Menu
04/03/2010
Pension Age Increase To Be Phased In
The age at which people qualify for the State Pension is be increased in 2014, according to the Taoiseach today.
Brian Cowen announced the new plan in Government buildings this morning, which will see the age of retirement increase to 66 years of age in 2014, 67 in 2021 and 68 in 2028.
The changes are part of a major reform of future State, private and public service pension provision.
Outlining the proposals, the Taoiseach said: "there are significant challenges ahead for us as a society. We are living longer, which is a wonderful achievement, but we know that the impact of population ageing is very challenging.
"This Framework sets out the way in which we intend to protect our pensioners, now and in the future, and to encourage and support people to provide for their retirement savings in a fair, transparent and sustainable way.”
During the address, Mr Cowen gave the key elements of the new National Pensions Framework including automatically enrollment in a new supplementary pension scheme to provide additional retirement income for the over 22s.
There will also be matching State and employer contributions. The State contribution will equal 33% tax relief, however the delivery mechanism for this scheme is yet to be decided, the Taoiseach said.
Joining the Taoiseach, Minister of finance Brian Lenihan said: "Good pensions are costly, whether they are provided through the State system by way of taxes and social insurance or individually through private provision. This reform is aimed at achieving a balance between the individual’s own responsibility to provide for their retirement and the Government’s desire to ensure that older people are protected. The revised Programme for Government commitment to have a 33% tax relief is a clear indication of our intent to achieve that balance.”
(DW/BMcc)
Brian Cowen announced the new plan in Government buildings this morning, which will see the age of retirement increase to 66 years of age in 2014, 67 in 2021 and 68 in 2028.
The changes are part of a major reform of future State, private and public service pension provision.
Outlining the proposals, the Taoiseach said: "there are significant challenges ahead for us as a society. We are living longer, which is a wonderful achievement, but we know that the impact of population ageing is very challenging.
"This Framework sets out the way in which we intend to protect our pensioners, now and in the future, and to encourage and support people to provide for their retirement savings in a fair, transparent and sustainable way.”
During the address, Mr Cowen gave the key elements of the new National Pensions Framework including automatically enrollment in a new supplementary pension scheme to provide additional retirement income for the over 22s.
There will also be matching State and employer contributions. The State contribution will equal 33% tax relief, however the delivery mechanism for this scheme is yet to be decided, the Taoiseach said.
Joining the Taoiseach, Minister of finance Brian Lenihan said: "Good pensions are costly, whether they are provided through the State system by way of taxes and social insurance or individually through private provision. This reform is aimed at achieving a balance between the individual’s own responsibility to provide for their retirement and the Government’s desire to ensure that older people are protected. The revised Programme for Government commitment to have a 33% tax relief is a clear indication of our intent to achieve that balance.”
(DW/BMcc)
Related Irish News Stories
Click here for the latest headlines.
18 November 2016
Party's Call For Govt Action On Gender Pension Gap
Fianna Fáil and Sinn Féin have both called for government action on the gender pension gap. FF have tabled an amendment to the Social Welfare Bill which would see the eligibility criteria for the State pension reviewed to ensure that women who took time out of work to look after children or to care for a loved one, are not penalised.
Party's Call For Govt Action On Gender Pension Gap
Fianna Fáil and Sinn Féin have both called for government action on the gender pension gap. FF have tabled an amendment to the Social Welfare Bill which would see the eligibility criteria for the State pension reviewed to ensure that women who took time out of work to look after children or to care for a loved one, are not penalised.
04 April 2019
Fianna Fáil Raise Concerns Over Delays In Pension Increases
Some 78,000 pensioners are still waiting on a decision about their entitlement to an increase in the State Contributory Pension, according to Fianna Fáil Spokesperson on Older People and TD for Waterford, Mary Butler. New figures released to Deputy Butler reveal that as of 28th March 2019, only 11,646 of 90,000 reviews have been completed.
Fianna Fáil Raise Concerns Over Delays In Pension Increases
Some 78,000 pensioners are still waiting on a decision about their entitlement to an increase in the State Contributory Pension, according to Fianna Fáil Spokesperson on Older People and TD for Waterford, Mary Butler. New figures released to Deputy Butler reveal that as of 28th March 2019, only 11,646 of 90,000 reviews have been completed.
31 August 2016
Reform Needed To Ensure Women Do Not Lose Out On Full State Pension - O'Loughlin
Reform is needed to ensure women are not denied access to a full pension, Fianna Fáil Spokesperson on Equality Fiona O'Loughlin, has said. Deputy O'Loughlin stated that women who take time out of the workforce to care for children or the elderly relatively risk not having made enough contributions to qualify for the full state pension.
Reform Needed To Ensure Women Do Not Lose Out On Full State Pension - O'Loughlin
Reform is needed to ensure women are not denied access to a full pension, Fianna Fáil Spokesperson on Equality Fiona O'Loughlin, has said. Deputy O'Loughlin stated that women who take time out of the workforce to care for children or the elderly relatively risk not having made enough contributions to qualify for the full state pension.
28 October 2015
FF Raise Concerns Over Ireland's Pension System
Fianna Fáil has raised concerns after the Melbourne Mercer Global Pensions Index (MMGPI) ranked Ireland's pension system 11th out of 25 countries for a second year running. The report also ranked the sustainability of the Irish pension system is ranked in just 20th place.
FF Raise Concerns Over Ireland's Pension System
Fianna Fáil has raised concerns after the Melbourne Mercer Global Pensions Index (MMGPI) ranked Ireland's pension system 11th out of 25 countries for a second year running. The report also ranked the sustainability of the Irish pension system is ranked in just 20th place.
30 May 2018
No Change To State Pension Age Until New Calculation Systems In Place - FF
Any move to change the age of eligibility for the State Pension should be delayed until a new system for calculating pension entitlements is in place, and up and running, Fianna Fáil's Employment Affairs and Social Protection Spokesperson, Willie O'Dea has.
No Change To State Pension Age Until New Calculation Systems In Place - FF
Any move to change the age of eligibility for the State Pension should be delayed until a new system for calculating pension entitlements is in place, and up and running, Fianna Fáil's Employment Affairs and Social Protection Spokesperson, Willie O'Dea has.
-
Ireland WeatherToday:Storm Bert will move east through the Northern Isles today. Though weakening it will still bring strong to gale winds to many in Northern Ireland and showers to all, these frequent, occasionally heavy across northern districts. Maximum temperature 10 °C.Tonight:Strong west to northwest winds easing overnight. Showers, most frequent during the evening and in north but dwindling overnight to leave most dry and bright come dawn. Minimum temperature 1 °C.
