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Irish Life Auto-Enrolment Review

Irish Life Auto-Enrolment Review

Read the Irish Life review which outlines the radical pension changes suggested by the Government.
 
Last week the Government released the ‘Strawman’ proposal, a discussion paper, which sets out how a new auto-enrolment pension scheme might work. It is designed to generate discussion and debate. The details of the auto-enrolment pension scheme are just proposals at this stage. Nothing is set in stone yet. Auto-enrolment is seen by the Government as a vital step towards bridging the ever growing pension gap; it focuses on supporting those without retirement savings to supplement their State pension.
 
Irish Life welcomes the proposal and looks forward to engaging in active debate and replying to the public consultation in due course. In the meantime, we have created a review for you highlighting the radical changes.
 
 
Commenting on Ireland’s current pension situation, David Harney, Chief Executive, Irish Life Group, said; “Existing occupational pension schemes are generally of a good standard among employers. The issue is simply that not enough people are saving into these schemes. With less than half the population currently saving into a pension, automatic enrolment will be hugely important to help boost pension coverage rates for the people of Ireland. However, we need to ensure that there is a focus on how much people are saving (adequacy) as well as simply getting people into a pension (coverage). It’s also important to ensure that existing private pension schemes are protected at the same time that auto enrolment comes into force.” 
 
The proposed changes will positively impact those who are not in a pension yet, but it may also have wide reaching impact on employers who already have pension schemes in place.
 
 
This could involve:
  • making your pension scheme mandatory
  • making sure your employees are activity opted in rather than allowing voluntary opt in
  • opening your pension scheme to all employees, not just management
  • removing any requirements around the number of years of service an employee has given to your company
 
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