New report recommends pension age should be increased to 75

Kenneth Fox

A new report has recommended the pension age should rise to 75.

The Oireachtas Social Protection Committee says the recommendation takes into account higher life expectancy, which has gone up from 65 to 82.

The report also looked at new laws coming into effect, which will allow people to get higher pension payments if they defer their pension up until 70.

It also looked at for a higher rate of State pension a move to the total contribution approach exclusively over a ten-year period.

Other measures considered included the introduction of a contributory State pension provision for long-term carers of more than 20 years, for the very first time.

A commitment was also made to explore a new scheme to support people who cannot continue to work in their early 60s was also explored.

They are also looked at the long-term sustainability of the State pension system to be addressed through gradual, incremental increases in social insurance rates.

A person who defers will also be able to make additional social insurance contributions to increase their contribution record or meet the eligibility requirements for State Pension.