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61% of Irish without pensions don’t know how to start one

Written by Robert McHugh, on 16th Feb 2017. Posted in Financial

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A new survey by Standard Life has found that of 1,005 adults questioned, 50% of all respondents have a pension but just over a third or 36% of the private sector has a pension once public sector ownership numbers are stripped out. 
 
Furthermore, Standard Life’s survey reveals six out of ten or 61% of those without pensions don’t know how to start one.
 
Commenting on the figures, Pensions spokesman for Standard Life, Brendan Barr said, "Private sector pension ownership at 36% is worryingly low. It can be partly explained by people not knowing how  to start a pension and the fact that we don’t talk about pensions. We have to help people understand how  to start one, just how generous the tax benefits are and the importance of taking personal responsibility for their financial wellbeing when they stop earning."

Source: www.businessworld.ie

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