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Use NZ as pension model (RTE)

04 November 2011
A new report has called on the Government to introduce a universal state pension modelled on New Zealand's current system.

The call comes from TASC (A Think Tank for Action on Social Change) and Trinity College Dublin's pension policy research group in a response to the recent Green Paper on pensions.

TASC director Paula Clancy said the New Zealand system - a universal pension funded from general taxation - would be redistributive.

Trinity's Gerry Hughes said Ireland should consider policies based on the New Zealand system, which would also include a social insurance pension based on contributions which would top up the universal pensions and a 'significant curtailment' of tax incentives for private pensions.

He pointed out that the combined cost of the Irish public pension system plus tax breaks for private pensions was as great as the cost of the universal system in New Zealand.