I am introducing a number of amendments to both the State and occupational pension provisions in the Bill, the most significant of which is the phased increase in State pension age to 68 years. The challenges facing the Irish pension system are significant. The population share of those aged 65 years and over is expected to more than double by 2050, from 11% to 26%. Thankfully, people are living longer and healthier lives, with average life expectancy set to rise even further to 88 years for women and, for some unknown reason, only 83 years for men. In contrast, the share of the working age population is projected to decline gradually from 68% to 58%. There are currently six workers for every pensioner and this ratio is expected to decrease to less than 2:1 by mid-century. The task of financing increasing pension expenditure will, therefore, fall to a diminishing share of the population who are at work.

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