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24/01/2018
'Significant Improvements' To Pension Outcomes - Doherty
The Minister for Employment Affairs and Social Protection, Regina Doherty, has announced "significant improvements" to pension outcomes for those assessed under rate band changes introduced in September 2012.
A new Total Contribution Approach (TCA) will be available to pensioners affected by the 2012 changes, and will include up to 20 years of a new HomeCaring credit.
This approach is expected to significantly benefit many people, particularly women, whose work history includes an extended period of time outside the paid workplace, while raising families or in a caring role. It will make it easier for pensioners assessed under the yearly average model, to qualify for a higher rate of the State Pension (contributory). The TCA will ensure that the totality of a person's social insurance contributions - as opposed to the timing of them - determines a final pension outcome.
Making the announcement Minister Doherty said: "In recent months, many people expressed concern about their pension rates, which were affected by rate band changes in 2012. We listened and we worked on a solution, and today I am delighted to announce a very significant change in Ireland's pension system. Today's changes will greatly benefit tens of thousands of pensioners, the majority of them being women who spent time out of the workforce caring for their families."
(MH/LM)
A new Total Contribution Approach (TCA) will be available to pensioners affected by the 2012 changes, and will include up to 20 years of a new HomeCaring credit.
This approach is expected to significantly benefit many people, particularly women, whose work history includes an extended period of time outside the paid workplace, while raising families or in a caring role. It will make it easier for pensioners assessed under the yearly average model, to qualify for a higher rate of the State Pension (contributory). The TCA will ensure that the totality of a person's social insurance contributions - as opposed to the timing of them - determines a final pension outcome.
Making the announcement Minister Doherty said: "In recent months, many people expressed concern about their pension rates, which were affected by rate band changes in 2012. We listened and we worked on a solution, and today I am delighted to announce a very significant change in Ireland's pension system. Today's changes will greatly benefit tens of thousands of pensioners, the majority of them being women who spent time out of the workforce caring for their families."
(MH/LM)
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