Irish are ignoring pensions too

Only a third of the self-employed in Ireland are contributing to a pension – a very similar figure to in the UK. A study by Bank of Ireland Life suggests the reason may be lack of awareness of the tax incentives available rather than an inability to pay. Over 70% of those polled confessed ignorance of the considerable tax incentives.

Brian Sullivan of the Bank of Ireland said: “The biggest worries facing the self-employed include managing their time and finances, the day-to-day running of their business, developing their product or service, and most importantly, getting a steady stream of sales. When you factor in all these concerns, quite often pension provision can fall to the bottom of the pile.

“Furthermore, many business owners see their business as their pension and so don’t take out separate cover. However, few stop to think of the dangers inherent in relying on your business as your pension.”