SSIA holders have been urged by the Financial Regulator to use their money to start or top up pensions.
The Regulator said research it had carried out showed that only 3 per cent of people plan to use their SSI money for their retirement.
SSIA savers who earned €50,000 or less in the tax year before their SSIA matures can qualify for the once-off government pensions incentive. To get the government bonus, people must invest some of their SSIA money in a pension within three months of their SSIA maturing, for a minimum period of one year.
Consumer Director, Mary O'Dea said: "This incentive will be a good option for some people, particularly if you do not have a pension or you want to top-up your pension with a lump sum.
"It is especially attractive for those on the lower tax rate, as they do not benefit as much from existing tax relief on pension contributions."
For every €3 you invest in your pension, the Government will contribute €1, up to a maximum of €2,500. This means that if you invest €7,500 of your SSIA in your pension, the value to you will be €10,000.