Any Farmer Retirement Scheme Must Allow Young People to Enter Farming – IFA
IFA Farm Family and Social Affairs Chair Teresa Roche has called the possibility of a retirement scheme for farmers 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 implemented, it must be adequately funded to ensure that retiring farmers receive financial support and that young people looking to enter farming can take over the remaining farm business, developing it and expanding it in a way that provides a sufficient 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,” Teresa Roche said.
In its pre-Budget submissions, the IFA proposed the implementation of tax incentives and income supports for young farmers taking over family farms.
