Irish General Election 2024: Where do the parties stand on pension reform?

With less than one week to go before the general election, the cost of living, the housing crisis, and the healthcare system have been among the most prominent issues on the doorsteps across Ireland.

An issue that has taken somewhat of a backseat so far in the campaign is that of pensions and retirement age. This year, the coalition Government introduced "auto-enrolment" from next September, which will help almost 800,000 workers save for retirement.

The current State Pension in Ireland is €289.30 per week and the retirement age is 66, with 65-year-olds entitled to a Benefit Payment until they retire at 66. However, many workers are still contractually obliged to retire at 65.

So what have Ireland's political parties said so far on the issue as we enter the final stretch? The National Pension Helpline has examined the general election manifestos of the main political parties ahead of Friday's vote, to see where each party stands on pensions.

Fine Gael

Fine Gael's manifesto states that the party would keep the pension age at 66, but it wants to increase the State Pension to €350 over the lifetime of the next Dáil [Parliament].

Taoiseach [Irish leader] Simon Harris' party would remove the mandatory retirement age of 65 in employment contracts for those who want to continue working.

Fine Gael would extend the Household Benefits Package, lowering the eligibility age for this package to include all pensioners aged 66 and over. They also want to raise the Living Alone allowance to €33 and appoint a Commissioner for Positive Ageing.

Another pledge included in the manifesto details plans to appoint a standalone Minister of State for Older People ensuring that the voices of older people are heard.

Fianna Fáil

Fianna Fáil wants to keep the pension age at 66 and increase the State Pension to at least €350 per week over the next Dáil term.

Like its coalition partners, the Fianna Fáil would legally enable people to work beyond 65.

The party has committed to increasing the Widow’s, Widower’s or Surviving Civil Partner’s Pension, the Blind Pension and the Invalidity Pension.

The party would also recognize foster care through social welfare credits so that foster carers can access the State’s contributory pension.

Sinn Féin

Sinn Féin, currently the largest party in opposition, wants to reduce the retirement age to 65 and increase the state pension rate by €50.

The party would also end mandatory retirement at 65 to allow workers to remain at work if they wish to do so.

Sinn Féin has committed to a full review of state pensions for foster carers, and to engage with the Irish Foster Care Association in relation to their needs.

The party supports auto-enrolment, however, the party raises two objections to the current proposals in its 2024 Election Manifesto.

The first is that the party opposes any attempts for contributions to be collected and handed over to the private pension industry. Secondly, Sinn Féin opposes low-paid workers not being allowed to opt out and reclaim part of their wages for six months. 

Green Party

The Greens have pledged to advance the planned system of auto-enrolment which will begin in September next year, and ban mandatory retirement in "most circumstances".

The Green Party plans to provide long-term foster carers with access to pension entitlements to recognize the key role their care plays for vulnerable children.

The party has said that it would also accelerate the work of the Commission on Generational Renewal to "identify options for a retirement scheme for farmers" within the first six months of the next Dáil term.

Social Democrats

The Social Democrats, who have six sitting TDs (Teachta Dála meaning Members of Parliament) in Dáil Éireann, would link the State Pension to at least 34% of the average wage, and ensure the system recognizes the work of foster carers.

The party wishes to increase social welfare pensions by €25 per week, and argues for an end to "auction politics on pensions".

In the party's 2025 Alternative Budget, the SocDems argued for an increase in state social welfare pensions by €25 per week, and reforms to the retirement scheme for farmers.

Labour

The Labour Party has said that it wants to keep the pension age at 66, and link increases in the state pension to 34% of average earnings.

Like most other parties, it would also remove barriers to remaining in the workforce after 65 for those who wish to work beyond that age.

The Labour Party has committed to addressing the reported gender pension gap of 36% in Ireland by setting up an expert group to examine the issue.

The party would introduce an occupational supplementary pension as a key retention measure for post-2013 personnel in the Defence Forces, An Garda Síochána, the Prison Service and Fire Service, to bridge the gap for those forced to retire early.

Labour has committed to supporting foster carers with better pension entitlement. The party would also ensure cohorts of retired semi-state workers from CIE and An Post are not blocked from receiving pension increases, as well as protecting pension rights of people in defined benefit schemes. 

The party wants to ensure retired workers have access to the industrial relations mechanisms for pension scheme changes and other related issues.

People Before Profit

People Before Profit (PBP) would immediately increase the state pension to €300 and benchmark pensions to average earnings from 2026.

PBP wants to lower the pension age to 65 and extend eligibility for the Fuel Allowance to all pensioners.

In 2021, the party introduced a Bill in the Dáil that would give retired workers’ associations more rights to take cases to the Workplace Relations Commission (WRC) when changes are proposed to existing occupational pension schemes. This would also ensure that retired workers could have greater representation on trustee boards of schemes.

Solidarity

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