The Pensions Commission
would like your views on State Pension arrangements and how we might make them sustainable into the future.
The Commission was established as part of a government commitment to look at ways to ensure the sustainability of State Pensions and the Social Insurance Fund into the future. The Minister for Social Protection has advised the Commission that current pension rates of payment will not be reduced, and current pensioners may be reassured in that regard.
People are living longer in Ireland. In 2016, 13.3% of the population (less than one in seven) was 65 years of age or older. By 2051, the CSO projects it to be 25.9% (more than one in four). If we don’t make changes to State Pension arrangements now, the increased spending on pensions will reduce the money available to Government to fund income supports and other services that you might use.
Your views on what sustainable State Pensions might look like into the future will help the Commission in considering reforms that could work for everyone.
We invite anyone who would like to share their views to read the full Have your Say: Pensions Commission Consultation Paper here.
This gives more information as well as questions that can assist you in exploring the issues and highlighting key points as relevant to the scope and remit of the Commission’s work.
The Pensions Commission would like to encourage as many people as possible to have their say on sustainable State Pension arrangements into the future.
Please note, the Commission is not examining or seeking submissions on individual cases or circumstances. If you have a query on a specific case, please see here
for contact details.
Secretariat, Pensions Commission
First Floor, Department of Social Protection, Áras Mhic Dhiarmada, Store Street, Dublin 1, D01 WY03.
An Rúnaíocht, An Coimisiún Pinsean
An chéad úrlár, An Roinn Coimirce Sóisialaí, Áras Mhic Dhiarmada, Sráid Stórais, Baile Átha Cliath 1, D01 WY03.
Through responding to the survey, ‘Have your say on sustainable State Pensions here.
Please provide your submission by Tuesday 9 March 2021 at 5pm.
It is anticipated that there will be a high volume of interest in this consultation process. If you are making a formal submission (by email or post), please help the Commission to engage with your key points by keeping your submission to no more than 8,000 words.
What do we mean by sustainable State Pensions
We know that the number of pensioners is going to increase in the coming decades, as the population in Ireland ages like it has elsewhere in Europe (and we’re ageing faster than other countries). Thankfully, we know that people are living longer and are healthier than previous generations. At the same time, young people are staying longer in education, benefitting them and Irish society. This also means that they start their working life later than previous generations.
These things combined means that people are spending less of their life at work, and more of it in retirement. And with the ageing population, there will be a relatively smaller proportion of working people to pay a higher pension bill.
Accordingly, it may not be possible for this relatively small cohort of younger workers to continue to finance pensions at the rate of payment that we would like, especially if they have other financial costs to bear such as the cost of housing.
It is important to act now so that State Pensions will be sustainable into the future, for everyone. We want to make sure that younger generations can benefit from an Irish State Pension system that is as generous and reliable as the one that they are funding for today’s pensioners.
When people say the ‘State Pension’, they are usually referring to the main State Pension Contributory scheme (SPC) (previously the Old Age Pension). Along with the SPC there are several other State Pension schemes (collectively we call these ‘State Pensions’). ‘State Pension arrangements’ are those aspects of the Irish State Pension system that directly relate to why, how much and in what way pension payments are made and to whom. Different State Pensions have different arrangements.
Further information on the policy context for the Commission’s work, and on State Pensions Schemes, is available in the document below:
Further Information for Pensions Commission Consultation