Overview of the National Pensions Awareness Campaign

Introduction

In this section you will find the following information:

Overview of the National Pensions Awareness Campaign

The Board has been implementing the National Pensions Awareness Campaign, on behalf of the Government since 2003. The campaign was established to increase public awareness of pensions with a view to improving pension uptake and encouraging retirement planning. The National Pensions Awareness Campaign is also dedicated to supporting the National Pensions Framework which was introduced by the Government in March 2010.

Consumer surveys conducted by the Board since 2003 have shown a considerable increase in the level of pension awareness. However the pension coverage rate among those employed in the workforce is only at 54% (CSO Quarterly National Household Survey Pension Update 2008).

Independent Consumer Research carried out annually on behalf of The Pensions Board indicates that:

  • almost 8 out of ten people, who do not contribute to a pension, say that the State Pension would not meet their needs in retirement,
  • although employers are obligated by law to offer employees access to a pension 43% of those interviewed had not been offered access, of those 93% had never asked an employer about access to a pension,
  • although awareness of the tax relief for pension contribution is relatively high at 73%, the majority of people didn’t know or had incorrectly understood the amount of tax relief that applies to them.

The figures demonstrate reluctance, by the general public and the key target audiences with low pension interaction, to properly plan and save for retirement. It is NPAC’s goal to reach these audiences, to provide them with information and to encourage a better understanding of pensions.

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Campaign Priorities for NPAC

Priorities for NPAC include:

  • increasing pensions awareness including better understanding of pensions and tax relief support, particularly among the target audiences where pension activity is low
  • prompting action among those with no pension provision
  • encouraging those with pensions to address the adequacy of their pension provision
  • progressing development of financial education planning and programmes.

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Campaign Elements of NPAC

Pension awareness and understanding are fundamental to NPAC. Encouraging the general public and target audiences to engage in the pension process and to plan for retirement is promoted through a number of different methods including:

  • actively engaging with the pensions industry, employer organisations, trade unions, State and Government departments and a wide range of social and community groups to assist in the process of promoting increased pensions understanding and uptake
  • attending an extensive range of conferences, exhibitions, seminars and trade shows throughout the country
  • partnering with the pension providers and associations to undertake various joint activities including press advertising and in branch promotions
  • strategic advertising planning targeting media which are relevant to the audiences with an emphasis on online and print
  • participating in a comprehensive media relations programme to communicate the importance of pension understanding and retirement planning across various media including local radio stations, print and television, especially where coverage rates are low
  • creating a fully integrated campaign which includes utilizing an array of appropriate media channels to direct the audiences to the information resources on the Pensions Board website.

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Target Audiences

The National Pensions Awareness Campaign focuses on the general public and particularly those sectors of the population as identified in the CSO (Central Statistics Office) Pensions Surveys and Updates as having consistently low pension interaction and coverage. These areas where pension awareness and action are low include:

  • Hospitality – the lowest level of pension coverage of all sectors and highest level of respondents who admitted to having limited knowledge of pensions.
  • Retail – one of the lowest levels of pension coverage and second highest level of respondents admitting to not knowing about pensions in retirement.
  • Farming – one of the lowest levels of pension coverage among employees, although this has improved slightly in the past two years and the lowest personal pension coverage among the self-employed.
  • Women – have lower pension coverage than men at 50% in comparison to 56%; the gap has been tightening since 2002, but continuous promotion is still required.
  • Population aged 25 – 35 years old – a key target for the Pensions Board, as it is critical that workers start their pension early in their working life in order to ensure they have adequate provision for their retirement.
  • Young People / Graduates – it is important that the pension message reaches people before they start their first job so as to encourage behavioural change towards spending.
  • International Workers – A high percentage of the migrant workers do not have a pension.

(CSO Quarterly National Household Survey 2005 & Pension Update 2007 & 2008 figures)

Campaign activity aims to encourage greater pension understanding among the general public and the specific target groups particularly with regard to the need to provide for replacement income in retirement.

Communication with the target audiences is delivered through an integrated campaign of marketing, PR, advertising and an education and information programme involving a comprehensive range of support agencies, organizations and associations. In working with these organisations and groups we provide education and information support for them in relation to pensions.

