November 2019

04Nov

Ireland. 54% of women who had State pensions reviewed after ‘cruel’ 2012 changes will get more money

54% OF WOMEN who had their State pensions reviewed following “cruel” 2012 changes are to get more money. Changes to the State pension introduced by the government in 2012 meant that carers who took time off work received less in their State pension – which particularly affected women who took time out to have children. Last year, Fine Gael promised to review the anomaly, and indicated that it would cost €55 million to fix it. The new approach meant...

November 4, 2019
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October 2019

31Oct

Ireland. Plans to auto-enrol workers in pension schemes announced

The Government is to introduce a system of pension auto-enrolment on a phased basis from 2022. Read also Irish pensions need urgent reform, industry specialist says The details have been published by the Department of Employment Affairs and Social Protection. Under the system, a worker will be automatically enrolled in a pension scheme when they start a job. Read also UK. Watchdog hails success of auto-enrolment pensions It will apply to all employees aged between 23 and 60 earning more than €20,000 a year...

October 31, 2019
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25Oct

Ireland. Defusing the pension time bomb

The Government’s recently published “National Risk Assessment 2019” identified Ireland’s rapidly-ageing population as a significant risk to a number of essential areas. There is talk from some quarters that the State pension will eventually disappear due to rising costs. Is this simply scaremongering from those with skin in the game, or should people be fearfu for the future of a cherished benefit? Aisling Kelly, senior healthcare consultant at Mercer, says she is not of the opinion that the State...

October 25, 2019
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21Oct

Irish pensions need urgent reform, industry specialist says

Irish pensions, which lag in the international rankings when it comes to sustainability, need urgent reform as the ratio of workers to retirees is set to fall dramatically over the next three decades, according to human resources consultancy Mercer. While the 2019 Melbourne Mercer Global Pension Index (MMGPI) , published on Monday, has found that Ireland stands in first place for adequacy of expected pension benefits, given the “comparatively generous” State pension, it only ranks 27th when it comes...

October 21, 2019
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14Oct

Ireland. Self-employed are being left behind in putting away pensions savings

THE number of people working for themselves and saving towards a personal pension has dropped by almost a third in the last four years, according to HMRC. The Taylor Review showed that the number of people working for themselves had increased by a third since the start of the century. In 2001 it was 3.3 million, it had risen to 4.81 million by 2017. Still only 13 per cent are saving for a pension. This is compared to 68...

October 14, 2019
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10Oct

Ireland. New setback feared for auto-enrol pension plan

Fresh doubts have emerged about the commitment of the Government to introduce a pension scheme for almost one million private sector workers. Six out of 10 private sector workers have no private or occupational pension. The Government has committed to have an auto-enrolment pension system in place from 2022 for these workers. But no money was allocated in Budget 2020 to set up a key piece of infrastructure to deliver auto-enrolment. Plans for an auto-enrolment pension scheme have been...

October 10, 2019
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September 2019

18Sep

Pension auto-enrolment at risk of being stalled, warns Irish Life

The Government’s plan to introduce mandatory private pensions for all workers above a certain income limit by 2022 is now in danger of being stalled, putting at risk the adequacy of worker’s future pension pots. With private pensions still inadequate – research from the Economic and Social Research Institute last week found that women are retiring with significantly smaller pension pots then men – Irish Life, in its pre-budget statement, says the introduction of auto-enrolment needs to be “expedited”....

September 18, 2019
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11Sep

Ireland has gender pension gap of 35% – study

Irish men receive an average of €153 more than women in their pension payments, according to research by the Economic and Social Research Unit (ESRI). The study found the average total weekly pension income in 2010 was €280 for women and €433 for men, indicating a gender pension gap of approximately 35%. The total gender pension gap is due to differences in incomes from private and occupational pensions. Some 55% of retired men receive a private or occupational pension,...

September 11, 2019
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August 2019

05Aug

Ireland. Pensions time-bomb: Risk report warns workers not saving enough – or at all – for retirement

A major Government report has warned of a looming pensions time-bomb as the number of people entitled to the State pension is set to more than double over the next 36 years. The latest national risk assessment, published today, has identified the country’s ageing population as one of the most significant risks facing the State in the coming years. And it warned that Ireland’s low level of private pension coverage – just 35pc of private-sector workers have their own...

August 5, 2019
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July 2019

10Jul

Ireland. Does Gweedore deserve a higher state pension than Glenageary?

If there’s one certainty you can expect to hear when you visit your local friendly pension adviser, it’s not to depend on the State pension and to provide for your retirement yourself. Now Regina Doherty, Minister for Employment Affairs and Social Protection, has upped the ante on the viability issue by declaring last week that it isn’t “fair” that some people are getting full State pensions which they may not need, while others on the same amount live in...

July 10, 2019
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