Éamon Ó Cuív (Galway West, Fianna Fail) | Oireachtas source

I am probably the person nearest the age of 83, therefore, I have the greater chance of actually reaching 83 than anybody else in this room and, thankfully, I am still in good health. I still would not take the actuarial risk. If I was asked the question and had the option, I would take my pension now rather than take it later because it is not a great bet. All I am trying to say is that I am correct in my assumption. There is a crossover point and I calculated one day that it was 83. You would love to play a guessing game. It is like putting money on horses. You take your punt and defer it now. It is not a good option if you die at 72, 73 or 74 but as you go on, you get nearer and nearer to the crossover point so we are agreed on that. It is important that we do not give the impression that by deferring it, there is an enhancement for everybody. There could be a very significant loss for some people and the nearer you die to the age of 66, the greater the loss if you defer it.

With this law, the Department is confirming permanently even though the original proposal had been 30 years. That is the proposal - that is, that it is 40 years' worth of contributions.