The Minister for Enterprise Heather Humphries has announced that the pension age will remain at 66, but that people can work until they’re 70 if they want to receive a higher pension.
The government’s agreed reform package includes:
Retain the statutory retirement age of 66 and introduce a new flexible pension model
From January 2024, people can continue to work until the age of 70 in return for a higher pension
As recommended by the Pensions Commission, move fully to a ‘Total Contributions Approach’ approach for calculating individual pension entitlements on a ten-year phased basis from January 2024
From January 2024, an improved statutory pension for those in need of care will be introduced. This is the first time that people who have to take a long break from gainful employment to look after a loved one will have their time caring for a loved one recognised in the pension system.
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