The Fiscal Council says a long-term approach is needed when it comes to managing and funding the pension system.
It's expected to come under increasing pressure in the coming decade as the population ages.
By 2050, the number of people reaching the retirement age of 66 will be 50% higher than it is today.
Chair of the Council, Sebastian Barnes, says building a sustainable framework like they do in Canada would reduce the need to raise PRSI rates in future.
