OECD publishes Review of Pension System of Ireland
Upon the request of the Irish government, the OECD has assessed the Irish pension system, which grants only a minimum state pension while encouraging private savings as a complement. The report, issued in April 2014 provides an international perspective on Ireland’s retirement income provision and covers all components of the pension system: state, private personal and occupational plans and schemes for public-sector employees.
The assessment is that the pension system is well prepared for demographic change, all while benefitting mostly to high-income earners through the system of tax benefits for private savings. Another recommendation is to adjust the level of state pensions which have not been increased for a number of years.
The main ideas of this report can be read on OECD website at www.oecd.org/els/public-pensions/reforms-essential-to-make-irelands-pensionsystem-fairer.htm