Dáil Éireann Debate, Tuesday - 7 October 2025
343. Deputy Ken O'Flynn asked the Minister for Social Protection the projected fiscal position of the social insurance fund over the next 20 years on the basis of no change to the State pension age; and if he will provide comparable figures in the event of an increase to 67 or 68. [53102/25]
View answerThe most recent Actuarial Review of the Social Insurance Fund, published in March 2023, reflected the financial position of the Fund at the end of 2020. One of the key findings of the Review was that the Fund on a ‘steady-state’ basis, and keeping the State Pension age at 66 years, is projected to have annual surpluses until 2033, at which point the underlying demographic pressures would cause the Fund to experience annual deficits. By the end of 2045, the balance of the Fund is projected to be in deficit by some €13 billion.
It is in the context of these long term sustainability challenges facing the Social Insurance Fund that the previous Government agreed to incrementally increase all PRSI rates on employers, employees and the self-employed by 0.7 percentage points over the period 2024 to 2028. A further review of the adequacy of the social insurance rates will be carried out once the next Actuarial Review is completed in 2027.
As regards the comparable figures arising from an increase in the State Pension age to 67 or 68 years, my Department currently does not have an actuarial analysis available for the Deputy's proposal. Developing such an analysis to a reasonable degree of accuracy would require a significant effort to collate the relevant data, much of which is not readily available. Accordingly, and given other service priorities, it is not possible to provide an accurate actuarial analysis within the deadline for a Parliamentary Question.
I trust this clarifies the matter for the Deputy.
