Friday 24 November 2017

Brendan Keenan: Longevity is good for individuals -- but a disaster for the system

The national strategy is a faltering first step on the long road to being able to provide a decent standard of living for older citizens in years to come

YOU could have heard a pin drop when the Minister for Social Affairs etc., Mary Hanafin, announced that she was about to publish the national pensions strategy. The surprise among the audience was all the more surprising, given that this was the annual dinner of the Association of Pension Funds.

None of them seemed to know it was coming. Indeed, some of them seemed to feel that they would be drawing the pension themselves before they ever saw any such document, so long had it been in gestation.

They may also have felt that, if the Government had not produced its strategy during the boom, when Irish tax revenues were coming out of its ears and corporate safes were stuffed with cash, it would hardly do so now.

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