Liz McManus (Wicklow, Labour)
Link to this: Individually | In context

Question 76: To ask the Minister for Social and Family Affairs if he has received the review of pensions strategy that he has asked the Pensions Board to complete; when it is intended to publish the report; and if he will make a statement on the matter. [37212/05]

Séamus Brennan (Dublin South, Fianna Fail)
Link to this: Individually | In context

As the Deputy is aware, in February of this year, because of slow progress on our pensions targets, I asked the Pensions Board to conduct a review of our overall strategy. I received the report of the Pensions Board on 7 November.

The review encompasses an examination of the main strategic recommendations contained in the national pensions policy initiative, including those relating to the adequacy of income in retirement, coverage targets, levels of social welfare pensions, sustainability of State pensions, including public sector pensions, and the tax support for private and occupational pensions. The review also examines the question of alternative ways of addressing adequacy and coverage issues.

At this stage, the report has been submitted to the Cabinet for consideration. The report is a large and complex document that will need to fully studied by my Cabinet colleagues. When that is finalised, the report will be published, and I hope it will engender a national debate on the future direction of our pensions system.

Paul Gogarty (Dublin Mid West, Green Party)
Link to this: Individually | In context

Question 77: To ask the Minister for Social and Family Affairs if his Department will be consulting with groups representing the elderly and employers when considering the Pension Board's proposal that older persons should be entitled to defer their State pensions until 70 years of age. [37125/05]

Tommy Broughan (Dublin North East, Labour)
Link to this: Individually | In context

Question 97: To ask the Minister for Social and Family Affairs if the Government is considering giving persons the option of deferring claiming pensions until the age of 70; the basis on which that would be done; and if he will make a statement on the matter. [37199/05]

Séamus Brennan (Dublin South, Fianna Fail)
Link to this: Individually | In context

I propose to take Questions Nos. 77 and 97 together.

The question of allowing older people to defer claiming their social welfare pension is something which has been under consideration by my Department and which features in the recently completed national pensions review.

Generally speaking, the system would involve people being offered the option of deferring drawing their social welfare pension in exchange for a larger pension starting at a later date. The increase in the deferred pension would be actuarially based to ensure that the person involved received the benefit of any savings which would accrue from the decision to defer claiming. The advantage to individuals from that measure would depend on the demographic situation at the time of implementation, in particular improvements in life expectancy.

The report on the review is at present before the Government for consideration by my Cabinet colleagues. When that process has been completed, I expect that the report will be published, and I would hope that it would engender a national discussion on the future of our pensions system. At that stage, groups representing employers and older people will be very welcome to give their views on any measures proposed.