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An Irish Independent reader seeks clarity on pension age

09/05/2020 Posted by IAPF | Comments(0)

Q I am turning 65 in August of next year and my employer expects me to retire at that point. I have a personal pension, but it's not much. My husband is also 65 and retiring this year. Someone told me in January I would have to wait two years, until I'm 67, before I could get the State pension but I thought I saw something in the paper that this has now been changed and I will be able to get it at 66. Could you clarify it for me?

A It is easy to see why you are so confused, because although there have been reports to that effect, other media reports suggest there has not yet been a definitive decision made.

Currently, State pension age is 66, but that is due to change to 67 on January 1 next year, according to the chief executive of the Irish Association of Pension Funds, Jerry Moriarty.

In late April, Fianna Fáil indicated the new government would row back on plans to increase the State pension age to 67. The party stated that once you turn 66 you will be eligible to receive a State pension payment. And while it was originally envisaged that retirees would have to claim Jobseekers Benefit for the interim period, between 65 and when they are eligible for the State pension, Fine Gael said during the election that the new government will be looking at introducing a transitionary State pension payment, Mr Moriarty said.

It has yet to be revealed how this would work, or how much it will be worth, but we are hoping for some clarity over the coming months. He suggests you check again in a couple of months when the new programme for government has been agreed.

Lots of employers have, in recent years, reviewed their commitments to funding defined benefit pension schemes because of the cost of funding these schemes.

Currently the State pension age is 66, but it is due to change to 67 from January next year, but there are indications that this could change.

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