These organisations include:

  • Chambers Ireland
  • Comhairle
  • Citizen Information Centers
  • Fáilte Ireland
  • FAS
  • Great Place to Work Institute
  • Irish Countrywomen’s Association (ICA)
  • Irish Business and Employer Confederation(IBEC)
  • Irish Congress of Trade Unions (ICTU)
  • Irish Farmers Association (IFA)
  • Irish Hospitality Institute
  • Irish Small and Medium Enterprises (ISME)
  • Licensed Vintners Association (LVA) and Vintners Federation of Ireland (VFI)
  • Macra na Feirme
  • National Library Network
  • National Recruitment Federation (NRF)
  • Restaurants Association of Ireland (RAI)
  • Rural Leader Groups
  • Small Firms Association (SFA)
  • State Agencies and Government Departments

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Information Booklets

The Pensions Board produces a wide range of very practical information booklets on all aspects of pensions. All of these booklets are available free of charge.

    
What are my Pension OptionsWomen and PensionsPersonal Retirement Savings Accounts (PRSAs) A Consumer GuidePersonal Retirement Savings Accounts (PRSAs) Employers’ Obligations

These four booklets are just some of the information booklets in the series published by the Pensions Board. All of the booklets are distributed through the Department of Social and Family Affairs local offices, Citizens Information Centres, employer groups, Trades Unions, employer and community representative organisations and national libraries.

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About the Pension’s Calculator

  • This pension’s calculator is designed to give a broad indication of the level of contributions required to give your desired pension at your retirement age. This calculator only provides a sample indication of the funding contributions for your pension and no reliance should be placed on it.
  • This calculator does not take into account any contributions an employer might make to your pension.
  • Do you know that contributions paid to a pension scheme will benefit from income tax relief at your highest rate of income tax? This calculator takes into account current income tax relief benefits.
  • For a full and accurate assessment of your personal finances and any tax relief you may be entitled to on your pension contributions always consult with a professional financial adviser

The next step is to talk to your employer, trade union, bank, insurance company, building society or financial advisor about starting your pension today.

Pension Calculator Notes:
  1. Assumptions used: Investment return will be 5% per year before retirement and 4% per year after retirement. Salary will increase at 3% per year. Pension will increase at 2% per year in retirement. The State Pension will increase in line with salary increases. Spouse's annuity assumes a 3 year age gap between the Main Life and Spouse. Your personal illustration above makes an approximate allowance for the recently introduced Pensions Levy (i.e. 0.6% of your Fund Value) until 2014 or your intended retirement year if earlier.
  2. Contribution amounts shown will increase each year as salary increases.
  3. The actual pension at retirement will depend on actual investment return and salary inflation up to retirement and on the cost of purchasing annuities at retirement.
  4. Tax relief calculations take account of age related limits on tax relief in any given year as prescribed by the Revenue. Your financial advisor will be able to help you to stay within your limits. The maximum tax relief as a % of earnings are as follows:
         Under 30: 15%
         30 to 39: 20%
         40 to 49: 25%
         50 to 54: 30%
         55 to 59: 35%
         60 and over: 40%
  5. Contributions or benefits may exceed limits prescribed by the Revenue. Your financial advisor will be able to help you to stay within your limits. Budget 2011, introduced a Standard Fund Threshold (SFT) of €2.3 million. Individuals with pension funds in excess of this value as at 7 December 2010 may apply for a Personal Fund Threshold(PFT). When the capital value of pension benefits drawn down by an individual exceed his or her SFT or PFT as appropriate, a tax charge of 41% is applied to the excess fund.
  6. In these net contribution calculations, PAYE & single persons tax reliefs and single persons tax bands are assumed. It is also assumed that no other tax reliefs apply.
  7. The annuity rate used to convert your pension fund at retirement age is a long term average annuity rate, which makes no allowance for the recent gender equalisation ruling. The annuity rate used in your personal illustration above will be shown when you run the calculator.
  8. This calculator takes account of the fact that the State Pension (Transition) will no longer be paid from 1 January 2014. This means that there will then be a standard State Pension age of 66 years for everyone. If you have qualified for the State Pension Transition before 1 January 2014 you remain entitled to it for the duration of your claim (1 year). State pension age will increase to 67 in 2021 and to 68 in 2028

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