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Your state pension explained

Are you born after 1962 ? Then you should know or have heard  by now how your state pension is being effected...and the need to supplement government pension.


  • The Retirement age has been set at 65 years.
  • Government Pensions will be calculated on:-
    • Two thirds of the declared income over 41 years from age 24 to age 65
    • Number of national insurance contributions
  • A maximum government pension has been set

BY THE TIME YOU RETIRE it is estimated that you will live on state pension for an average of 20 years. Slightly more for females and less for males.

Will Government Pension be adequate ?

Some answers are better given in figures. If your average salary when you stop work is €30,000 and you have made sufficient contributions to entitle you to the full Two Thirds Pension, then if you retired in 2015 you would only receive €14,500, i.e. 2/3rds of the maximum Pensionable Income in 2015.  This would equate to only 38% of your average salary, not the two-thirds you might have been expecting. Clearly this means that you would drastically need to top up by means of a private pensions.

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