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Determinants of Pension Coverage and Retirement Income Replacement Rates – Evidence from TILDA

Author

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  • Sanna Nivakoski

    (Trinity College Dublin)

Abstract

In Ireland, the absence of statutory earnings-related pensions in the private sector leads to large variations in pension coverage and adequacy. This paper uses recent data from The Irish Longitudinal Study on Ageing (TILDA) to evaluate how the pension system has performed for the current retiree cohort. The levels and compositions of retirees’ incomes, supplementary pension coverage and retirement income replacement rates are examined and compared against Irish government targets. The determinants of supplementary pension coverage and retirement income replacement rates are also examined in a multivariate framework. Flat-rated State welfare pensions imply a high degree of progressivity in the Irish pension system: retirement income replacement rates are inversely related to pre-retirement earnings, particularly for former private sector employees. Sup plementary pensions add an earnings related component which insulates post-retirement incomes of middle-and high-earners to some degree.

Suggested Citation

  • Sanna Nivakoski, 2014. "Determinants of Pension Coverage and Retirement Income Replacement Rates – Evidence from TILDA," The Economic and Social Review, Economic and Social Studies, vol. 45(3), pages 299-328.
    • Handle: RePEc:eso:journl:v:45:y:2014:i:3:p:299-328
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    Cited by:

    1. Micheál L. Collins & Gerard Hughes, 2017. "Supporting Pension Contributions Through the Tax System: Outcomes, Costs and Examining Reform," The Economic and Social Review, Economic and Social Studies, vol. 48(4), pages 489-514.
    2. Sanna Nivakoski & Alan Barrett, 2019. "Estimating, and Interpreting, Retirement Income Replacement Rates," The Economic and Social Review, Economic and Social Studies, vol. 50(3), pages 587-609.
    3. Nolan, Anne & Doorley, Karina, 2019. "Financial Literacy and Preparation for Retirement," IZA Discussion Papers 12187, Institute of Labor Economics (IZA).
    4. Adeabah, David & Asongu, Simplice & Andoh, Charles, 2021. "Remittances, ICT and pension income coverage: The international evidence," Technological Forecasting and Social Change, Elsevier, vol. 173(C).
    5. Slaymaker, Rachel & Roantree, Barra & Nolan, Anne & O'Toole, Conor, 2022. "Future trends in housing tenure and the adequacy of retirement income," Research Series, Economic and Social Research Institute (ESRI), number RS143, June.

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