General Election candidate for Meath East and Minister for Employment Affairs and Social Protection, Regina Doherty, this evening confirmed that Fine Gael’s proposed new Transition Pension will be introduced for those who retire at 66 and will be set at a rate equivalent to the Contributory State Pension.
Confirming the new policy, Minister Doherty emphasised:
“During the consultative phase for our current pensions reform – for a new total contributions model – the issue of those who retire at 66, yet have to wait until the official pension age to receive their state pension, arose on a number of occasions. Having worked on alternatives and having secured the agreement of party colleagues, we decided on a new transition payment to resolve this issue.
“Tonight, I can confirm that this new transition pension will be paid at a rate equivalent to the Contributory State Pension. This change provides financial certainty to people retiring at 66.”