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National Pensions Action Week 9 th – 15 th May 2005

National Pensions Action Week 9 th – 15 th May 2005. Michael McNulty Chairman The Pensions Board. National Pensions Action Week 9 th – 15 th May 2005. Anne Maher Chief Executive The Pensions Board. Awareness Building.

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National Pensions Action Week 9 th – 15 th May 2005

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  1. National Pensions Action Week9th – 15th May 2005 Michael McNulty Chairman The Pensions Board

  2. National Pensions Action Week9th – 15th May 2005 Anne Maher Chief Executive The Pensions Board

  3. Awareness Building • The Pension Board Consumer Awareness Research Audits clearly show a positive increase in pensions and PRSA awareness levels rising from 60% at end of 2003 to over 70% at end of 2004. (Catalyst M.C. – Jan 2005) • Pension coverage is increasing steadily – Now 52.4% of the workforce and 59.1% of over 30s in the workforce. (CSO 2004) • But given the significant increase in awareness the increase in coverage remains slow.

  4. Postponing Decisions 87% of the Consumer Researchsample said that the State old age pension would NOT meet their needs in retirement • - imperative that people do not keep on postponing decisions about their pension requirements. • - otherwise they will face huge financial challenges in later life • - because they have not taken action in time to secure an adequate retirement income.

  5. Why do people not start a pension ? Consumer Research shows that: • For those who do NOT contribute to a pension the main reasons given for not contributing were: • Too young yet 25% • Can’t afford it/too expensive 20% • Not interested in pensions 18% • Husband/Wife/Children will look after me 14% (Catalyst M.C. – Jan 2005)

  6. Perceived Barriers to Pension Take-Up • Pension products “Too Complex” - 66% of 25 – 34 year olds • This group has lowest coverage rate in Ireland • 80% of this group would take out a pension if tax allowances were enhanced. • “Affordability of Pensions” – 64% • “Tax treatment of Pensions” – 54% (TNS Mrbi as part of Indecon Report)

  7. National Pensions Action Week 2005 • Is calling on people to take action to secure their income in retirement. • Ask yourself : • Where do YOU think your income will come from when you retire? • If the answer is not positive take the first step NOW • By getting information from the Pensions Board website – www.pensionsboard.ie or Locall 1890 656565 or from a Pensions Provider

  8. National Pensions Action Week9th – 15th May 2005 In the pursuit of increased pensions uptake focus for NPAW 2005 will be on: Low Coverage Sectors • Population aged 25 – 35 years old • Women • Farming/Rural Community • Migrant workers • First time job seekers • Graduates/Students

  9. National Pensions Action Week9th – 15th May 2005 • Monday 9th - Press Launch Conference - with the Minister Seamus Brennan and Pensions Board • Nationwide on Street Distribution of 150,000 “Pensions Action Week Flyers” • Flag Raising - each of the Pension Providers and Social Partners to hold a NPAW Flag raising ceremony at their respective headquarters. • Tuesday 10th - Pensions Day in the Workplace • Calling on all employers to hold a “Pensions Day in the Workplace” to cover information on pensions for new and young employees who currently do not have pension coverage. • Pensions Board to hold information seminars in Dell Computers facilities in Bray and Cherrywood to mark Pensions Day in the Workplace. • Wednesday 11th - Trade Unions PensionDay • ICTU Press Conference and photo call to launch their major document on Pension provision in Ireland. Also calling on all Trade Union officials and members to communicate the message of the importance of adequate pension provision. • Thursday 12th - “Secure your Future” (National Pensions Sign Up Day) • Banks, Building Societies, Insurance Companies, Insurance Brokers, etc to hold major in house “Pensions Promotions” • Friday 13th - Pensions Adequacy Review Day • Existing pension holders are encouraged and advised to review the adequacy of the level of contributions they are making to their pensions. • Construction Industry Monitoring Agency – Press Conference and photo call.

  10. National Pensions Action Week9th – 15th May 2005 Advertising and PR Media Campaign • TV Advertising – RTE1, RTE2, TV3, TG4, SKY1, SKY News • Radio Advertising – Radio1, 2FM, Today FM, Newstalk and 27 regional stations • Media interviews on TV, Radio and in national and regional Press. • National Press editorial in the lifestyle, business and finance sections of the newspapers • Regional Press advertising and editorial coverage in 29 titles throughout the country

  11. National Pensions Action Week9th – 15th May 2005 Séamus Brennan T.D. Minister for Social and Family Affairs

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