Institute responds to consultation on State Pension

Mar 12, 2021

The response is based on the feedback provided by members in a survey conducted in February and March 2021 where our members raised concerns about the sustainability of the current State Pension, and the requirement for clear and coherent government pensions strategy with adequate lead-in time for any changes to allow workers to plan for the long-term. 

The Institute’s response focused on 4 key areas: 

  • The Government must set out a clear, consistent long-term strategy, particularly in terms of future State Pension Age increases, and any significant changes should be communicated 10 years in advance.
  • Reform to the State Pension Age cannot take place without commitment and action to increase private pension coverage. Automatic enrolment should be introduced in Ireland for private sector workers.
  • Mandatory retirement in employment contracts should be abolished to afford workers the choice to work or retire.

  • The Benefit Payment for 65-year-olds should continue for those retiring at 65 years of age until they reach State Pension Age.

The four-week public consultation process  was launched in February to examine how Ireland's State Pension system can be funded in the future on a fiscally and socially sustainable basis.

We would like to thank those who contributed to the survey and for comments provided by members. The Pensions Commission is due to report on its work, findings, options and recommendations to the Government by 30 June 2021. We will keep readers posted of developments.

Read our response.