Ireland’s retirement income system comprises a flat-rate basic scheme and a means-tested top-up. Voluntary occupational pension schemes have limited coverage.
The overall index value for the Irish system could be increased by:
- increasing coverage of employees in occupational pension schemes thereby increasing the level of contributions and assets
- introducing a minimum level of mandatory contributions into a retirement savings fund
- providing greater protection of members’ accrued benefits in the case of employer insolvency
- reducing government debt as a percentage of GDP
The Irish index value increased slightly from 62.2 in 2014 to 63.1 in 2015 primarily due to recognition of inhouse asset limits.