Pension Coverage 2023

Almost three quarters of personal pensions are in current contribution

• Of workers with personal pension cover, almost three quarters (74%) are currently contributing to their personal pension scheme. See Figure 5.1 and Table 5.1.
• Personal pensions where payments had been deferred for a period of time have decreased in 2023 – 23% compared with 24% of personal pensions in the same period in 2022. 
• One in fourteen (7%) older persons aged 55 to 69 years were already drawing down their pension.
• Personal pensions in current contribution was highest for workers whose broad occupational group is Caring, Leisure and Other Services (84%) followed by Managers, Directors and Senior Officials (79%). By comparison, persons in employment in the Administrative and Secretarial broad occupational group had the lowest level of personal pensions in current contribution (68%). See Table 5.2.

Over one in five personal pension schemes are 20+ years old

• Over one third (34%) of personal pensions in current contribution had been set up in the previous 5 years, while over one in five (21%) workers with personal pension coverage have been in their pension scheme for 20 or more years. See Table 5.3.
• Of workers who have deferred payments for a while or completely, over one in ten (11%) had been in their pension scheme for 20 plus years.
• Over four in ten (43%) of personal pension holders in current contribution who are aged between 55 and 69 years have been in their pension scheme for 20 years or more, while nearly three in ten (28%) of personal pension holders (who are making current contributions to their pension) aged 45 to 54 years were in their pension scheme for this duration. See Table 5.4.
• Four in ten (40%) workers aged 35 to 44 years who are currently contributing to a personal pension or PRSA, have been a member of their pension scheme for 5 years or less, while just 23% have been in their pension scheme for between 5 and 9 years.

Over one quarter of persons not currently employed but were previously, continue to contribute to their personal pension

• For persons not in current employment (but with previous employments), almost a third (31%) are making current contributions to their personal pensions, while a further 36% have deferred payments for a while or completely, and 33% are already drawing down their personal pension. See Table 5.5.
• Almost half (47%) of persons aged 55 to 69 not in current employment (but previously employed), are already drawing down their pension. 
• Over one third (35%) of personal pension holders not in current employment but were previously employed, who are still currently contributing to their pension, are in the scheme for 20 years or more. See Table 5.6.
• Over one in five (22%) who have deferred payments for a while or completely, were in their pension scheme for 5 to 9 years, and 26% were in their scheme for 20 years or more.