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Occupational Pensions

Occupational Pensions

Online ISSN: 2811-616X
CSO statistical publication, , 11am

Almost 7 in 10 occupational pensions now defined contribution

  • The prevalence of Defined Contribution pensions has increased in 2024 to 69% of all occupational pensions from current employment, an increase of three percentage points on the same period in 2023. Meanwhile, Defined Benefit pensions have decreased to just over one quarter (26%) of pensions from workers’ current job – a decrease of four percentage points when compared with the same period in 2023.
  • Just 4% had hybrid pension schemes (neither a full Defined Benefit scheme nor a full Defined Contribution scheme but has some of the characteristics of each), unchanged from 2023.
  • At an overall level females were more likely than males to have a Defined Benefit pension scheme – 28% of females compared with 24% of males.
  • Rates of Defined Benefit occupational pension cover is highest for the older age groups, with 36% of females and 33% of males in the 55 to 69 years age group having a Defined Benefit occupational pension from their current employment. By comparison, of employees aged 25 to 34 years, just 13% of males and 19% of females had a Defined Benefit occupational pension from their current employment, as did just 21% of males and 26% of females in the 35 to 44 years age group. See Figure 4.1, Table 4.1, & PxStat Tables for comparisons with 2023.
Figure 4.1 Employees with Defined Benefit occupational pension cover from their current employment by sex and age group, Q3 2024

© Central Statistics Office, Ireland
https://data.cso.ie/table/PMQ32

Table 4.1 Employees with occupational pension coverage from current/previous employment by pension type, sex, and age group, Q3 2024

One in five workers with current occupational pension scheme in scheme for 20+ years

  • Almost one in five (19%) employees stated that they had been contributing to their occupational pension scheme in their current job for twenty years or more, while over four in ten (41%) had been in their pension scheme in their current employment for less than five years.
  • Almost one third (36%) of Defined Benefit occupational pension holders were part of their pension scheme for 20 years or more, compared with one in eight (12%) Defined Contribution pension holders. Similarly, 31% of pension holders with Defined Benefit pension schemes from previous employments, are in it for twenty years or more, while less than one in seven (15%) Defined Contribution holders from previous employments are in their schemes for this duration.
  • Some 44% of older employees aged 55 to 69 are paying into their current occupational pension for 20 years or more, while one third (33%) of occupational pension holders aged 45 to 54 years were in their pension scheme for this duration.
  • Over seven in ten (71%) of 25 to 34 year olds with an occupational pension in current employment, have been a member of their pension scheme for 5 years or less, while just one quarter (25%) have been in their pension scheme between 5 and 9 years. See Tables 4.2 & 4.3.
Table 4.2 Employees with an occupational pension coverage by type of pension and length of time in pension scheme, Q3 2024

Table 4.3 Employees with an occupational pension from their current job by length of time in pension scheme, sex, age group, and hours of work, Q3 2024

Over half of employees with no occupational pension say employer does not offer one

  • Over half of employees (53%) without an occupational pension said that their employer did not offer a pension scheme, up three percentage points on the same period in 2023. Almost a quarter of employees (23%) had chosen not to join their employer's pension scheme. A further one in seven (15%) employees without an occupational pension were not eligible to join their employer’s occupational pension scheme.
  • Analysis by sex/age group shows that lack of occupational pension cover due to employer not offering such a scheme was greatest amongst females aged 45 to 54 years (62%), compared with males aged 25 to 34 years (44%).
  • Of those in part-time employment who do not have occupational pension coverage from their current job, six in ten (60%) stated that their employer does not offer a pension scheme, up four percentage points from 2023, compared with just half of their full-time equivalents.
  • The most common sectors where the employer did not offer a pension scheme for employees were the Administrative and Support Service Activities and Accommodation and Food Service Activities NACE sectors – 60% and 58% respectively of workers in these sectors.
  • Analysis by broad occupational group shows that employees in the Elementary1 and Sales and Customer Service broad occupational groups were most likely not to have occupational pension cover due to their employer not offering such a scheme, 60% and 59% respectively, followed closely by employees in the Process, Plant and Machine Operatives (58%)
  • Of self-employed persons with occupational pension cover from previous employment, some 27% were Defined Benefit pension schemes, while almost seven in ten (69%) were Defined Contribution. See Figure 4.2 and Tables 4.4, 4.5, 4.6, 4.7, & 4.8.

1 Elementary occupations involve the performance of simple and routine tasks which may require the use of hand-held tools and considerable physical effort. Examples include cleaning, restocking supplies and performing basic maintenance tasks, helping in kitchens and performing simple tasks in food preparation, delivering messages or goods, etc.

Figure 4.2 Persons who do not have an occupational pension, classified by sex and reason for not having a pension, Q3 2024

© Central Statistics Office, Ireland
https://data.cso.ie/table/PMQ33

Table 4.4 Employees who do not have an occupational pension by reasons for not having an occupational pension, sex, age group, nationality, hours of work, and size of firm, Q3 2023 and Q3 2024

Table 4.5 Employees who do not have an occupational pension by reasons for not having an occupational pension, sex, and age group, Q3 2024

Table 4.6 Employees who do not have an occupational pension by reasons for not having an occupational pension, NACE Rev.2 Economic Sector, and broad occupational group, Q3 2023 and Q3 2024

Table 4.7 Self-employed persons with an occupational pension by type of pension, sex, age group, nationality, and hours of work, Q3 2024

Table 4.8 Self-employed persons with an occupational pension by length of time in pension scheme and type of pension, Q3 2024

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