IRELAND - Richard Bruton, finance spokesman for the main opposition party Fine Gael (FG), accused Fianna Fail (FF), of making pension promises it had no intention of keeping.
Bruton said FF had opened up a massive black hole in its economic plans by promising to introduce a special savings incentive account (SSIA) type pension scheme without having made provisions for such a project in its economic forecasts.
Social affairs minister Seamus Brennan strongly denied FG's claims that the proposed new scheme had not been accounted for, explaining it would fit within the existing € 2.5bn per annum spent on pension tax relief.
He also challenged Bruton to a pensions debate, which he claimed was completely ignored in their ‘contract’.
Global Pensions revealed last year that according to government figures, out of a workforce of two million, more than 900,000 and more than half of them women, did not have personal pensions.
The Pensions Board in Ireland previously cited an encouraging outcome of the SSIA scheme was that many of those involved were young first time savers who had an opportunity to start a pension early.
The pension debacle came after prime minister Bertie Ahern this week called for a parliamentary election on May 24.
But opinion polls indicate FF faces a close battle to keep control of Ireland’s economy.
Life expectancy in the UK saw no improvement between 2015 and 2017 as the number of people aged over 90 hit a record high, latest Office for National Statistics (ONS) data reveals.
Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), latest Office for National Statistics (ONS) data reveals.
The Pensions and Lifetime Savings Association (PLSA) has named the 17 members of its inaugural policy board after a competitive application process with 60 candidates.