Pearse Doherty (Donegal, Sinn Fein)
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422. To ask the Minister for Employment Affairs and Social Protection if her Department will be updating the demographic projections and the consequent impact on the Social Insurance Fund according to projections (details supplied); and if she will make a statement on the matter. [36084/22]

Heather Humphreys (Cavan-Monaghan, Fine Gael)
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The Pensions Commission’s Report was published on the 7th October 2021.  It contained almost 250 pages of analysis, consideration and recommendations.  The report, Technical Sub-Committee's working papers and submissions made to the Commission are available on the website, pensionscommission.gov.ie.  The report established that the current State Pension system is not sustainable into the future and it has set out a recommended approach for Government.

In the interests both of older people and future generations of older people, the Government is considering the comprehensive and far reaching recommendations in the Commission’s Report very carefully and holistically.  My officials are examining each of the Commission’s recommendations and I am consulting across Government through the Cabinet Committee system.  The views of the Joint Committee on Social Protection, Community and Rural Development and the Islands and the Commission on Taxation and Welfare will also be considered as part of these deliberations.  Once we have considered all of these matters in detail and taken on board the views of my Ministerial colleagues, I intend bringing a recommended response and implementation plan to Government. 

It is clear from the Pensions Commission’s work that State Pension reform is necessary and it is complex.  It would be a strategic risk not to plan and provide for projected demographic changes, not least in terms of income adequacy for older people.  The State Pension is the bedrock of the pension system in Ireland.  It is extremely effective at ensuring that our pensioners do not experience poverty.  This Government is committed to ensuring that this remains the case for current pensioners, those nearing State Pension age and today’s young workers including those who are only starting their careers.

Any of the Pensions Commission’s proposals that are progressed by Government will, of course, be subject to ongoing analysis based on relevant and timely information including projections for population and State Pension related expenditure.  My officials have noted that the preliminary results of the Census of Population 2022 were issued by the CSO on the 23rd June 2022 and that the CSO is scheduled to publish the full set of Census 2022 results between April and December 2023. 

As Minister for Social Protection, I am required to have an actuarial review of the social insurance fund undertaken at five yearly intervals.  The review takes account of the adequacy or otherwise of the contributions to the fund to support benefits and other payments as well as other matters relevant to the current and future financial condition of the fund.  The next actuarial review of the social insurance fund in respect of the year ending 31st  December 2020 is underway.  The review is expected to be completed later this year and a copy will be laid before each House of the Oireachtas within six months of its completion in accordance with the statutory requirement to do so.

I hope this clarifies the matter for the Deputy.