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Personal Pensions

Personal Pensions

Online ISSN: 2811-616X
CSO statistical publication, , 11am

Increase in personal pensions in current contribution

  • Of workers with personal pension cover, almost eight in ten (78%) are currently contributing to their personal pension scheme, an increase of four percentage points on the same period in 2023. Analysis by age group shows that personal pension cover was greatest amongst males aged 25 to 34 years – 88% compared with less than three-quarters (74%) of females aged between 45 and 69 years.
  • Personal pensions where payments had been deferred for a period of time have continued to decrease in 2024 – 19% compared with 23% of personal pensions in the same period in 2023 and 24% of personal pension coverage in the same period in 2022. Just 5% of persons aged 55 to 69 years were already drawing down their pension.
  • Personal pensions in current contribution were highest for workers whose broad occupational group is Manager, Directors and Senior Officials (85%) followed by Professionals (79%)and Associate Professional and Technical (78%). By comparison, persons in employment in the Administrative and Secretarial broad occupational group had the lowest level of personal pensions in current contribution (70%). See Figure 5.1, Tables 5.1, 5.2 & 5.3, and PxStat Tables for comparisons with previous years.
Figure 5.1 Persons in employment (ILO) with personal pension coverage by broad occupational group, Q3 2024
Table 5.1 Persons in employment (ILO) with personal pension coverage by sex, age group, nationality, ILO employment status, and hours of work, Q3 2023 and Q3 2024

Table 5.2 Persons in employment (ILO) with personal pension coverage by sex/age group, Q3 2024

Table 5.3 Persons in employment (ILO) with personal pension coverage by NACE Rev.2 Economic Sector and broad occupational group, Q3 2023 and Q3 2024

Over one third of personal pensions in current contribution have been set up in the last 5 years

  • Over one third (34%) of personal pensions in current contribution were relatively new pension schemes and had been set up in the previous 5 years, while almost one in five (18%) workers with personal pension coverage (in current contribution) have been in their pension scheme for 20 or more years.
  • Of workers who have deferred payments for a while or completely, one in eleven (9%) had been in their pension scheme for 20 plus years, a decrease of two percentage points on the same period in 2023.
  • Over four in ten (41%) 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 21% of personal pension holders  aged 45 to 54 years, and who are making current contributions to their pension, were in their pension scheme for this duration.
  • Some 45% of workers aged 35 to 44 years who are currently contributing to a personal pension, have been a member of their pension scheme for 5 years or less, while just 25% have been in their pension scheme for between 5 and 9 years. See Tables 5.4 & 5.5, and PxStat Tables for comparisons with 2023.
Table 5.4 Persons in employment (ILO) with personal pension coverage by length of time in pension scheme, Q3 2024

Table 5.5 Persons in employment (ILO) with personal pension coverage in current contribution by length of time in pension scheme and age group, Q3 2024

Over one quarter of persons not currently employed but were previously, continue to contribute to their personal pension

  • For persons not in current employment (but with previous employments), some 27% are making current contributions to their personal pensions, while a further 36% have deferred payments for a while or completely, and 37% are already drawing down their personal pension.
  • Almost half (49%) of persons aged 55 to 69 not in current employment (but previously employed), are already drawing down their pension, compared with 47% in the same period in 2023.
  • One-third (33%) of personal pension holders not in current employment but previously employed, who are still contributing to their pension, are in the scheme for 20 years or more. Almost one in five (18%) who have deferred payments for a while or completely, were in their pension scheme for a similar duration, while a further 34% had deferred payments on a pension scheme of less than five years. Some 56% of persons who were already drawing down their pension had been in the pension scheme for 20 years or more. See Tables 5.6 & 5.7.
Table 5.6 Persons not in current employment (ILO) with personal pension coverage, by sex, age group, and nationality, Q3 2023 and Q3 2024

Table 5.7 Persons not in current employment (ILO) with personal pension coverage by length of time in pension scheme, Q3 2024