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State Pension (Contributory)

Dáil Éireann Debate, Wednesday - 29 July 2020

Wednesday, 29 July 2020

Ceisteanna (36)

Cormac Devlin

Ceist:

36. Deputy Cormac Devlin asked the Minister for Employment Affairs and Social Protection when she plans to introduce a system to enable persons to defer receipt of their State pension (contributory) on an annual basis. [18966/20]

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Freagraí scríofa

There is no statutory retirement age in Ireland.  The age at which employees retire is determined by the employment contract between the employer and the employee.  Many such contracts may have been entered into in the context of previous state pension arrangements.  However, a mandatory retirement age did not apply.  Statistical data on long-term demographic changes indicate that people are living longer and healthier lives.  Many of them may want to continue working after 65 and an option to defer payment of the State Pension may facilitate them in their choice.

For this reason, the Government has set out in the Programme for Government "Our Shared Future" that a system will be introduced to enable people to defer receipt of their state contributory pension on an annual basis, to include actuarial increases in payment as soon as practicable.  There are a range of issues and implications arising from such a significant reform of the Irish state pension system which officials in my Department have now started to examine.  Accordingly it is not yet possible to set out a timeline for when it may be introduced.

I hope this clarifies the matter for the Deputy.

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