People should consider investing in a pension when their SSIA accounts mature in 2006 and 2007, it was claimed today.
The Pensions Board has called for part of the estimated €14 billion funds to be spent on retirement packages.
Pensions Board chief Anne Maher - who is spearheading a national awareness week on pensions - said a survey showed only 6 per cent of SSIA holders had considered the idea.
"We were disappointed to see that only 6 per cent had considered investing in a pension when their SSIA matures.
"However, the fact that 28 per cent of people haven't thought about it or haven't decided yet means that we still have an opportunity to persuade these people to consider a pension as an investment option.
"The SSIA has encouraged people to save and it would be great to see people carry on the saving habit by investing in a pension," she said.
The consumer survey of SSIA holders also found that 19 per cent wanted to maintain savings accounts, while 30 per cent wished to splash out on luxuries, holidays or property.
About 4 per cent wanted to invest it in their children's college education while the same amount considered reinvestment.
The Pensions Board is the statutory body set up to regulate occupational pension schemes and advise the Government on overall pension policy development.