Just 220 people have so far taken advantage of Ireland’s deferred State pension scheme, opting to postpone drawing it down for a year or two.
New figures show that 194 people had chosen to take their pension at 67, instead of the normal age of 66. A further 26 had waited until they were aged 68, according to data from the Department of Social Protection.
Postponing the State pension entitles people to a higher weekly payment when compared to the standard maximum rate of €299.30.
Opting to postpone for a single year until age 67 brings a €313.40 weekly payment while waiting until 70 can see it rise to €363.90.
Uptake of the scheme has been sluggish, and some financial advisers are telling clients not to defer even if they plan to stay in the workforce.
There are some cases however, where a person does not yet qualify for a full State pension and deferral can be used to build up extra PRSI contributions.
Data from the Department of Social Protection shows 108 people deferred until 67 in 2025 while a single person drew down at 68.
Up to September 14 of this year, 86 people opted to draw down at 67 while 25 waited until they were 68.
Nobody has yet started drawdown of their pension at age 69 or 70 because the scheme has not been in operation for long enough.
The Department said there were a further 365 cases where customers had indicated they wanted to postpone their pension. However, they had not provided information on when they planned to draw it down.
The Department also said that people were not obliged to notify them of their intention to hold off on claiming their pension.
“This means that people could decide to use the deferred drawdown option without contacting us,” the Department said.
“Therefore, the figures are the numbers of people who have specifically indicated their wish to defer their pension drawdown date rather than the total number of people who may choose to defer their pension,” it added.
Asked about the figures, a spokesperson said international evidence showed that take-up of similar schemes tended to be “very small.”
They said people in their 60s who continued working were more likely to draw down their pension as soon as they became entitled to it.
The spokesperson added: “The objective of the measure was not that large numbers of people would necessarily defer claiming their pension, but rather to provide greater choice and flexibility for people approaching State Pension age”.
“The Department is satisfied that the availability of flexible access to the State Pension represents an important enhancement to the State Pension system,” they said.
They said there were no current plans for a formal evaluation of the scheme or a review of the existing arrangements.
Reporting by Ken Foxe
