The Minister for Social Protection, Heather Humphreys, T.D., has today secured Government approval to establish the Commission on Pensions.
The Commission, which will be chaired by Ms Josephine Feehily, will examine sustainability and eligibility issues in respect of State Pension arrangements and will outline options for Government to address issues such as qualifying age, contribution rates, total contributions and eligibility requirements.
The membership of the Commission reflects the wide range of expertise and stakeholder representation necessary to examine the complex public and social policy issues involved.
This includes representation of workers, employers, civil society, academics and those with technical and policy expertise.
Following today’s Cabinet meeting, Minister Humphreys said:
I am very pleased to announce today the establishment of this new Commission on Pensions. We all know how critically important it is to ensure that the State Pension system provides adequate support to people in retirement and that it continues to do that over the long term.
The Government is acutely aware of the challenges the State faces in terms of ensuring our State Pensions System is sustainable when it comes to managing our public finances. But this is not the only consideration at hand.
The State Pension is the bedrock of the Irish pension system. It is extremely effective at reducing poverty for pensioners and I want to ensure that this remains the case into the future.
The Commission will engage with a range of key stakeholders to ensure that it has a genuine understanding of not only the fiscal sustainability challenges involved, but the social sustainability challenges of implementing potential policy reforms.
The exact mechanisms for this engagement will be shaped by the Chair and by Commission members.
In announcing Ms. Josephine Feehily as the Chair of the Commission, the Minister said:
Josephine Feehily was Chairperson of the Office of the Revenue Commissioners, before serving as Chairperson of the Policing Authority of Ireland.
She has a wealth of experience and expertise in examining complex policy concerns and progressing reform agendas.
I am delighted she has been able to take up the invitation to chair this important task and I look forward to working with her and the Commission over the coming months.
Ms. Josephine Feehily, Chair of the Commission on Pensions said:
For many, the State Pension represents all or most of their weekly income. It is the main pillar of the Irish pension system. I am conscious that talks of increasing the State Pension age can be a cause of great concern, given that the mandatory retirement age for many in the private sector is 65. This Commission will examine various options that can help with the sustainability of the State Pension system, not just the pension age. Importantly, it will also consider the impacts of these various options, and will engage with stakeholders as part of its work. I look forward to working with the Commission members on this key policy issue.
The Commission will submit a report on its work, findings, options and recommendations to the Minister by 30 June 2021.