New rules could block succession
They advised that most young farmers seeking land may need to look beyond the family farm, initially at least, and if farmers wait until 66 to transfer, (rising to 68), management control and ownership would come too late for the next generation.
It is becoming impossible to contemplate farm transfer in advance of the older farmer reaching retirement age (qualification for state pension), according to the report, which was commissioned by Macra na Feirme in partnership with the IFA, the Irish Farmer’s Journal and the Department of Agriculture.
Macra president Alan Jagoe said the report highlights a number of areas which need to be improved upon.
“Older farmers need to be encouraged to make plans for retirement which will support their needs and make provisions for the younger generation of farmers to take a foothold in the industry.”
“I am delighted to announce that, with the generous support of the FBD Trust, we will be appointing a land mobility programme manager who will progress the recommendations made in the study. ”
The study found the decline in the value of private pensions may be deterring older farmers from retiring earlier.
Almost half of farmers surveyed did not have a farming successor identified (53% under 60 years, 38% over 60 years, 76% for unmarried farmers).
Just over half were unaware that state pension age has risen to 67 for those born in 1955 or later, and 68 for 1961 or later.
