14,000 to lose €12k as retirement age rises

PLANS to increase the retirement age to 66 in 2014 will result in 14,000 people missing out on €12,000 a year in State pension payments.

The Government was coming under pressure today to explain what will be put in place for people who turn 65 in two years time.

It is expected that the change in rules will see some people retiring before they are entitled to a pension.

Director of the Irish Association of Pension Funds, Jerry Moriarty said: "There has been little in the way of guidance or policy on the matter from the Department of Social Protection."