The Professional Insurance Brokers' Association (Piba) is backing the Government's call to holders of SSIAs to reinvest their money in a pension.

Piba chairman Liam Carberry said the 38 per cent of workers between 30 and 65 who have no pension should remember that if they do not start one, they will have to rely on the State pension.

"If people were to focus on this prospect for just a few moments, they may be frightened into taking action," Mr Carberry said.

As part of National Pensions Action Week, the Pensions Board is holding an "SSIA day" tomorrow to convince the 500,000 people whose SSIAs are yet to mature that they should use their lump sums or the money they have been putting into an SSIA to start a pension.

Minister for Social and Family Affairs Séamus Brennan last week encouraged SSIA holders to avail of a €2,500 top-up on sums of €7,500 diverted from a matured SSIA into a pension.

Mr Carberry also hailed the virtues of a pension-backed mortgage, which he described as "an extremely tax-efficient way of paying back your mortgage".

Pensions investors should seek independent advice and "not allow themselves to drift into pension poverty", Mr Carberry added.