An analysis of pension payments by Irish Life has shown that the company paid out €236m to its customers in 2015, compared to €179m in payments in 2010.
The analysis also showed that the average annual pension payment was €5,332, highlighting the fact that Irish people are not adequately planning for retirement.
An age breakdown revealed that just over 25% of those that received a payment from Irish Life in 2015 were 80 years or older. This was followed by 40% of pension payments to 70-80 year olds and 19% to 65-70 year olds. Just 9% of people that received a payment were between 60 and 65 years old.
The youngest person Irish Life paid a pension to in 2015 was 49 years old (7% of Irish Life’s pension payments to people younger than 60). And the oldest person in receipt of a pension from Irish Life is an impressive 102 years.
Managing Director of Irish Life Corporate Business, Tony Lawless said, "Only 29% of people know what they need to live on in retirement. We need to help people to engage with the idea that they will need savings for their life after work, and that it is their responsibility to ensure they have enough money for retirement. Especially when we consider that people are expected to live longer, we have some people aged 80 and above receiving pension payments, even into their 100’s."
Source: www.businessworld.ie