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Implications of the increase in State pension age
PRACTICE AREA GROUP: Employment, Pensions and Benefits
In order to help address the increasing life expectancy of the Irish population and to reduce pressure on the public finances, the Social Welfare and Pensions Act 2011 provided for increases to the age at which the Old Age (Contributory) Pension (the “State Pension”) is payable. The State Pension age (currently 65) is to increase to 66 years from 1 January 2014, to 67 years from 2021 and from 67 to 68 years from 2028. This change may have significant implications for private defined benefit occupational pension schemes, especially schemes with an integrated benefit design and schemes that provide bridging pensions.
This article was written by Matheson associate Deirdre Cummins and originally published in the Irish Pensions Online Magazine, Autumn 2013.