Advertisement
New Report Finds Workers Shoul...

National

New Report Finds Workers Should Be Allowed To Defer Their Pension Until They're 75

RedFM News
RedFM News

01:44 31 Oct 2023


Share this article


A new report has found workers should be allowed to defer their pension until they're 75.

The report by the Oireachtas Social Protection Committee says those with a 'mixed PRSI record' should be able to make additional PRSI contributions until the age of 75.

New laws are due to come into effect which will allow people to get higher pension payments if they defer drawing it down, for four years, up to the age of 70.

However, the Oireachtas Social Protection Committee says this limit should be raised to 75, to take longer life expectancies into account.

Chair of the Committee, Denis Naughten, explains why they want to see the contribution cut off age increased:

"Once you reach 66, regardless of how long you work after your 66th birthday, you cannot pay PRSI towards your pension to improve the standard of your pension. Particularly women, there are a lot of women who end up at 66 years of age with reduced pensions because they weren't in the active workforce paying PRSI for a period of time throughout their lives. They end up losing out as a result of that".


Share this article


You might like