Diamonds are forever– but a good pension is a girls’ best friend!
Who will look after you in your retirement?
Where will your income come from when you retire ?
Have you ever thought about it? No?
Why, because life is too busy and pensions are too complicated?
Life is busy but unless you make time now to consider all the free time you should be able to enjoy in your retirement you will not have enough funds to do so.
At €193.30 per week, even a full State Contributory pension will hardly keep you in lifestyle to which most Irish women have grown accustomed!
Women lack cover
All women should save for an independent pension, regardless of their age. Yet, statistics show the opposite is true.
53.2% of women are not covered by a private pension, compared to 43.7% of men without private pension cover, according the 2004 CSO pension coverage survey.
Women usually:
Earn less than men
Have a broken career pattern
Are more likely to work part-time.
Live longer than men
When compounded, these factors make women more vulnerable to poverty, especially in their later years. That can make for a longer but poorer retirement.
Women are also less likely to ‘top up’ their pension with Additional Voluntary Contributions.
Fewer self-employed women have a personal pension than men. In the agri-sector, female coverage dips even lower.
Coverage Levels
The further West you go in Ireland the lower the pensions coverage rate. This can be attributed to the increased levels of part-time, seasonal and contract working patterns especially among women.
Also there is a higher level of employment dependency on the hospitality, retail and farming sectors where traditionally pension coverage levels are low.
The Facts
n Only 45.6% of adults in the West (Galway, Mayo and Roscommon) have private pension coverage compared to say 58% in the Mid-East (Kildare, Meath and Wicklow) and 55.7% in the Dublin City and County region.
n Only 46.8% of women in the Irish workforce have private pensions
n 53.2% of women are NOT covered by private pensions.
( CSO Quarterly National Household Survey - 2004).
Pensions Checklist for Women
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Does your employer have a pension scheme?
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Are you a member?
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Do you have information about the scheme?
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Can you ‘top up’ your pension – through AVCs, a PRSA or (if you are a civil or public servant) by buying back ‘added years’?
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Do you have information about PRSAs?
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Does your husband/partner (if applicable) have a pension?
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Do you have information about this pension arrangement – ie. Would you receive a pension and/or lump sum in the event of his untimely death?
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Do you know what State pension you might be entitled to – from PRSI paid by you and/or your husband?
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Do you think your employer has discriminated against you, and other women, (perhaps part-timers), by excluding you from the company pension scheme?
The time for action is now so talk to your employer about your company pension scheme or if there isn’t one tour access to a standard PRSA to which you are legally entitled. Or go directly to your bank, insurance company or financial advisor and find out about starting a pension today for tomorrow.
Visit the on-line Pensions Calculator and
work out your future pension needs on
“Women & Pensions” a guide on pension provision for women
The Pensions Board, launched the second edition of their very comprehensive information booklet entitled “Women and Pensions” in 2004, as part of the National Pensions Awareness Campaign. This booklet is an essential information tool for all women when it comes to planning for retirement. The Pensions Board would urge all women to read this straightforward guide to pensions.
Information Booklets
A range of information booklets have been produced as part of the campaign and include:
‘Women & Pensions’
“Personal Retirement Savings Accounts (PRSAs) A Consumer Guide”
“What are my Pension Options”
“Personal Retirement Savings Accounts (PRSAs) Employers’ Obligations”
These booklets and a range of other pension information booklets can be viewed online on the Boards’ website www.pensionsboard.ie and copies are available free of charge from the Boards’ Information Unit on info@pensionsboard.ie or Lo-Call – 1890 65 65 65
For further information on National Pensions Awareness Campaign
Contact:
David Malone
Project Manager
National Pensions Awareness Campaign
Direct Tel : 6131943