Don’t rely on the government to sort your pension unless you’re a senior public servant [Video]

TWO PIECES OF news have emerged on pensions since Ireland returned to school at the start of the month. Both point to a diverging pensions future for Irish workers – and a need to take charge of your own pension situation.

First, it was announced that lifetime caps on pensions (also known as the standard fund threshold) will be moved from its current €2 million to €2.8 million by 2029.

Second, rumours continue to grow that auto-enrolment, the long-promised plan to automatically sign up workers to pay into pensions, will slip further into next year.

There are still many in the workforce without adequate pension coverage for a variety of different reasons. This week, Pensions Awareness Week, is as good a time as any to give time to your plan for a pension. For starters, try the National Pensions Test to measure your readiness for retirement. 

What’s going on?

On one hand, the government has announced stroke-of-the-pen changes to facilitate a …