Two out of every five adults in Ireland without a pension are unaware of the Government’s plans for an auto-enrolment (AE) pension scheme, according to a new research.
The AE pension scheme aims to automatically enrol workers into a pension to increase retirement savings.
Research by iReach, conducted on behalf of insurance broker Gallagher, found that 86 per cent of existing pension holders have some awareness of the proposals, but 58 per cent said they do not know much about it even though they have heard of it.
Among those without a pension, 42 per cent said they have never heard of auto-enrolment. Of the remaining non-pension holders who are aware of the scheme, 44 per cent admitted they do not know much about how it works or its implications.
The research findings come as the Government’s planned rollout of the auto-enrolment scheme has been delayed again. It is now expected that the scheme will be implemented sometime next year.
The scheme will enrol around 800,000 workers who are currently not part of any pension. The goal is to significantly increase pension coverage and ensure that more people are saving for their retirement.