---

Pension coverage crept higher last year

Official figures show that there was a slight increase in supplementary pension coverage last year, with 68% of those in employment having some form of coverage outside the State pension.

The figure represented an increase of two percentage points compared with the previous year, according to the Central Statistics Office (CSO).

The findings come from the CSO’s Pensions Survey, which was carried out in the third quarter of last year.

Affordability

While pension coverage was lowest among younger workers, one-third of workers aged 20 to 24 were covered last year – up two points compared with the 2022 figure.

Pension coverage remained greatest among workers aged 45 to 54 years (77%).

Of employees with no supplementary pension cover, 43% cited affordability as the main reason, while a further 43% stated that they had never got around to organising coverage, or would organise it at a future date.

Auto-enrolment scheme

Of respondents who are eligible for the Government’s planned auto-enrolment scheme, 20% were aware of it and, of these, 72% said that they would stay in the scheme if automatically enrolled in it – up seven percentage points on the same period in 2022.

The scheme will be aimed at workers aged 23 to 60 years with no occupational pension cover from their current employer.

The Minister for Social Protection Heather Humphreys said earlier this month that a bill to enable the introduction of the new system would be published in March, adding that she expected the first enrolments later this year.