herald

Monday 20 August 2018

Thousands leave pension schemes

THOUSANDS of people are dropping out of their private pension schemes as they struggle to pay bills.

Almost 40pc of people have no private pensions and the majority of these have no intention to pay into one.

Planned changes to tax reliefs are putting people off planning for retirement and many simply can't afford a pension.

These individuals are resigned to depending on the state to provide for them during their twilight years.

The state pension works out at less than €12,000 a year - but a considerable number of people expect to have nothing to supplement this, according to research carried out for investment company Friends First.

A quarter of those that do have a pension have been forced to cut back on their contributions as 30pc have suffered a significant pay cut.

One in five people surveyed said they cannot meet all their monthly payment demands.

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