Vol. 475 No. 7
206 Mr. Callely asked the Minister for Social Welfare the method, if any, being used to make provision for social welfare pensions for our ageing population in the next 50 years; and if he will make a statement on the matter. [5598/97]
As set out in my reply to Questions Nos. 25 and 74 on 27 November 1996, the Department of Social Welfare and the Pensions Board have jointly launched a national pensions policy initiative.
I would again like to stress that there is no danger to anyone's Social Welfare pension entitlement. However, the issue of our ageing population is one which cannot be ignored. Therefore, I have put it firmly on the agenda so that all the options are explored and the necessary decisions taken and implemented in good time so that the retirement years of people in the future are safeguarded and secured.
The first part of the pensions initiative has been completed with the launch of a consultation document last month which now forms the basis for general discussion among all interested parties, the social partners and the general public. Responses to this document have been invited with a deadline for receipt of end May 1997. It is intended to hold a pensions seminar in June. The target date for the completion of this pensions initiative is next autumn.
The Department of Social Welfare has also formally accepted a recommendation from the Final Report of the National Pensions Board (1993), that an actuarial review of the projected long-term costs of pensions under social welfare be carried out every five years. It is hoped to have the first actuarial review completed by mid year.
I believe that this is a very important time for pensions policy. We need to look comprehensively and very carefully, over a relatively short time frame, at the present position. We then need to make decisions and, most importantly, to carry those decisions through so that we face up to, and deal with, the medium and long-term issues so as to ensure that the living standards of future generations of pensioners are safeguarded.
I believe that these initiatives are important first steps to achieving this.
