemes is appropriate for DB consolidators.
The Insolvency Service has disqualified four directors of trustee firms from running companies for a total of 34 years following an investigation.