The State Pension Age Should Not Rise Beyond The Age Of 66

The State Pension age should not rise beyond the age of 66, an Oireachtas committee examining the recommendations of the Pensions Commission has said in a report published today. 

It is also seeking flexibility for those with 40 years of contributions to access their State Pension at 65. 

The committee believed that many people aged 66 and over could not be expected to continue working due to the physical and mental stress related to their job. 

The Pensions Commission has proposed to increase the State Pension age by three months every year from 2028. 

This would see the pension age reach 67 in 2031 and it would increase again by three months every two years from 2033 onwards. 

Under this plan the pension age would be set at 68 years from 2039. 

The committee report confirms it was informed by the ESRI that without other policy changes the pension age across Europe would have to rise by five years by 2030 to ensure that State pensions remain viable.  

The committee were informed by the Pensions Commission that the deficit in the Social Insurance Fund from which the State Pension is paid, could reach €13 billion in 2050 if no changes are implemented. 

An overall pensions plan is scheduled to go to Cabinet by the end of next month.