State ranks last in EU survey of pensions spending

THE Government is spending less on old-age pensions than any other EU member state, despite the State’s commitment to set aside 1% of GNP, gross national product, each year for the National Pensions Reserve Fund.

A survey of spending by EU countries on pensions reveals that expenditure on pensions in Ireland is way below that of its European counterparts.

According to the report, just 3.6% of GDP, gross domestic product, in Ireland is allocated to spending on pensions compared to the EU average of 12.5%.