Harney rejects retirement age of 75 as answer to pension crux

THE GOVERNMENT yesterday rejected a report recommending raising the age of retirement to 75 in order to stave off the pensions time-bomb.

In a rapid rebuttal, Tánaiste Mary Harney and Minister for Social and Family Affairs Mary Coughlan ruled out any increase to the length of working lives despite stark warnings from experts that the pensions bill would be unsustainable.

Responding to a recommendation from the Society of Actuaries in Ireland that the cost of State pensions was set to more than double by 2050, Ms Harney said the Government was setting aside one per cent of GNP to meet future pension needs in anticipation of problems in years to come.