New Ireland research shows that only 20% of its Personal Pension customers are women

Pension under-funding remains key issue - particularly for women

New Ireland today (4 October 2005) announced the results of research that it has conducted among a sample of 13,500 of its personal pension customers. The findings are revealing:

Commenting on the research, James Skehan, Head of pension Sales at New Ireland commented: "Improved quality of life and continuing medical advances mean we are now living much longer. The net result is that we are going to spend more time in retirement - approximately one third of our adult lives. The findings of our research on our own pension customers raises concerns, particularly for women. They have a longer life expectancy than men, and therefore will need to save more during their working years in order to fund adequately for their retirement years. Our research highlights that only 20% from a base of 13,500 pension customers are women, and from this low base, there is a marked difference in the amount saved by women - €720 p.a. less than men".

Pension requirements are typically different for women as many will start a family, take maternity leave and some may also take a career break for a number of years. They may return to work, some on contract, some on a part-time / job-share basis or to set up their own business. This means that, very often, women may not have as many pension funding years as a man is likely to have, yet they are living longer.

More than half of all women in the workforce have no pension provision, with single women showing the lowest pension coverage at just 41.2%. The message from New Ireland is clear - start a pension today! "The earlier you start the better", advises James Skehan. "The cost of funding for your retirement doubles every seven years. In addition, by delaying saving towards your retirement, you're missing out on the growth which you investment fund could be building up. This can be significant".

Concluding, James Skehan advises: "Individuals with no retirement savings plan in place should look to start saving into a pension fund as a priority. Almost 90% of the Irish population believe that the State Pension, at just €179 per week, is not enough to meet their needs in retirement. Yet only half of us have put plans in place to provide for our future once we retire. Log on to New Ireland's interactive pensions calculator today (www.newireland.ie) and find out exactly how much you would have to save in order to provide a decent retirement fund".

For those who are already saving towards retirement, James Skehan recommends that they review it regularly to ensure that it's still on track to deliver a comfortable lifestyle in retirement.

- Ends -

Notes to editor


For Reference:
Jenni Smith
Life & Pensions Marketing Manager
New Ireland Assurance
Tel: 01 617 2575

Anne Mathews
Media Relations Manager
Group Corporate Communications
Bank of Ireland
Tel: 01 604 3836

About New Ireland:
Established in 1918, New Ireland Assurance was the first wholly Irish owned life assurance company to transact business in the country. A wholly owned subsidiary of Bank of Ireland, New Ireland is one of Ireland's largest life assurers, providing a comprehensive range of investment, protection, savings and pensions products.Headquartered in Dublin, New Ireland Assurance employs over 600 people throughout Ireland with offices in 20 locations around the country.
New Ireland Assurance Company plc is regulated by the Financial Regulator. A member of Bank of Ireland Group