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No 'immediate plans' to raise retirement age

Pension age - Government to publish new policy document this week
Pension age - Government to publish new policy document this week

Taoiseach Brian Cowen has said there are no immediate plans to increase the existing retirement age for either public or private sector workers.

Mr Cowen, who was speaking in Galway at the Irish Hotels Federation's 2010 Annual Conference today, said a new policy document to be published later this week would set out Government thinking on pensions and retirement age.

Questioned on newspaper reports that the Government was considering raising the minimum retirement age, the Taoiseach said there are no immediate plans to do so.

He said the pension framework document to be published on Wednesday would be a very long term framework, and there would be no immediate change in relation to pension policy.

Wednesday's document will look at the best way to fund future pension requirements in a context where there will be fewer workers and more retired people.

Last month Spain raised its retirement age to 67 for all people born after 1959 as part of measures to combat the crisis in the public finances, while Britain will phase in a retirement age of 68 over the next 40 years. Greece has also raised its retirement age to 61.

Meanwhile, Bank of Ireland is today briefing staff on options to close the €1.5 billion gap in its pension fund. One of the options is a raising of the retirement age to 68 for bank staff.