OECD REPORT ON UNIVERSAL PENSIONS IS A MAJOR CONTRIBUTION TO THE PUBLIC POLICY DEBATE

Today the OECD published a report outlining options for the development of a universal pension system to be funded with contributions from employees and employers. Insurance Ireland, which represents Ireland’s domestic & international insurance industry, believes that the report will be of use in considering a number of key economic reforms that Ireland needs to implement if a basic standard of living is to be guaranteed for all citizens in their old age. Insurance Ireland has established an industry working-group to consider how the insurance industry could help the government to deliver a cost-effective universal pensions system.

‘The government should be praised for tackling this difficult issue and for seeking the view of the OECD whose global experience in analysing the challenge of ageing societies demands that we pay close attention to what they have to say. At the same time implementing any solution will pose challenges that are unique to Ireland and Minister Burton will need constructive engagement from the Life insurance industry, employers, trades unions and all of the main political parties,’ said Kevin Thompson, CEO, Insurance Ireland.

‘We would like to see a broad consensus between political parties, employers, trades unions and NGOs as to how this key issue of protecting the future welfare of Irish citizens should be addressed. We will support any workable solution that addresses this issue,’ said Mr. Thompson.

Insurance Ireland – the leading voice of insurance