Ireland’s retirement income system comprises of 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 fell from 63.1 in 2015 to 62.0 in 2016 due to a number of small changes. For more information, please read the 2016 Ireland MMGPI press release.