News - Irish Life Corporate Business
Irish Life Pre-Budget Submission urges incentives to save for families’ medium and long-term needs
- Pension auto enrolment plan must get priority
- Revenue neutral measure can make health insurance more affordable for many
We're very excited to be unveiling a major new Irish Life retirement planning advertising campaign. 3 out of 5 people approaching retirement don't know that they have a decision to take when they draw down their pension. We aim to make people approaching retirement age aware of this important decision - how to draw down their pension and get it working best for the lifestyle they want.
Now is the right time for Government to implement widescale and durable pension reform. Auto enrolment can be the catalyst for change which will benefit generations to come.
New research commissioned by Irish Life has indicated that support for the Government’s plan to make it automatic for everyone working to pay into a pension scheme is growing. Belief that auto enrolment would encourage more people to save for their retirement has grown from 84% in 2017 to 86% in May 2019.
In the interview David Harney discusses the IORPs Directives, highlights improvements needed on PRSAs. He also outlines his supports for auto enrolment and the need to nudge more private sector workers to save for retirement.
Last December we announced changes we were making to our core PLS offering on our Defined Contribution) DC, (Personal Retirement Savings Account) PRSA and Personal Retirement Bonds (PRB) products. The changes outlined were implemented at the 1 April 2019.
We are launching a new report analysing how DC plans across the country are structured and what they are offering for members.
New pensions regulations required under an EU Directive IORP (Institutions for Occupational Retirement Provision) II were due to come into force on 13 January. However, the Department of Employment Affairs and Social Protection have advised that they are working towards transposition into Irish law later this quarter.
