Pensions purchased by 25- to 34year-olds increased by 10 per cent last year, according to a survey carried out by Lansdowne Market Research on behalf of Lifetime Assurance.

A desire for future security and the belief that the State pension will be inadequate were the two main reasons given.

According to Irish Pensions magazine, these findings are good news compared with those included in the last Pension Board annual report, which found that the take-up of membership of occupational pension plans was down, especially among younger workers in newer industries.