Tax windfalls offer opportunity to deal with future pension costs, says watchdog

Professor Michael McMahon said the cost of not raising the pension age from 66 to 67 would be €5bn a year by 2050. File picture

Multi-billion euro windfalls from excess corporation tax offer Ireland a “huge opportunity” to deal with surging pension costs for future generations, a fiscal watchdog has said.

The Irish Fiscal Advisory Council has highlighted the potential benefits of diverting the tax income generated by major multinationals into a long-term investment vehicle.