Persons without Pension Coverage
- For workers with no pension cover for their retirement, the main reason cited was that they could not afford it – 43% of persons, an increase of three percentage points on the same period in 2022. See Figure 6.1, Table 6.1 and PxStat Table PMQ78 for 2022 comparison.
- Just over a third of workers (34%) said that they never got around to organising it/would set it up at a future date, while 9% that they would set it up at a future date.
- One in sixteen (6%) said that other sources offered a better return for investment, while the availability of a spouse’s pension was cited by 2% of respondents as the main reason for not having pension cover.
percent
| Never got around to organising it | Will set one up at a future date | Can't afford a pension | Other sources offer a better return for investment | Don't understand pensions | Spouse pension | Other sources will be adequate including state pension or savings etc. | Moving back home/abroad | Too much financial risk |
| State | 34 | 9 | 43 | 6 | 2 | 2 | 1 | 2 | 1 |
|---|
| Male | 36 | 10 | 40 | 6 | 2 | 0 | 2 | 1 | 2 |
|---|
| Female | 31 | 7 | 47 | 6 | 2 | 3 | 0 | 3 | 1 |
|---|
Table 6.1 Persons in employment (ILO) aged 20 to 69 years with no pension classified by main reason for not having a pension, Q3 2023
- Of persons with no pension coverage, almost six in ten (59%) cited the State Pension as the only expected source of income on retirement, an increase of two percentage points on the same period in 2022. See Table 6.2 and PxStat Table PMQ82 for 2022 comparison.
- One in six (17%) were undecided as to what their main source of income would be on their retirement, while one in nine of those with no pension cover (11%) stated that they would rely on savings or investments.
Table 6.2 Persons in employment (ILO) aged 20 to 69 years without a pension classified by expected main source of income on retirement, Q3 2023
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