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'Pensions gap' hits €3,800-a-year for every Irish worker

Published 16/11/2006

The Irish Insurance Federation says the national 'pensions gap' in Ireland has now reached almost €7.5bn-a-year.

The figure is an estimate of the shortfall in annual pension savings against the amount of money needed to provide a reasonable retirement income.

The IIF, which is holding a seminar today to discuss the matter, says the shortfall currently equates to around €3,800 per year for every worker in Ireland.

The problem is compounded by the fact that the current ratio of six workers to every retired person with fall to two-to-one in 50 years' time.

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