Pension reforms will not solve timebomb, report finds

'Total spending on State pensions increased by 50% from 2012 to 2022 driven, primarily, by a 34.6% increase in recipients in the same period,' Parliamentary Budget Office said.

The Government’s proposed reforms of pensions in Ireland “may not sufficiently address” the pressures that will be heaped on the system by our ageing population, a new report has claimed.

“As a result of Ireland’s changing demographics and labour force make-up, the current system of funding State pensions is not sustainable and will come under intense financial stress in the coming decades,” the report from the independent Parliamentary Budget Office said.