Dáil Éireann Debate, Thursday - 7 October 2021
77. Deputy James O'Connor asked the Minister for Social Protection the status of the commitment to benchmark pension rates in the Roadmap for Social Inclusion 2020-2025; and if she will make a statement on the matter. [48642/21]
View answerThe Roadmap for Social Inclusion 2020 - 2025 aims to reduce the number of people in consistent poverty in Ireland to 2% or less, and to position Ireland within the top five countries in the EU under a number of leading social inclusion measures. The Roadmap includes a specific goal to protect the incomes of older people through the delivery of the commitment to benchmark State pension payments, which was outlined in the Roadmap for Pensions Reform 2018 – 2023. The Roadmap for Social Inclusion outlines a potential approach for benchmarking pensions: the smoothed earnings approach. This aims to ensure that over the long-term, the relative value of welfare payments compared to market earnings would be maintained and that, over any short-term period the real value, or purchasing power, of these payments would be protected. Proposals on benchmarking of pensions is an issue considered by the Pensions Commission and I understand this Report is due to be published shortly, after consideration by Government. I look forward to reviewing this Report and its findings in the context of the Roadmap's commitment. The next meeting of the Steering Group on the Social Inclusion Roadmap, which I chair, is scheduled for next November and an update on this commitment will be provided to this Steering Group at that stage.I thank the Deputy for his question and hope this clarifies the matter.
