PENSIONS BOARD TO ATTEND NATIONAL PLOUGHING CHAMPIONSHIPS
Less than 16% of those working in agricultural industries including farming have private pensions
Friday 22 September 2006: The Pensions Board will attend the upcoming National Ploughing Championships in Grangeford, Tullow, Co. Carlow from 27 to 30 September to provide pensions information for visitors at this major event. A key target of the National Pensions Awareness Campaign is to build positive pensions awareness within the agricultural sector and rural communities where there are low levels of pension coverage.
Pension coverage figures show that the pension coverage rate decreases as you move out from the key urban centers. According to the CSO, Quarterly National Household Survey, January 2006 update, pension coverage rates for the Mid-East are at 57.7% (Kildare, Meath and Wicklow) dropping down to as low as 43.3% in the West (Mayo, Roscommon, Galway City and County).
David Malone, Project Manager for the National Pensions Awareness Campaign, explains: “This rural-urban difference is due significantly to the increased levels of part-time, seasonal and contract working patterns, particularly among women. Also, there is a higher level of employment dependency on the hospitality, retail and farming sectors where traditionally pension coverage levels are low.”
David Malone went on to say, “Less than 16% (CSO Survey 2005) of those working in the agricultural industries including farming, catering and tourism and working seasonal and part-time have private pensions. These low coverage rates need to be addressed if those living in rural areas are to ensure they have made adequate provision for their retirement.”
The Pensions Board stand at the Ploughing Championships will be situated in the Dolmen – Education and Business Arcade Stand No. 539. The Pensions Board online calculator and pensions information is available at www.pensionsboard.ie.
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For Media Enquiries please contact:
Project Manager for the National Pensions Action Campaign
The Pensions Board
Tel: (01) 6131900
Q4 Public Relations
Tel: (01) 4751444 / 087-9053679
Notes to Editors
About the Pensions Board
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 through him, the Government, on overall pension policy development.
The 2006 Finance Act provides a special incentive to the lower paid to reinvest all or part of their SSIA proceeds after maturity into an approved pension product. For every €3 of SSIA proceeds reinvested by an eligible SSIA holder in a pension product, the Exchequer will contribute €1 by way of a tax credit. Further information on this incentive is available on www.revenue.ie .
The information Unit at the Pensions Board provides a wide range of pension information booklets free of charge and can be reached at the LoCall number 1890-65-65-65 and on www.pensionsboard.ie.
The National Ploughing Championships and The National Ploughing Association celebrate their 75th anniversary this year, and to mark the occasion are hosting the 53rd World Ploughing Contest. Minister for Agriculture and Food, Mary Coughlan will open the National Event on Wednesday 27 September 2006 and President McAleese will open the World Event on Thursday 28 September 2006.