Vol. 465 No. 7
27 Miss Flaherty asked the Minister for Social Welfare the plans, if any, he has to reduce the retirement age in view of the large number of men and women in their early sixties who would wish to avail of early retirement. [9409/96]
The cost of reducing the pension age by one year is estimated to be in the order of £30 million in a full year. Any reduction in pension age of old age contributory pension (currently 66 years) or retirement pension (currently 65 years) or the creation of an early retirement option would have major financial implications, especially in the light of future demographic projections, and there are no plans to lower the retirement age.
