Ireland’s private pension funds have been heavily hit by the financial crisis, with real losses of 37.5% in 2008. This is the worst investment performance for private pensions in the 30 OECD countries examined in this report.

More than 30% of Ireland’s pensioners live in poverty (on international measures). This is the third highest old-age poverty rate among the OECD countries and well over double the OECD average.

The impact on Ireland is particularly significant for two reasons.

1. Private pensions and other investments provide a third of retirement incomes in Ireland, compared with the OECD average of less than 20%. This is a similar proportion as Norway, but less than
   Australia, the United Kingdom and the United States, where private savings provide around 40% of
   retirement incomes.
2. Investment losses in Ireland were the largest because of the large share of equities in pension-fund
   portfolios: around two-thirds of assets before the crisis hit, compared with an average of 36% in the
   20 OECD countries where data are available.

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