Gary Gannon (Dublin Central, Social Democrats) | Oireachtas source

No, not really. I realise I am stating the obvious in saying that paying a lower State pension to a larger number of pensioners would lead to higher levels of poverty among older people in this country. However, I have to say it, because we fear that is what will happen under the total contributions approach. There is a certain minimum amount of money that older people need to retire with dignity. Acknowledgement of this fact was presumably behind the design of the current pension system where the tapering off of the payment is much less severe than it would have been under the straightforward pro ratasystem. Now we are bringing in a pro ratasystem and I do not hear any discussion about the repercussions for older people. I can email the Minister an example of a calculation I have done where someone working for 20 years would see their pension under the total contributions approach halved compared to what it would be under the current system. That person would not be alone. Most people are totally unaware this change is coming and some are unaware of what it means for them.

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