Respondents were asked not only about personal pensions in current contribution, but also personal pensions where payments had been deferred for a period of time or were already being drawn down. Three quarters (75%) of personal pensions are in current contribution, with 24% of those in employment with personal pension coverage deferring payments for a period, while just 2% were already drawing down a personal pension. See Figure 5.1 and Table 5.1.
| State | |
| Currently paying into personal pension | 75 |
| Have deferred payments for a period of time | 24 |
| Already drawing down personal pension | 2 |
Personal pensions in current contribution was highest for workers whose broad occupational group is Managers, Directors and Senior Officials (82%). By comparison, persons in employment in the Administrative and Secretarial broad occupational group had the lowest level of personal pensions in current contribution (66%). See Table 5.2.
People can sometimes choose to defer payments on their personal pension scheme for a period for various reasons and can then resume payment into a pension scheme again. At an overall level in 2022, pension deferral decreased - 24% of workers with personal pension coverage had deferred payments for a period of time in 2022, compared with 27% in 2021. In 2022, the highest level of personal pension deferral was for workers in the Administrative and Secretarial broad occupational group. Over three in ten (32%) workers in this broad occupational group had deferred payments for a period of time. See Table 5.2.
At an overall level, nearly one in five (19%) workers with personal pension coverage have been in their pension scheme for 20 or more years. Of workers with personal pensions in current contribution, 23% were in their pension scheme for 20 years or more, while one in sixteen (7%) workers who had deferred payments for a while or completely, were in their personal pension scheme for this duration. See Table 5.3.
Further analysis of personal pensions in current contribution by age group shows that nearly half (46%) of personal pension holders in current contribution who are aged between 55 and 69 years have been in their pension scheme for 20 years or more, while nearly three in ten (27%) of personal pension holders (who are making current contributions to their pension) aged 45 to 54 years were in their pension scheme for this duration. See Table 5.4.
Over four in ten (42%) of 35 to 44 years who are currently contributing to a personal pension or PRSA, have been a member of their pension scheme for 5 years or less, while just 18% have been in their pension scheme for between 5 and 9 years. See Table 5.4.
The data collection has been expanded to also include persons not in current employment, but who have had been previous employed on a full-time or part-time basis. The definitions used for employment and unemployment in this survey are based on International Labour Organisation (ILO) concepts and definitions. More information is available on the ILO labour force classification in the Background Notes.
For persons not in current employment (but with previous employments), nearly three in ten (27%) are making current contributions to their personal pensions, while a further 28% have deferred payments for a while or completely, and 45% are already drawing down their personal pension. Almost six in ten (59%) of persons aged 55 to 69 not in current employment (but previously employed), are already drawing down their pension. See Table 5.5.
Over four in ten (44%) of personal pension holders not in current employment but were previously employed, who are still currently contributing to their pension, are in the scheme for 20 years or more. One quarter (25%) who have deferred payments for a while or completely, were in their pension scheme for 5 to 9 years, and 18% were in their scheme for 20 years or more. See Table 5.6.
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