The World of Pensions
Article by Adrian White.
- State Pension Reforms: Minister for Social Protection Heather Humphreys announced landmark reforms to the state pension system in Ireland last September.
- The most eye catching of all changes is to maintain State Pension Age at 66 years.
- People to be given the choice to work until age 70 in return for a higher State pension.
- Long-term carers to be provided with a pension for the first time.
- Commitment to explore new scheme to support people who cannot continue working in their early sixties.
- During 2022 the Government approved a bill to introduce the long-awaited auto-enrolment pension scheme.
Anyone thinking about joining a pension for the first time should seek professional advice, and crucially should not just wait for auto-enrolment to do it for you. For those that have existing pension benefits in place, speak to your adviser to ensure you are prepared for the road to retirement.
Adrian White is a financial planner with FDC Financial Services within the West Cork region.