The Pensions Board has reported that more than 19,000 PRSA pensions were taken out by the end of December, 2003. The announcement followed a Pensions Board review of data provided by PRSA providers, which found that these pensions have a total value of €41 million.
More than 30% of the the PRSA pensions sold were non-standard products, which charge a higher entry and management fee than that permitted under the PRSA rules. There are 10 providers of PRSAs with a total of 56 approved products, 33 of which are non-standard.
Anne Maher, the chief executive of the Pensions Board said that the PRSA takeup is showing steady progress and added that this is the beginning of a long process to raise pension coverage in Ireland.
The board also reported 58,770 employers have signed up with a PRSA provider to provide pension access for their employees. Employers became legally required to provide access to a Standard PRSA for their employees in certain circumstances on September 15th, 2003. The Board is carrying out random and target monitoring of employers who do not have occupational pension schemes registered with the Board and who have not designated a PRSA provider.
The Pension Board also claims to have received 43 complaints against employers who had not complied with their PRSA obligations.
The Pensions Board is the statutory body set up to regulate occupational pension schemes and PRSAs and to advise the Minister for Social and Family Affairs and the government on pension policy development.
