Saturday 20 January 2018

'Pensioner poverty' warning

Ireland’s pension system has been ranked 10th out of 27 countries surveyed by the 2016 Melbourne Mercer Global Pensions Index (MMGPI), with an overall C+ rating for the third year running. (Maarten Wouters/Getty Images)
Ireland’s pension system has been ranked 10th out of 27 countries surveyed by the 2016 Melbourne Mercer Global Pensions Index (MMGPI), with an overall C+ rating for the third year running. (Maarten Wouters/Getty Images)
Dearbhail McDonald

Dearbhail McDonald

Irish workers face the threat of "pensioner poverty" unless steps are taken now to sustain Irish pensions, according to a new global pensions report.

Ireland's pension system has been ranked 10th out of 27 countries surveyed by the 2016 Melbourne Mercer Global Pensions Index (MMGPI), with an overall C+ rating for the third year running.

But it ranks just 20th for sustainability , with an E rating - the lowest point on the Index's grading scale.

Aisling Kelly, a consultant at Mercer in Ireland, said the receipt of an E grade for the sustainability of our pension system should be ringing alarm bells in government.

"We are living longer and spending more time in retirement, so we need to ensure that the Irish pensions system can support the population in achieving adequately-funded retirements," she added.

"Definitive action is needed now to improve Ireland's sustainability rating and improve our position in the index."

Irish Independent

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