Irish Life Health
Welcome to Ireland’s newest health Insurer, Irish Life Health. Bringing fresh options and innovation to the health insurance market.
Irish Life
Irish Life the largest life and pensions group and fund manager in Ireland, employing 2,000 people and servicing one million customers.
Irish Life Investment Managers
Managing assets in excess 39bn, ILIM manages money on behalf of multinational corporations, charities and domestics.

Auto Enrolment Retirement Savings System Ireland

You get one chance to get AE right first time

The Government is embarking on a progressive and positive reform programme which will a see an Automatic Enrolment Retirement Savings System introduced in Ireland. The aim of the Automatic Enrolment system - Auto Enrolment - is to make the decision easier for workers to save for a pension. It also makes it easier for employers to offer colleagues a workplace pension.

On Monday, 10th October 2022, the Department of Social Protection confirmed the Government approved the draft heads of a Bill to introduce mandatory workplace pensions which will now be referred to the Joint Oireachtas Committee for assessment. Irish Life looks forward to the opportunity of working with the Joint Oireachtas Committee to consult on ways in which the AE system can be improved as we have some key concerns about the current plans.

1. Irish Life's Auto Enrolment Comparison 2022

Always a strong advocate for auto enrolment, Irish Life is thrilled to see some real progress being made in this space. Socially progressive and forward thinking, the introduction of an auto enrolment system will represent a major milestone in tackling pension planning and improving pension coverage across Ireland.

We know that many people working in the corporate benefit space are probably wondering how the new AE scheme will compare to existing DC plans and master trusts.

So, we have used the Government’s design principles to collate a brief comparison of the new AE scheme versus existing workplace pensions (both DC plans and master trusts) across some key features, such as tax relief, criteria for inclusion, contribution rates, AVCs, fund choice and retirement age.

 

 

2. KiwiSaver – New Zealand’s Winning Auto Enrolment Scheme

 

   

Irish Life recently published its vision for Auto Enrolment (AE) in response to the ‘Strawman’ proposal and the ambitious reform and simplification of pensions. The support of AE is growing, and we would strongly urge the government to take action now to make AE happen quickly and successfully.

A representative team recently travelled to New Zealand to further examine their KiwiSaver AE scheme. Based upon this research, we have since refined our policy in respect of the best approach to AE to ensure success. In our report, we include key learnings and insights into the technical aspects of implementing such a scheme and the necessity for AE to be correctly executed from the outset.

     

3. Irish Life's Auto Enrolment Review 2018

  

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. Click here to learn more

   

4. Summary of Our Pensions Vision for Ireland

  

Our Pensions Roadmap touches on all aspects of pensions within the State from changes to the State Pension to the proposed implementation of a nationwide “Auto Enrolment” scheme. As a pension provider to over one million customers in Ireland with a wide variety of insurance needs and preferences, Irish Life has advocated on a number of key principles.

5. Consultation on Supplementary Pensions Reform: Roadmap for Pensions Reform 2018-2023

Irish Life welcomes the Interdepartmental Pensions Reform and Taxation Group’s consultation document on the reform and simplification of pensions. We agree with the view as set out in the consultation document that ease of understanding and confidence in the pension system are critical in encouraging people to save adequately for their retirement.

We believe these outcomes can be best achieved by a system-wide review, coordinated across regulators, that provides consistency across pension products. 

6. Irish Life vision for Auto-Enrolment

Irish Life welcomes the publication of the Pensions Roadmap and the ambitious vision of pension reform set out by it. Irish Life believes that the implementation of an Auto Enrolment retirement savings system (as set out in the Strawman) is a key and fundamental action in addressing the pensions shortfall within Irish Society.

As the population ages, it is incumbent on all stakeholders (the State, employers and individuals) to take responsibility to ensure the best possible outcomes for old age. The extensive and all-encompassing vision within the wide-ranging Pensions Roadmap provides the State with a unique opportunity to create a world class pensions system for the future.

 

Media Coverage:

Auto-enrolment pensions – Can Heather Humphreys succeed where others have failed?

Mind the gap – Latest pension auto-enrolment model is a gender imbalance minefield

For more media coverage  click here