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Dáil Éireann debate -
Thursday, 9 Nov 2000

Vol. 525 No. 4

Written Answers. - Pension Provisions.

Brian O'Shea

Question:

22 Mr. O'Shea asked the Minister for Social, Community and Family Affairs if he has had any input into the proposals for personal retirement savings accounts; and if he has plans to promote an integrated pensions initiative which will include these accounts. [24959/00]

The Government's priority is to extend supplementary pensions coverage overall, especially to people who have no such cover at present, and the personal retirement savings account, recommended by the Pensions Board in its report securing retirement income, resulting from the national pensions policy initiative, is seen as the vehicle for achieving this objective.

When the report was published, on my recommendation, the Government set up a number of working groups, comprising representatives from the relevant Departments and the Pensions Board, to progress the various proposals put forward by the Pensions Board.

One of these groups, which was chaired by my Department, specifically examined the issues surrounding the introduction and regulation of PRSAs. One of the key features of the Pensions (Amendment) Bill which I plan to publish early next year will be the provision of a legislative framework for the introduction and regulation of PRSAs.

It is the Government's intention that an effective awareness and education programme regarding pension provision will be undertaken in conjunction with the introduction of PRSAs.

The Programme for Prosperity and Fairness concluded earlier this year includes a commitment from employers and trade unions to promote the introduction of occupational pension schemes for those employees without access to such schemes, subject to the costs involved not undermining competitiveness and employment in enterprises.

I am satisfied that the provisions to be contained in the forthcoming pensions Bill, especially those relating to the introduction of PRSAs, combined with the commitments of the social partners in this area, will give a firm basis for meeting our objective of increased supplementary pension coverage.

Following the introduction of PRSAs, the posi tion will be kept under review, including surveys of pension coverage, to ensure that we monitor the position and take any further action that may be required.
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