The Society has today issued a press release welcoming the Government’s decision to establish an expert group to formulate plans for a universal retirement savings scheme for private-sector workers.
Currently, only one in two workers are in a pension scheme, and in many cases, contribution levels are not sufficient to generate adequate pensions. There is heavy reliance on State pensions. However, the already heavy burden of financing State pensions will grow over future years, as the population ages and the number of pensioners relative to the working population increases.
The establishment of the expert group will be a positive and much-needed step forward in tackling the challenges that lie ahead in pensions adequacy and sustainability.