A quarter of Limerick workers would work longer for higher pension

Ray McKenna, Partner at Lockton People Solutions Ireland

ONE in four workers in Limerick say they would work later into life in order to get a higher pension.

That’s according to a survey from Lockton People Solutions Ireland on the public reaction to the overhaul of the State Pension System announced last year.

While a quarter of workers said they would work later in life to access a higher pension, the study also found that 30 per cent of workers in Limerick would only work later in life if they couldn’t afford to retire.

Under the proposed changes to the State Pension model, the pension age will remain at 66, but workers will have the option of more age flexibility.

Workers who chose to work until they turn 70 would be able to get a higher weekly pension payment of €315 per week, as opposed to the standard rate of €265.30.

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Lockton’s research surveyed 1,000 people nationwide and also found that ten per cent of people said that the proposed increase in the pension for those that work longer was not enough money to entice them to do so.

Women were also less inclined to work longer than men, with 19 per cent of women saying they’d consider working longer, compared with 26 per cent of men.

Ray McKenna, Partner at Lockton People Solutions Ireland, said: “Pensions and when we can retire is a deeply personal topic to us all. We welcome the Government’s measures, which will allow for greater flexibility when it comes to entering retirement.”

“But what’s clear from our research findings is that greater engagement and advocacy will be needed if more people are to work longer and reap the rewards of doing so. Employers can play a key role in facilitating and encouraging their workers to work beyond the current State pension age of 66 – and there is strong merit for them in doing so.”