Dáil Éireann Debate, Thursday - 5 March 2015
18. Deputy Willie O'Dea asked the Tánaiste and Minister for Social Protection when she will bring forward proposals for a new supplementary workplace retirement saving scheme; and if she will make a statement on the matter. [9123/15]
View answerIn line with the recent Statement of Government Priorities, the Government has recently decided to proceed with work to develop a roadmap and timeline for the introduction of a new, universal, supplementary workplace retirement saving scheme.
Development of this roadmap for consideration by Government will be progressed by the establishment of a high level Universal Retirement Savings Group (URSG). The broad role of the group will be to consider the constituent factors involved in constructing an efficient and effective universal retirement savings system and to bring a recommendation to Government in the form of a roadmap and estimated timeline for introduction.
The URSG consists of senior officials from key Government departments and those public bodies with a particular responsibility and expertise in the area. Membership also includes international representatives from the UK’s Department for Work and Pensions and the OECD and who will bring significant expertise in designing, delivering and assessing supplementary pension systems.
In undertaking specific or specialised areas of its work programme the group will consult with, and invite submissions from, pension’s experts external to the group. This will include establishing reference groups to utilise expertise and facilitate input from various sectorial interests such as those from the pensions industry, representatives of employers, trade unions and consumer/interest groups.
The first meeting of the group took place on 25 February 2015. It is hoped that the group will be ready to present its recommendations to Government late this year.
