Higher pension rate for those who work to age 67 and beyond being considered by Govt

People who work until they are 67 or older could receive a higher rate of State pension than those retiring at 66, under plans which are believed to be under consideration by the Government.

These new proposals would provide financial reward to people who retire later in life. The proposals would see these people receive a higher weekly pension rate, while keeping the State ­pension age at 66.

The State pension age was due to rise to 67 from 1 January 2021 however, the government deferred this change and a Pensions Commission was established to consider the change to the State pension age, among other issues such as sustainability and intergenerational fairness.

It is believed Social Protection Minister Heather Humphreys met Green Party leader Eamon Ryan this week to discuss the issue.

She has also previously met Tánaiste Leo Varadkar and Public Expenditure and Reform Minister for Michael McGrath to discuss the issue.

According to the Irish Independent, Senior Government officials across a number departments also met on Friday. However, sources told the Irish Independent that discussions were still in their early stages.

The qualifying age for the state pension would remain at 66 under the new proposals, but those who work until they are 67 and older would be in line for a bigger pension.