Six companies in the Republic have been given the go-ahead to sell Personal Retirement Savings Accounts (PRSAs) which the Government hopes will increase pension cover.
Ark Life, Canada Life, Eagle Star, Hibernian Life & Pensions, Irish Life Assurance and New Ireland Assurance have been licensed by the Pensions Board to sell 41 PRSA products from today.
The aim is to target people who do not presently have any form of pension cover and those who are self-employed and unemployed.
The principle advantages are that they will be portable, flexible (contributions can be varied) and eligible for tax relief.
Chief Executive of the Pensions Board, Ms Anne Maher said: "PRSAs will combine flexibility and simplicity with a high level of protection for the individual and will enable those without adequate cover to plan for their future retirement provision with confidence".