Two thirds of adults here expect that the State Pension system will have to change by the time they retire, according to a survey by insurance company Royal London Ireland.
Royal London Ireland said that one in five of those surveyed said they would accept state pension age rising from 66 to 68.
Populations in Ireland and across Europe continue to age significantly, which means a decline in the number of workers that can fund the State pension system.
The ratio is expected to go down from five working people per pensioner in 1991 to 3.5 by the end of this decade.
According to the Tax Strategy Group, the Social Insurance Fund, which is the primary source of funding for the Irish State pension, will have an estimated shortfall of €2.3 billion in 2030, rising to €13 billion by 2050, and up to €21 billion by 20702.
Today’s research also shows that amost a third of those surveyed said think they will not receive the State Pension until they are in their 70s.
17% of those polled believe the rate of weekly State pension paid will be greatly reduced by the time they retire, while 7% expect that the State pension will not exist at all when they retire, with that figure rising to 14% of 25-34 year olds.
Royal London Ireland said that 27% of survey participants believe the State pension should be means-tested to ensure it remains sustainable going forward, while 22% believe the Government should substantially increase social insurance (PRSI) contributions for all workers.
30% of men say the Government should substantially increase social insurance contributions to ensure the State pension is sustainable going forward, but just 13% of women feel the same.
Meanwhile, 19% believe the Government should increase the minimum State pension age by at least two years, from 66 to 68, with far more men (23%) than women (15%) feeling this way.
Mark Reilly, Pensions Proposition Lead at Royal London Ireland, said the long-term sustainability of the State’s pension system has been a concern for many years, due mainly to an increasingly ageing population and in turn, a significant fall in the number of people of working age funding the State pension system.
“Many people rely on the State pension when they retire. A recent report found that one-third of workers in the State had no pension cover in 2025 and mostly expect to rely on the State Pension in retirement,” Mr Reilly said.
“While Auto-Enrolment or My Future Fund will certainly help to address Ireland’s pension coverage gap, it’s clear that a large portion of the population rely, or expect to rely, on the State pension in retirement,” he said.
“It’s perhaps not surprising therefore that our research has found that a substantial number of Irish adults want the Government to take action to ensure the sustainability of the State pension into the future,” he added.
