Republic of Ireland
The Irish pension system has three main pillars: the state pension largely related to social insurance contributions, occupational pension schemes, and private individual pension plans.
The Irish pension system has three pillars: state pension, occupational pension schemes, and personal pension plans.
The State Pension is payable from age 66 (due to increase to age 67 from 2021 and age 68 from 2028).
The State Pension (Contributory) currently amounts to a maximum of €12,911.60 per annum, depending on the individual’s social insurance contribution history. It is not earnings-related or means-tested.
The alternative State Pension (Non-contributory) is means-tested rather than being based on social insurance contribution history.
The State Pension is funded through the Social Insurance Fund and general taxation.
Employers are not obliged to provide supplementary retirement benefits. Approximately 35% of the workforce has supplementary coverage. The bulk of provision is on a defined contribution basis. An auto-enrolment system is due to be introduced in the coming years.
The third pillar is composed of personal private pension plans.