The main thing it wants from the current crop of candidates for the Dáil is a bit of forward-thinking on retirement saving
Pensions have always been a hard sell, and not as popular for political soundbites as more punter-friendly topics such as mortgages or income tax.
For the pensions industry, the main thing desired from the current crop of candidates for the Dáil is a bit of forward-thinking on retirement saving.
Jerry Moriarty, chief executive of the Irish Association of Pension Funds (IAPF), said that politicians need a “long-term focus” when it comes to pension policy.
“The state pension is the area that people need the most certainty on,” Moriarty said. “It’s the bedrock of the system.”
On this, Fine Gael, for example, has indicated that it would increase the state pension by €25 by 2021 if reelected. Meanwhile Fianna Fáil has committed to an increase of €30 in the state pension over its term in office, if elected.
People Before Profit believes that the state pension should increase gradually over time to reach 40 per cent of the average wage, according to a spokesman for the party.
Sinn Féin’s less keen to put a figure on it, saying that it would legislate for a ‘Social Welfare Adequacy Commission’ to advise annually on any changes to social welfare rates.
The Social Democrats promise to raise the state pension in line with the Consumer Price Index, with additional increases promised for pensioners living on their own. The Green Party also backs an index-linked increase in the state pension.