A MEMBER of the Pensions Authority has raised the prospect of the State pension being scrapped when a new national scheme is rolled out.
Leo Varadkar has said that the first members of the new national scheme will be enrolled in 2021. Photo: Caroline Quinn
In a new report, Fionnuala Ryan said the Government could phase out or abolish the €238-a-week contributory pension when a scheme in which workers are automatically enrolled is set up.
But the report on the feasibility of the new scheme, co-written with DCU professor Liam A Gallagher, warns that a high contribution of 15pc of wages would be necessary to make up for the loss. Otherwise, people would be left without a decent retirement pot. The contribution could be split between workers, their employer and the Government.