Pension worries as number over 65 set to double by 2051

THE number of people aged 65 and over is projected to double to 1.6 million by 2051, figures from the Central Statistics Office (CSO) show.

The figure raises major questions for Ireland’s pension age debate.

Life expectancy is expected to rise for men from 79.3 years in 2015 to 85.6 years in 2051, and for women from 83.3 years to 88.3 years.

The study found 74% of people between 55 and 69 have private pension cover.

In addition, the CSO recently revealed that more people aged over 65 are working longer than ever before.

Last week, Sinn Féin announced it would reduce the pension age from 66 to 65 if elected to Government, claiming it would cost the State €127million in total.

Yesterday, Sinn Féin TD Louise O’Reilly maintained the party’s position on the pension age.

‘It is a very good thing that people are living longer, but people need to be able to live better as well as longer,’ she said. ‘Although we think that people should have that flexibility to work past the age of 65, there are some people who have arduous jobs in factories and have physically demanding jobs who hit 65 and just cannot work on.

‘Many workers will choose to work on. Some won’t have a choice, but when you reach the age of 65 I think a worker should have a choice.’

Ms O’Reilly, the party’s spokeswoman on workers’ rights, added: ‘The Government

wanted the pension age to be increased to 67 or 68 but were pushed back by a tide of opinion. They know they’ve lost this debate.’

Social Protection Minister Heather Humphreys has said the Government’s position is that people who retire after the pension age of 66 will be given a bigger pension the longer they continue to work, up to the age of 70. This policy would mean less money will have to be spent on funding Ireland’s ageing population.

Ethel Buckley, deputy general secretary of Siptu, is strongly in favour of keeping the pension age at 66.

She said: ‘Siptu’s view is that the standard pension age should remain at 66. We campaigned to retain the age, not to increase or decrease it. But we do greatly welcome a more flexible approach.’

Sinn Féin TD Aengus Ó Snodaigh said if you force people to work longer, opportunities decrease for younger workers who want to start their careers.