Any Retirement Scheme Must Allow Young People to Enter Farming
IFA Farm Family and Social Affairs Chair Teresa Roche said the possibility of a retirement scheme for farmers is a step in the right direction.
“A retirement scheme is needed to ensure financial security and support for the farmer stepping back from the everyday running of the farming enterprise,” Teresa Roche said.
If a retirement scheme is developed, it must be adequately funded to ensure that the retiring farmer is financially supported and that the remaining farming business provides a young person with the opportunity to take over, expand and develop the business in a way that provides a viable income.
A well-designed farmer retirement scheme will not only ensure that our older farmers can retire with dignity, but it will also create opportunities for young, ambitious farmers to enter the sector, she added.
“Overly restrictive conditions in past retirement schemes should be avoided in any new proposals. It’s important to consider that on family farms, older family members often still want to stay involved in the farm work, and this should be reflected in the terms of the retirement scheme. There needs to be flexibility.”
As part of our pre-Budget submission, IFA has proposals for the Government to implement tax incentives and income supports for younger farmers who take over family farms.
