No new increases to pension age, department says

The Department of Employment Affairs and Social Protection says no new increases to the pension age are planned at this time.

The State pension age will go up to 67 in 2021, and to 68 in 2028.

It follows reports earlier today that the Economic and Social Research Institute had suggested extending the pension age to 70.

At the Oireachtas Budgetary Oversight Committee this afternoon, the ESRI moved to clarify, saying its research on public pensions had been a purely mechanical exercise, examining the mix of measures needed to sustain the public pension system.

ESRI Director Alan Barrett told the committee the institute’s assessment of public pensions was a “mechanical exercise”.

He said one element to a sustainable future for public pensions would be to raise the public pensions age, however he said it was about offering people choice.

A spokesperson for the Department of Social Protection said a wide range of policy options were being considered in the longer term to alleviate the demographic pressures that are increasing the cost of State pensions.

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