Description:The Government-commissioned OECD Review of the Irish Pension System recommended the establishment of a supplementary universal defined-contribution (DC) pension model that would eventually cover all, or nearly all, Irish workers in both public and private sectors. The Minister for Social Protection indicated that the preferred solution would be auto-enrolment of Irish workers into a supplementary scheme.
Implication(s):This is a highly technical area with many complex issues for policymakers and stakeholders to address. We are moving inexorably to a world of more individual choice, control and responsibility with regard to pension planning. The dismantling of defined benefit structures and the pressure on state benefits all point in this direction. While auto-enrolment with an opt-out may appear to address the proportion of those currently of working age who will have inadequate resources in retirement it could have an adverse effect on the costs of doing business.
Current Position:The Government has established a Universal Retirement Savings Group to bring a recommendation to Government in the form of a roadmap and estimated timeline for the introduction of such a system. Ibec has made a detailed submission to the Group
- Ibec submission on Universal Pensions May '15.pdf - 529 Kbytes
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Last Updated: 05/20/2015