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J Aging Soc Policy. 2015 Oct-Dec;27(4):295-313. doi: 10.1080/08959420.2015.1044817.

How Well-Informed Are Pension Scheme Members on Their Future Pension Benefits? Evidence from Ireland.

Author information

1
a Research Professor, Economic and Social Research Institute , Dublin , Ireland.
2
b Research Fellow, The Irish Longitudinal Study on Ageing , Trinity College, and Economic and Social Research Institute , Dublin , Ireland.
3
c Former Research Director, The Irish Longitudinal Study on Ageing , Trinity College, and Economic and Social Research Institute , Dublin , Ireland.

Abstract

One part of the policy response in many countries to increasing pension coverage will be greater private provision on the part of individuals. This requires that individuals are well informed about pensions. In this article, we assess levels of knowledge of pensions using a representative sample of older Irish adults. We find that two-thirds of individuals enrolled in pension schemes do not know what amount will be paid out on retirement and/or whether the payments will be in the form of lump sums, monthly payments, or both. One policy implication is the need for increased information to be directed at certain groups, in particular, women and less educated people. More fundamentally, the results suggest that the mandatory elements in pension systems should be extended.

KEYWORDS:

knowledge; older workers; pensions

PMID:
26161457
DOI:
10.1080/08959420.2015.1044817
[Indexed for MEDLINE]

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