Ireland, a country known for its rich and storied history, also has a fascinating past when it comes to its pension systems. From its earliest forms in the 19th century to the modern-day approaches, the pension landscape in Ireland has undergone significant changes. Exploring this evolution not only gives us a glimpse into the country’s past but also sheds light on the current state of pensions in Ireland.
The first pension system in Ireland was established in the 1830s by a group of London-based entrepreneurs. The Irish Pension Society provided pensions for their members, along with savings and life insurance products. This was a groundbreaking concept for its time, as the concept of pensions was relatively new. However, it was mostly available to those in the upper class, leaving the working class without any form of retirement security.
As the country continued to experience economic and political changes, so did its approach to pensions. From the Pension Act of 1908, which introduced state pensions for those above the age of 70, to the widespread establishment of occupational pension schemes in the 1950s, Ireland slowly but surely expanded access to retirement benefits for its citizens.
In the 1990s, Ireland made another significant move towards modernizing its pension system with the introduction of the Personal Retirement Savings Account (PRSA). This allowed individuals to save for