Ireland to consult on automatic enrolment

29 May 2018

Following a consultation on the future of pensions and provision for retirement, Ireland are to follow suit and consult later this year to establish an automatic enrolment workplace pension system.

The Irish Times has reported that a consultation on the future of pensions and provision for retirement has just been launched by Minister for Employment Affairs and Social Protection Regina Doherty.

The consultation is to help inform the design of a new approach to the State contributory pension from 2020. Under a new so-called total contributions approach (TCA), a person’s contributory pension will be proportionate to the contributions they make. The aim is that this should have fair regard for periods of child-rearing, full-time caring and periods in receipt of social protection payments.

The Minister said that the State pension would remain the bedrock of the Irish pension system but in addition to that security, it is also very important to ensure that all employees are putting aside sufficient funds for their old age.

The Minister also said that the Government will establish an automatic enrolment system to enable employees who do not currently set aside personal retirement savings to do so and there will be a separate consultation on this later this year.

Read more from The Irish Times.