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Pension (lack of) plans July 10, 2017

Posted by WorldbyStorm in Uncategorized.
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The Citizens Assembly may be doing us all another favour in covering pensions at the moment. But what is so striking is how little all this is news…for example:

Andrew Nugent of the Pension Authority told the assembly that most people in private employment are not in a pension scheme.

The target under the National Pensions Policy Initiative was to have 70% of workers in a scheme but by the end of 2015, the figure was 46.7% and that had fallen from 56% in 2005.

How can that be a surprise when there’s never been any great push to have widespread occupational pensions and when we also factor in the crash of the late 2000s and after? By the way, I don’t subscribe to the idea of occupational pensions, look at the US in relation to healthcare to see how that has gone.

 

Then there’s this:

 

The Citizens Assembly has heard that the majority of people will rely on the State pension when they retire and that for all but the richest 30% of pensioners, most of their income will come from the social welfare payments.

Again where is the surprise?

Then there’s this, which I think is a sensible caveat…

Alan Barrett of the ESRI told the assembly that whereas in the past many people’s health did decline when they got into their 60s, people are now living longer and healthier lives and there is a case for people working beyond 65.

But he did caution against complete abolition of mandatory retirement age as he said anti-age discrimination laws would make it very difficult for employers to let go of workers whose performance has declined because of their age.

 

 

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Comments»

1. Alibaba - July 10, 2017

I find the responses of the charity Age Action to be persuasive. It welcomes the recommendations of the Citizens’ Assembly, but implies that there is nothing really new here and that existing strategies on positive ageing should have been implemented long since.

“The citizens have done their job; now it’s over to the Oireachtas.”

“When presented with the evidence and given the time to deliberate the citizens showed the overwhelming consensus for a fair State Pension system, the abolition of mandatory retirement and investment in homecare.”

Liked by 2 people

2. Tomboktu - July 10, 2017

Barrett is agin the “complete abolition of mandatory retirement age”. He opines that “anti-age discrimination laws would make it very difficult for employers to let go of workers whose performance has declined because of their age”.

A load of cobblers. The Employment Equality Acts make very clear that it’s not discrimination if you’re fired or not hired because you can’t do the job. Stick to the economics, professor – your legal analysis is of the bar-room variety.

Liked by 1 person


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