People of all ages were urged to begin thinking about their pensions today as the Financial Regulator published a new guide on the subject.
Pensions Made Easygives straightforward information to help people understand their options and make informed decisions when planning for retirement.
Consumer Director Mary O'Dea said pensions are often the most difficult of all financial products to understand.
"This is of concern to us because people will often avoid making decisions about their pension because they find it difficult to understand what their options are," she said.
"If you want to start planning for your retirement, this new guide is the place to start. No matter what your personal circumstances, or your age, it is important to think about your pension. Having even a small pension is better than having none at all."
The guide explains the different types of pensions:
- Employer pension plans,
- The personal pension and PRSA options available to self-employed people and those in non-pensionable employment; and
- The PRSA option for people who do not have an income.
It also explains what people who move job or want to retire early need to consider.
For those close to retirement, the Financial Regulator has just produced a separate booklet, Your Choices at Retirement, which explains how to use a pension fund to provide an income.
Recent research from the Pensions Board showed that 46.8 per cent of women and 56.3 per cent of men have pensions.