Pension Coverage 2021

Of those in employment who had a pension in Quarter 3 2021, over seven in ten (72.7%) had Occupational pension coverage only (from current or previous employments), 11.5% had Personal pension coverage only, while 15.8% had Both occupational and personal pensions for their retirement. Occupational pension cover has increased by three percentage points on the same period in 2020 – 72.7% of those in employment with a pension compared with 69.7% in 2020. See Table 3.1.

Meanwhile, of those with a pension, personal pension cover for persons in employment decreased, albeit marginally, on the same period in 2020 – 11.5% of those in employment with a pension compared with 12.3% in 2020. Similarly, there was a decrease in supplementary pension coverage (from Both occupational and personal pension schemes) of those in employment aged between 20 and 69 years (decrease of over two percentage points), – 15.8% of those in employment with a pension in Quarter 3 2021 compared with 18.0% in the same survey period in 2020. See Table 3.1 and Figure 3.1.

In Quarter 3 2021, the Human health and social work activities NACE economic sector had the greatest proportion of those in employment (21.7%) with pension coverage from both occupational and personal pensions, followed by the Public administration and defence; compulsory social security sector (20.2%). See Table 3.2.

Analysis of pension coverage by broad occupational group shows that persons whose broad occupational group was Professionals had the greatest proportion of workers with both occupational and personal pension coverage (18.9% of those in employment with a pension in this occupational group), followed closely by Managers, directors and senior officials (18.5%). See Table 3.2.

The NACE economic sector with the highest rate of occupational pension cover only was Financial, Insurance and real estate activities (81.6% of those in employment with a pension in this sector), followed by Industry (80.2%). Workers in the Information and communication and Education NACE economic sectors had the next highest rates of occupational pension cover only, both at 78.5%, followed closely by Public administration and defence; compulsory social security (78.4%). See Table 3.2.

Over one fifth (20.2%) of pension holders in the Public administration and defence; compulsory social security sector had both occupational and personal pension coverage, while just 1.3% had personal pension coverage only, while 78.4% had occupational cover only. Similarly, for workers in the Education sector, 78.5% had an occupational pension, while just 2.9% had personal pension cover only and 18.5% had both occupational and personal pension cover. See Table 3.2.

For persons not in current employment but who have had previous employments, almost 9 in 10 have no pension, with those that do (11.2%) having a personal pension, with negligible numbers having an occupational pension. See Table 3.3.