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Bank
of Bank of Ireland Life has warned that almost one million Irish people
have no pension provision, while many of those that are investing for
their retirement are not saving enough. Bank of Ireland's life and pensions arm said yesterday that only 52.4pc
of workers aged 20-69 are investing in a pension, compared with 52.2pc at
the beginning of 2001. The bank said that, by June, just 33,000 people had taken up Personal
Retirement Savings Accounts (PRSAs) since their introduction in February
2003. At the same time, life expectancy has increased, with men living an
average of 15.4 years after 65 and women living 18.7 years after
retirement. Brian Sullivan, pension manager with Bank of Ireland Life,
warned that consumers needed to provide adequately for their retirement in
order to guard against the financial risks of old age. Sullivan added that only 27pc of people believed they will have saved enough at retirement to provide for themselves. The bank has set up a campaign targeting workers who have yet to provide for a pension. It will highlight the potential savings if they start a pension before the October 31 tax deadline.
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