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ARTICLE · 20 NOVEMBER 2013

Implications Of The Increase In State Pension Age

Matheson
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In order to help address the increasing life expectancy of the Irish population and to reduce pressure on the public finances, the Social Welfare and Pensions Act 2011 provided for increases to the age at which the Old Age (Contributory) Pension is payable.

IrelandEmployment and HR
Deirdre Cummins
Deirdre Cummins
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Benefit design and the change in the State pension age

In order to help address the increasing life expectancy of the Irish population and to reduce pressure on the public finances, the Social Welfare and Pensions Act 2011 provided for increases to the age at which the Old Age (Contributory) Pension (the "State Pension") is payable. The State Pension age (currently 65) is to increase to 66 years from 1 January 2014, to 67 years from 2021 and from 67 to 68 years from 2028. This change may have significant implications for private defined benefit occupational pension schemes, especially schemes with an integrated benefit design and schemes that provide bridging pensions.

Integrated and bridging pensions

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