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Irish Life position on current pension topics

Irish Life recently responded to a series of the consultation papers on pensions setting out our vision for a new retirement landscape for Ireland. Please click on the documents below to find out more about each topic and Irish Life’s positions.

1. Summary of Our Pensions Vision for Ireland

Irish Life Our Pension Vision for Ireland Roadmap for Pensions Reform   

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.

 

 

Click on the document to find out more.

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

Consultaiton on Supplementary Pensions Reform Irish Life 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.

The reform and simplification of the current system would greatly facilitate any initiatives to expand supplementary pension coverage. We believe that it is important that members can save in the long term with confidence. This requires that members trust that pension schemes will be well run. It requires that members are consistently kept well informed, and can understand their options, so that they can make informed decisions. And it requires a regulatory environment that is stable, in order to support long-term planning.

We believe these outcomes can be best achieved by a system-wide review, coordinated across regulators, that provides consistency across pension products. The key long term challenge facing private pension provision is adequacy of outcomes and ensuring that savers are well prepared for retirement, particularly in an environment of increasing longevity and the ever growing pressure on the sustainability of state pension benefits.

Click on the document to find out more.

3. Irish Life vision for Auto-Enrolment

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.

Click on the document to find out more.