New research released by Standard Life indicates that 70% of adults over 55 years of age own a pension. Of this, more men than women own pensions – with 55% of men compared with 46% of women.
The survey of 1,000 respondents reveals that pension ownership has increased sharply from 40% in March 2011 to 50% in January 2016, representing a 25% increase in ownership over the last 5 years.
According to the data, the average personal pension pot (excluding the state pension) is €125,020. This translates to an average income of just €5,625 per annum.
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