Pensions challenge: Ambition is vital
The old Irish adage “ní hé lá na gaoithe lá na scolb” seems a perfect summation of the great, unavoidable challenge facing the majority of Irish people around pensions.
Therefore, the announcement from Finance Minister Paschal Donohoe that significant funding will have to be set aside to just begin to defuse the ticking pensions timebomb is most welcome. He has conceded that the Government needs to put a “greater focus” on pensions, pointing out that the debate seems to concentrate on the modest State pension. His remarks were amplified by Social Protection Minister Regina Doherty who said a “broad action plan” is needed.
These are welcome, if obvious statements, but what might be even more welcome would be a national pension scheme whereby private-sector workers could fund their retirement without also having to deliver on the profit ambitions of the financial services sector. Such a scheme would offer a buttress against tooth-and-claw capitalism and maybe even restore some faith in the idea of social democracy.
Easier said than done but an objective worth pursuing.
