Actuaries have called for an increase in the retirement age.

Speaking on RTÉ Radio's Morning Ireland, the President of the Society of Actuaries, Philip Shier, said the current age limit is out of date.

Actuaries are specialists whose work is aimed at matching current pension contributions and investments with funds' future liabilities.

In a submission to the Government, the society suggests increasing the age limit by one year every decade for all pensions including the State pension.

It says the best way of improving pension provision is by raising the value of the State pension, which would require bigger PRSI contributions from employers or employees or possibly both.

Increasing the value of the State pensions, which are available to everyone, is simpler than mandatory pensions, says the society.

It has also raised concerns about defined benefit retirement schemes, which guarantee a percentage of salaries on retirement.

But the society warns many of these packages are under funded and promise too much.