The Minister for Social and Family Affairs today repeated his call for people to reinvest SSIA funds in pensions.
His comments come as a report revealed only a 1 per cent increase in the number of workers saving for retirement. Nearly one million people are not saving for their future, the report said.
At the publication of the Pensions Board annual report 2005, Seamus Brennan said there were tough decisions ahead for the Government to make when considering mandatory pensions.
Mr Brennan urged those with SSIAs to take up a lucrative offer from the Government to reinvest lump sums and get a 33 per cent top-up.
Under the scheme funded by the Department of Finance, investors can pay in up to €7,500 of their SSIA money and a bonus of €2,500 will be added.
"The incentives on offer are very attractive, and I would urge people with maturing SSIAs to consider availing of this worthwhile offer," he said.
The Pensions Board report also showed 734,699 people held occupational pension schemes, an increase of 1 per cent on the previous year.
The total number of PRSA contracts at end 2005 was 68,257. The total value of assets amounted to €451.7 million, almost two-and-a-half times the 2004 value of PRSA assets.
The Minister said in order to lay the foundations for a lasting, affordable and sustainable pensions solution for Ireland people had to believe the system worked.
Mr Brennan revealed that he has received a report on mandatory or quasi-mandatory pension schemes from the Pensions Board and will bring it to the Cabinet for consideration in the coming weeks.
The Government is also working on a Green Paper on pensions, which was agreed as part of the new social partnership agreement Towards 2016.