Cost of providing pensions to double

THE cost of providing old-age pensions will double in Ireland over the next 45 years - the fourth highest increase in the old EU 15 member states.

In Ireland this means the numbers entitled to old-age pensions will more than double from 18% to 42% by 2050 as the number of births drops dramatically.

The pension crisis throughout the EU means potential growth rates will be almost cut in half by 2030, the European Commission has warned.