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Minister urges people to save for retirement
3.10.2008
People have a "responsibility" to save towards their retirement, the minister for pensions reform has claimed.
Speaking at a seminar organised by the Life Trust Foundation, Mike O'Brien said people were living longer, yet many were not saving enough for their retirement.
This, he claimed, is one of the "biggest challenges" facing the country and the pension system was being reformed in an effort to avoid a "crisis in the future".
He commented: "The state, employers and individuals must all play their part.
"There is a personal responsibility to save so that people can enjoy the type of retirement they want."
Des Hamilton, technical director at The Pensions Advisory Service, recently said those without adequate pension funds may have to supplement their income by continuing in some form of employment.
However, those unable to do so may be facing a "worse than imagined retirement", the expert warned.
Speaking at a seminar organised by the Life Trust Foundation, Mike O'Brien said people were living longer, yet many were not saving enough for their retirement.
This, he claimed, is one of the "biggest challenges" facing the country and the pension system was being reformed in an effort to avoid a "crisis in the future".
He commented: "The state, employers and individuals must all play their part.
"There is a personal responsibility to save so that people can enjoy the type of retirement they want."
Des Hamilton, technical director at The Pensions Advisory Service, recently said those without adequate pension funds may have to supplement their income by continuing in some form of employment.
However, those unable to do so may be facing a "worse than imagined retirement", the expert warned.