IRELAND - Increasing longevity in Ireland makes it vital to make sufficient pension contributions at the right time, said Brendan Kennedy, chief executive of the Irish Pensions Board.
As part of the Irish Pension Action week, the body has now launched its pensions calculator in Arabic, Chinese, French, Spanish, Polish and Russian to ensure that all workers in Ireland have access to the information.
"It is not enough simply to start a pension, it is equally important to check your pension annually and ensure that you are contributing adequately," Kennedy said. The current longevity assumption for the average Irish man is 85 and 88 for a woman.
The calculator gives you information on how much money you have to contribute to the pension you would like to have at retirement at certain stages in your life.
Meanwhile, Buck Heissmann actuaries have revealed figures showing that Ireland's pension fund managers have lost their clients €5bn during the recent market correction.
On average Irish pension fund managers have 78% of their portfolio in equities. The rest is in fixed income, property and cash.
The total of pension assets under management was €94bn at year-end but has now dropped to under €90bn.