Pension Reform

The present Irish pension system needs reform. Many people face the prospect of inadequate pensions. Pension coverage in the working population is too low with too many people likely to be dependent, either totally or in part, on the State Pension. Costs in the pension industry are too high.

Other problems include the reality that the funding of many pension schemes is inadequate and large public sector liabilities are unfunded. The different pension arrangements applying to people working in the public and private sectors are a source of social tension. Many of these problems will be further exacerbated as our population ages.

Building a pension system that is sustainable and adequate is not an easy task, and is made all the more difficult by our existing high levels of public and private debt. Here we examine some of these issues.

HIGHLIGHTS

Research report on the financial sustainability of the State Pension in Ireland (2015)

This report from Milliman, an actuarial consulting firm, was commissioned by the Society of Actuaries in Ireland and PublicPolicy.ie to analyse the sustainability of the State pension in Ireland.

Analysis Of Fiscal Incentives For Retirement Savings [PDF]

This report, written by Deloitte and funded by Publicpolicy.ie, presents an analysis of fiscal incentives for retirement in Ireland and compares with other countries who have well established supplementary pension systems.

Fixing Our Broken Pensions [PDF]

Dónal de Buitléir and Don Thornhill present a proposal for a National Savings Fund aimed at increasing coverage, reducing costs and improving transparency in the pension system.

Ireland’s Need For Pension Reform

Anne Maher, former CEO of Irish Pensions Board, speaks about life expectancy, investment returns, and the inequity between public and private sector pensions.