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CSO statistical release, , 11am

Pension Coverage

Quarter 3 2018

Pension coverage for persons in employment (ILO) aged 20 to 69 years
 Q4 20151Q3 20181Q3 20182
 %%%
State46.747.156.3
 
Sex
Male47.246.757.1
Female46.247.655.4
1 Includes only occupational pensions from current employment and personal pensions in current contribution.
2 Includes occupational pension coverage from current and previous employments, and personal pensions, including deferred pensions and pensions in draw-down mode.
 

56% of persons in employment have pension coverage

Figure 1 Percentage of persons aged 20 - 69 in employment with a pension by type of pension
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A Pensions survey of workers aged 20 to 69 years was included in the Labour Force Survey (LFS) in the third quarter (July - September) of 2018. This report presents the results of this survey.

This survey does not measure pensions provided through the State Social Welfare Scheme and instead relates to occupational and personal pension cover (supplementary pension coverage) only.

Summary of main results

  • In Quarter 3 2018, more than half (56.3%) of all workers aged between 20 and 69 years had supplementary pension coverage. This includes occupational pension coverage from current or previous employments, and personal pension coverage including those where payments have been deferred for a period of time or are currently being drawn down by the pension holder. See headline table.
  • Pension coverage remained lowest among the younger workers. In Quarter 3 2018, just one in six (16.3%) of workers aged 20 to 24 years had a pension while just over four out of every ten (41.5%) of workers aged 25 to 34 years reported having a pension. Pension coverage was greatest among workers aged 45-54 years where total pension coverage was in excess of 70% (70.9%). See table 1.
  • Approximately half (50.7%) of self-employed persons had pension coverage in Quarter 3 2018. This includes occupational pension coverage from previous employment and also personal pensions, including personal pensions where payments have been deferred for a period of time, and also, pensions currently in draw-down mode. See table 1.
  • The results from the Quarter 3 2018 Pensions survey show that workers are increasingly making provision for their pension in retirement from both occupational and personal pensions schemes. Over one fifth (20.3%) of workers aged between 20 and 69 years had supplementary pension coverage from both occupational and personal pension schemes, compared with just 8.6% in Quarter 4 2015. Pension provision from just one source has decreased when compared with Quarter 4 2015 - 63.7% of workers had occupational pension coverage only, compared with 73.2% in 2015, while 16% had only personal pension provision (18.2% in 2015). See table 2(a) and figure 1.
  • Of those workers with an occupational pension from their current employment, 57.1% identified their pension as a defined contribution pension while 42.9% of such persons had a defined benefit pension. See table 3 and figure 2.
  • For those workers with no occupational pension coverage from their current employment, more than half (54.2%) stated that their employer does not offer a pension scheme. See table 4 and figure 3.
  • One third (33.7%) of workers with personal pension provision have deferred payments for a period of time, while just 2.2% are already drawing down a personal pension. See table 5 and figure 4.

Users should note that the survey instrument used to carry out the Pensions survey has changed since the survey was last carried out in Quarter 4 2015, when it was carried out as a module of the Quarterly National Household Survey (QNHS). The Labour Force Survey (LFS) has now replaced the QNHS. With this change, surveys previously carried out as modules of the QNHS, are now carried out for the most part in the General Household Survey (GHS) or included in some or all waves of the LFS. This Pensions survey was included in the LFS in Quarter 3 2018. Further information is available in the Background Notes.

It should be noted that in previous Pensions surveys, supplementary pension coverage covered only occupational pensions from one's current employment and personal pensions in current contribution. In Quarter 3 2018, the Pensions survey was expanded to include occupational pension coverage from previous employments (also for self-employed persons) and personal pensions where payments had been deferred or were already being drawn down. The headline table shows the difference between supplementary pension coverage as surveyed in Quarter 4 2015, and in the most recent survey in Quarter 3 2018.