A new Pensions Bill will put an obligation on every government to pay into a National Pension Reserve Fund for the next 55 years. The legislation, outlined by the Minister for Finance Charlie McCreevy, puts a statutory obligation on the Government to pay a sum equivalent to 1% of GNP from the Exchequer into the fund each year until at least 2055. The Fund will meet the cost of social welfare and public service pensions from 2025. Drawdowns from the fund before that year will be prohibited.
