A SENIOR insurance industry executive has sounded a stark warning about the numbers of self employed who have no pension cover whatsoever or whose current pension cover is in adequate.

The chief executive of Scottish Provident Ireland, Mr Peter Towers, said that 73 per cent of self employed people in Ireland have no pension cover whatsoever.

"In particular females and those working in the agricultural sector have very low coverage which has the potential for long term financial disaster for those who effectively will be without significant income in retirement.

"I now believe it is critical for representative associations of those in employment, Government and the pensions industry to look seriously at what will be a major long term problem and to set up information channels to apprise the public of the consequences of not having proper pension plans in place and the need to start planning as early as possible," said Mr Towers.

He was speaking after Scottish Provident Ireland reported strong growth in its business in 1996.