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OECD Reviews of Pension Systems: Ireland

image of OECD Reviews of Pension Systems: Ireland

This report provides an international perspective on Ireland’s retirement income provision for a focused review on the viability and long-term impact of proposed changes in pension policy, taking into account the impact of the economic downturn. It covers all components of the pension system: state, private personal and occupational plans and schemes for public-sector employees.

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Options for pension reform in Ireland

After presenting the critical elements for a pension reform in Ireland, this chapter discusses the main options for pension reforms in Ireland putting the discussion in an international perspective. The chapter discusses options for parametric reforms looking concerning retirement ages, combining work and pension receipt, indexation and valorisation. It also discusses structural reforms distinguishing between options: 1) to reform the State pensions (such as the introduction of a universal basic pension scheme for the entire population, or a single means-tested pension which is financed out of taxes); 2) to modernize the pension arrangements for civil servants and improve equity; 3) to expand coverage (of private pensions) and fill the retirement-savings gap; 4) to improve efficiency of the DC arrangements; and 5) to enhance benefit security in DB schemes. In considering the options for pension reform, it should be kept in mind that each of the national schemes and reforms discussed in this review was adopted in a specific national economic, social and political setting. There is no blueprint for reform which Ireland could take off-the-shelf and implement directly. Any solution has to fit the Irish situation.

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